Virtual Collection Agent for ARM

Introducing Interactions Virtual Collection Agent

July 22, 2020

Today, we are thrilled to announce the general availability of our Virtual Collection Agent (VCA) for the Accounts Receivable Management (ARM) industry. 

The ARM industry is set for disruption

In the last few decades, Collections agencies have modernized their operations and become much more efficient. However, hiring, training, and retaining good collectors is a top priority, and payroll still remains the biggest expense. On the other hand, the evolving consumer landscape has strengthened regulation and compliance requirements to operate in this space. Socioeconomic macro conditions determine the ebbs and flows of the industry.  

And now, the decade-old problems faced by this industry have become exponentially more serious due to the COVID-19 pandemic. Unemployment rates and consumer debt are at an all-time high. Increased probability of losses and delinquencies would translate to more consumers interacting with Collections agencies across channels. The industry needs a scalable solution that helps them do more with less resources. 

One in four US consumers prefer interacting with a virtual agent instead of a human agent when dealing with uncomfortable or embarrassing financial information, while 70% are okay with not interacting with human agents during financial circumstances, according to a 2018 consumer sentiment survey conducted by Interactions and The Harris Poll. That’s where the VCA comes into the picture.

VCAs are made for the ARM industry

Powered by a seamless blend of Conversational AI and human intelligence, our VCA increases payment and debt recovery for Collections agencies while reducing operational costs and improving customer experience.

Regardless of the type of debt or payment in question, ARM transactions are based on easily anticipated pieces of data and an interactive dialogue that is predictable. These structured, linear, and data-driven conversations are perfect for automation with the VCA. Collections agents spend a lot of time and effort identifying the Right Party Contact (RPC). Our VCA can identify wrong party contacts and make agents more productive. For our launch partner, ERC, VCA has provided a 30% increase in the probability of speaking with a Right Party to date, allowing agents to focus on revenue-generating tasks. You can read the full case study here.

One of the biggest challenges associated with implementing ARM interactions is ensuring that a complicated regulatory regime is adhered to. This typically involves significant training and monitoring of agents who conduct these collections interactions with consumers. Compliance is expensive and ripe for mistakes. With a Conversational AI-based VCA, the consumer interaction is structured, follows defined dialogue flows, and always adheres to compliance regulations and processes. The result is improved adherence and compliant customer interactions.

Improve agent productivity and reduce OPEX

Conversational AI applications are taking the world by a storm and the ARM industry is no different. The VCA behaves like your best agent, at scale. It has access to all the backend data sources and systems, is always upbeat and delightful, never takes a day off or has a bad day, and is immune to crises. 

Collections agencies across the debt cycle can benefit from VCA. 

Increase Payments and Debt recovery

  • Accurate wrong party detection or improved RPC (Right Party Contact)
  • Customizable negotiation engine for payment arrangements
  • End-to-end automation for payments and debt collection

Reduce OPEX

  • Behaves like your best agent at scale
  • Automates entire payment or debt collection interaction, reducing agent minutes and FTEs
  • Highly scalable – eliminates the need for hiring and training seasonal agents

Improve Customer Experience

  • Patented blend of AI + Humans leads to highly natural and conversational dialog
  • Accurately understands customers regardless of language, accent, dialect, or noise
  • Humane and judgment-free approach to collections

Reduce Risk

  • Security and compliance first approach
  • Standardized integrations with Collections tech ecosystem vendors
  • Cloud-based, fully managed service
  • Success Based Business Model

We are proud to bring more than 15 years of experience and expertise building the best-in-class customer service applications to the ARM space with the VCA. Learn more here.

 

AI Collections ARM

eBook

Conversational AI: Everything the Collections Industry Needs to Know

Learn More

Want to learn more? Let’s talk.