Interactions Virtual Collection Agent (VCA) is poised to transform the industry forever with the capability to increase revenue recovery at a reduced operational cost, in a conversational, human-like, and judgement free manner.
Our Virtual Collection Agent combines Conversational AI with human understanding in real-time to behave like your best agent, at scale. VCA seamlessly integrates into current tech ecosystems, including telephony dialers, WFOs, CRMs and, payment systems, to deliver a personalized and consistent experience across channels. Deliver a superior customer experience and improve agent productivity while reducing operational costs with Interactions VCA.
VCA can handle entire inbound or outbound collections interactions – from identifying and verifying the right party to playing the legal disclaimer and from offering payment arrangement options to processing payments. VCA takes over data driven transactions and allows collection agents to focus on tasks that need their human expertise.
Accounts Receivable Management organizations benefit from the increase in revenue recovered, while customers feel more comfortable due to the judgment-free payment through VCA. Automated debt collections means that customers don’t have to wait in a long queue to speak to a live agent to resolve an outstanding debt. Managing accounts receivable and automated billing management has never been easier with VCA due to the seamless and conversational approach for self-service.
VCA can handle entire inbound or outbound collections interactions, helping agencies add more automation, and reduce Opex without compromising on customer experience. Accounts receivable management companies benefit through an increase in self-service for customers looking to quickly and efficiently resolve debt through effective management of accounts receivables. For your organization, this means being able to leverage automation to deliver consistent self-service while reducing your cost per collection while taking into account accounts receivable management best practices.
For your agents, VCA means an increase in productivity and more time to focus on strengthening skills and helping customers with more complex tasks. VCA is able to decrease wrong party contacts, instantly improving agent productivity by increasing right party contact for agents. Accounts receivable management services improve through a reduction in agent churn, since agents are able to focus on revenue generating tasks.
VCA makes it easier for customers to set up automatic payments and paperless billing, provide balance information, process payment information, remind customers about near due payments, and more.
Allow your customers to easily update account information, enroll in programs and services, collect alphanumeric information, and help with login and password resets.
With our self-service solutions, customers can handle balance inquiries, view transactions history, discuss repayment options, and get answers to frequently asked questions.
Keep your customers updated with the information they need to know by providing outbound notifications. Interactions solutions can notify customers of repayment options, send links to web forms and surveys, and send overdraft and account alerts.
VCA decreases wrong party contact and increases right party contact, making agents more productive and allowing them to refocus on revenue generating tasks. This ensures that agents are communicating with the right contact. And, because VCA is able to handle unlimited volume, agents can rely on VCA to guarantee seamless execution.
VCA is actually the desired method for many customers to interact with debt collection companies because they can do so without the embarrassment of explaining their financial history to a live agent. VCA handles these calls in a judgement-free and empathetic manner.
ARM Industry faces 50%-100% YoY agent churn (compared to ~30% churn across industries) - ContactBabel Research
23% of US consumers prefer interacting with Virtual Agent (instead of human agents) when dealing with uncomfortable or embarrassing financial information - Interactions and Harris Poll Survey 2018
70% of US consumers agree that if the AI is effective, they don’t need to speak with a live agent - Interactions and Harris Poll Survey 2018
“We’ve been through a lot of challenging times where a weak partnership with interactions wouldn’t have lasted. Like any relationship, its tested when things do go the right way and through the good times and bad, today, we’re as strong as we’ve ever been with Interactions.”
– Marty Sarim, CEO, ERC
“We knew that the future was virtual agents. We knew years ago that the future was the digital transformation we are all seeing today and that many of all of these phone calls that are coming in and clogging the arteries of all the call centers have to be automated”
– Marty Sarim, CEO, ERC
“Most customers that would rather interact with a virtual agent now than to wait 10-15 minutes in a que or get called back later from a live agent”
– Marty Sarim, CEO, ERC
This whitepaper addresses challenges specific to the ARM industry and its subsidiaries, especially in the light of the pandemic, and presents a disruptive approach to improving revenue recovery rates while reducing operational costs. Virtual agents powered by Conversational AI are ready to transform this sector of the financial services industry forever.
How do Interactions Intelligent Virtual Assistants seamlessly combine artificial intelligence and human experience? Watch this video to learn about our patented Adaptive Understanding technology.