Pandemic continues to create economic stagnation, and major industries are coming to a complete halt. It is without a doubt that the collections and recovery units must prepare themselves for the next recession.

Many collections companies, both first and third parties, have given precedence over automating their collections efforts as part of their digital transformation strategies. Which include: Identifying collector’s effectiveness, Recognizing customer’s intent to pay, Limited ability to build propensity to pay models based on risk, Inefficient and inaccurate after-call work summaries, and Identifying and analysing reasons for non-payment.

Today, collectors at all steps of the debt lifecycle—continual borrowing that leads to increased debt, increasing costs, and eventual default, are diverting their attention to Conversational AI and Automation applications to automate their collections efforts.

The company needs to deliver a positive, end-to-end collection experience if it wants to achieve higher recoveries, retain more customers, protect its brand reputation, and reduce compliance risk:
To improve customer experience, increase payment and debt recovery, reduce operational costs, and improve compliance and security.

1. How & why collections and recovery units should prepare themselves for the upcoming recession that is a result of the economic stagnation caused by the pandemic.
2. Each step of the debt cycle- continual borrowing that leads to increased debt, increasing costs, and eventual default, requires automation with increased focus on Conversational AI & Automation applications.
3. Achieve human-level efficiency within 6 months of deployment with a 60% reduction in Human QA.

1. Identifying collector’s effectiveness, recognizing customer’s intent to pay, limited ability to build propensity to pay models based on risk- are some of the many factors that are being prioritised over automating the collections by multiple collection companies.
2. Cost reduction by 50% while maintaining reduction of repeat callers & outbound collection calls by 18% & 5% respectively.
3. Unified, Omni-channel operation, automated collection outreach via Intelligent Virtual Assistant (IVA), effective & efficient digital transformation- some of the many issues that collection contact centres have to overcome on a daily basis.