Case Study

ERC drives digital transformation to improve collections with Interactions Virtual Collection Agent

ERC is an agile, technology-driven company that provides business process outsourcing (BPO) and account recovery services for Fortune 500 companies. They were looking for a way to improve agent productivity and increase collections and knew that a disruptive technology like Conversational AI was the answer. ERC looked to Interactions to deploy a Virtual Collection Agent, EVA, to implement the automation required to improve efficiency and profitability.

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The Challenge

Historically, the account recovery management (ARM) industry is slow to adopt innovative technologies, but Enhanced Resource Center (ERC) is an exception. ERC’s focus on digital transformation to keep pace with changing customer preferences meant that they have always kept a pulse on disruptive and transformative technologies. Due to the sensitive nature of collections and the desire for fast and immediate service, customers prefer to speak with a virtual collection agent. Automation was no longer a ‘nice to have,’ it was required for ERC to stay innovative.

With approximately 75% of transactions occurring over the phone, inbound calls were flooding their global contact centers, inundating agents with high volumes of non-revenue generating calls. ERC needed a technology partner who could implement the automation required to improve efficiency and profitability.

ERC Quote Marty Sarim
ERC Quote Marty Sarim

The Solution

Like most companies, ERC knew that agents were spending valuable time fielding calls that could and should be automated.  They took immediate action with Interactions to create a Virtual Collections Agent (VCA) powered by Conversational AI, the first of its kind, to increase both agent productivity and revenue recovery.  

ERC partnered with Interactions to successfully implement the VCA named “EVA,” short for “ERC’s Virtual Agent.” The initial implementation centered on areas that needed to be operationalized, including taking on Wrong Party Detection and increasing the number of Right Party Contacts (RPCs) for live agents. Today, EVA also takes payments for customers, handles a variety of functions for Fraud, Dispute, Deceased and Bankruptcies, and authenticates consumers on every call. 

Built with Interactions unique blend of Conversational AI and real-time human understanding, EVA allows customers to speak in their own words and be understood. By saying phrases like “I’d like to pay my balance” and “I think you have the wrong number,” customers are able to leverage self-service to take care of their inquiries.

Most importantly, the 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. EVA handles these calls in a judgement-free and empathetic manner.

The Results

EVA interacts with consumers in a conversational and judgement-free manner and is deeply integrated into ERCs backend systems, such as CRMs and WorkForce Optimization (WFO) solutions, to avoid repetition and ensure efficiency. As a result, ERC has experienced an increase in customer satisfaction. 

EVA deflects calls that would result in non-revenue generating conversations, allowing agents to increase their productivity by ensuring the customers they are communicating with are the right contact. Because EVA can scale to handle unlimited volume, agents can rely on EVA to ensure their day-to-day execution is productive and seamless.

When evaluating technologies, ERC realized that the vendor you partner with is equally as important as the technology you deploy. Through a close partnership with Interactions, ERC has become the blueprint for Conversational AI deployments in the collections space. ERC has seen impressive results to date and their partnership with Interactions is only getting stronger by the day. 

 

ERC Data
Orange Quotes

“We’ve been through a lot of challenging times where a weak partnership with Interactions wouldn’t have lasted. Like any relationship, it’s tested through the good times and bad; today, we’re as strong as we’ve ever been with Interactions.”

– Marty Sarim, CEO, ERC

ERC is an agile, technology-driven company that provides business process outsourcing (BPO) and account recovery services for Fortune 500 companies. ERC leverages the latest innovations in technology while providing extraordinary workforce resources to deliver unparalleled end-to-end customer experience solutions, making ERC a top performer for its clients. With offices spanning four continents and the best talent in the business, ERC is dedicated to changing the BPO landscape through its continued investment in artificial intelligence and data analysis, and its commitment to creating a highly trained, empowered workforce.

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