The debt collections or accounts receivables industry is a challenging and complex field. You must contact debtors, negotiate payments, ensure compliance with regulations, deal with agent scarcity, struggle with 100% account penetration, and more. To address all of this, traditional methods don’t make the cut. Moreover, they often lead to negative customer experiences and damage the reputation of the collection agencies. And these problems have persisted for decades.

Decades-old issues can now be resolved permanently.

Conversational AI + Generative AI, in the form of AI Agents (chatbots and voicebots) is the answer. Digital debt collection, powered by generative AI, is bringing major positive changes to the Accounts Receivables Industry (ARI).

Automate debt collection and streamline everything from right-party contact (RPC) to payment negotiation and disposition.

100% Account Penetration

Call thousands of debtors every day, covering the entire debt portfolio through GenAI-powered Voicebot or Voice AI. And do it in a very short time through automated debt collection. Talk to your customers in their preferred language whether its French, Spanish, Arabic, or English. Voice AI or voice AI platform easily filters out inactive numbers, busy lines, and answering machines to increase the collections ratio. It interacts with the debtor, giving options to settle the debt. It can negotiate a payment plan or transfer the call to a live agent for more complicated questions if necessary.

Customers also frequently express concerns about the tone and demeanor of human agents. That does not happen with Voice AI. They are designed to communicate politely and respectfully, ensuring customers are not offended.

Best of all, conversational AI is smart enough to prioritize the most promising accounts first. This drastically boosts and automates right-party contact (RPC) which is a serious challenge for the ARI.

The benefits:

• Contacts customers only during allowed timeframes
• Always follows the provided script without going off-track
• Makes sure it is talking to the right person
• Respects and abides by do-not-call registries
• Always avoids using threats or aggressive language

File Segmentation

Now, collectors can get a complete overview of their portfolio. With Voice AI scanning through the entire portfolio, they gain insights into the right-party contacts (RPCs), the likelihood of payment, and other essential data. This information enables a more strategic and data-driven approach to ARM debt collection.

Collections agencies can also easily find the tricky disputed debt cases (with lawyers involved) to get a crystal-clear view. The portfolio segmentation is also automatically updated without manual intervention. Conversational AI accommodates scaling as the portfolio widens.

The benefits:

• Effortless identification
• Enhanced portfolio insight
• Targeted strategies
• Improved efficiency
• Increased collections volume

Automate Payment Negotiation and Disposition

Conversational AI, using NLP and NLG, understands what users want and responds accordingly. For instance, it lets users pay within a chat, making it easy and boosting customer satisfaction. It serves as a helpful assistant to negotiate deals and handle payment problems quickly.

Common dispositions include whether the debtor agreed to a payment arrangement, disputed the debt, promised-to-pay (PTP) later, or if there was no answer during the contact attempt. Conversational AI or AI Agents (chatbots and voice bots) do it effortlessly by automating the processes. Understanding dispositions is crucial for collections agencies like you to track progress, optimize your strategies, and manage the portfolios effectively.

Enable Self-Service Option for Customers

Goes without saying, conversational AI (powered by Generative AI) can handle customers from start to finish without getting a human involved. You can launch collections bot on 15+ communication channels such as WhatsApp, Telegram, SMS/Text for your customers. Payment gateways are integrated into the communication channels so your customers can pay their debt from any of their preferred channels.

They can also continue their conversation from one channel to another. Or customers can switch between chat and voice. Collection agencies can also use these communication channels to send reminders about the debt (to increase the payback rate).

Generative AI will help personalize the messages sent to debtors according to their behavior and preferences. Lastly, these bots come with bot interruption management to ensure they provide relevant responses despite background noises or sudden changes in the conversational flow.

Compliance

Continuous changes in regulations require consistent adjustments. This presents a problem in efficiently updating and aligning the agency with shifting regional laws, industry regulations, and best practices.

Since the arrival of Regulation F, sticking to the rules has become tougher. And, breaking them comes with higher consequences. Agents find it hard to follow all the regulations, like the 7/7/7 rule during repetitive, low-value calls. With conversational AI, make sure you are fully compliant with Reg F, FDCPA, TCPA, HIPAA, PCI-DSS, and more.

They are made to handle the regulation challenges easily. They can be updated to follow local laws, industry rules, and the best practices of the industry.

Enhance Collector’s Productivity

Conversational AI not only enhances customer engagement, but it also significantly helps collectors. Agent Assists, driven by generative AI, can support human agents with compliance, sentiment analysis, nudges, next-best answer, workflows, decision trees, knowledge optimization, and call summarization.

You don’t have to teach the Agent Assist by giving it specific instructions. Instead, it learns on its own through unsupervised learning, picking up information from things like website pages, scripts, documents, PDFs, Word files, and knowledge bases. It works on both chat and voice.

Floatbot.AI has deep-tech expertise in the ARM industry. Our conversational AI is powered by Generative AI and driven by LLMs. You will achieve faster debt recovery, collections automation, and optimized ARM with AI Agents (Voicebots and Chatbots) and Agent Assists. Enable efficient, cost-effective, and automated collections. Magnify collector effective index (CEI) and profit per account (PPA), reduce expenses, get higher pay-back rates, and improve customer satisfaction.

With Floatbot.AI:

• Save more than 75% on call costs
• Reduce AHT by 70%
• Automate up to 90% of Customer Support
• Comply with Reg F, FDCPA, TCPA, HIPAA, PCI-DSS, and more
• Automate payment negotiation and disposition
• Launch bots in 15+ communication channels
• Expand your debt recovery outreach from 100 to 1000s of customers
• Automate and Boost Right-Party Contact (RPC) and Promise-to-Pay (PTP)
• Limitless Scalability to Accommodate Growing Portfolio

And more.

Schedule a demo or start a free trial to experience Floatbot.AI in action.