An Executive Guide to IVAs for Collections


An Executive Guide to IVAs for Collections

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What You Need to Know About Building an IVA for Collections

An Intelligent Virtual Assistant (IVA) may never replace the job of a collections agent—however, they must be an integral part of an agency’s strategy today. Agencies continue to face increasing regulation from the CFPB, meanwhile the collections industry’s average collection rate has decreased from 30% to 20% over the past decade.

Several trends highlight an opportunity for artificial intelligence to transform the industry, such as: 1) increasing regulation puts more pressure on live agent compliance, 2) IVA technology is market-ready, and 3) consumers may prefer IVAs to live agents.

As IVAs gain traction, collections agencies will need to analyze the roles of AI and human agents in their organization to determine the best way to handle an account. That’s why we’ve put together this helpful guide that outlines the recommended approach your organization should take.

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