Reshape collections at your contact center with Level AI
The current economic climate paints a concerning picture. Rising living costs and inflation are straining household budgets. Reports show that credit card debt is at an all-time high of $930 billion, and delinquency rates are creeping up to 5%. With interest rates soaring, this number is likely to climb, presenting a unique challenge for collections agencies that need to recover credit while tightening their belts.
The good news is, organizations have more data and conversational intelligence at their disposal than ever before. By using this data effectively, agents can offer targeted support and iterate strategies, ultimately improving the likelihood of getting the customer to pay. Here's how data empowers a more strategic approach:
Ensure Compliance: Debt collection regulations are extensive, ranging from the FDCPA, TILA, and SCRA to various state consumer protection laws, and they are often open to interpretation. Agents may often be unsure about the regulatory disclosures they are required to make and what protections and rights the customer has in a given situation. The best conversational AI software can process the company's best practices and knowledge bases to provide real-time guidance to agents to ensure full regulatory compliance.
Improved Agent Coaching: Conversation intelligence can analyze past interactions with customers to identify best practices and areas for improvement, inform and automate agent training programs, and ensure a consistently empathetic and helpful approach to maximizing collections.
Understanding Customer Behavior: Conversation intelligence analyzes the customer's voice to identify patterns that can indicate the winning collections strategy. Gain insights into borrower behavior patterns, enabling you to predict potential challenges and adjust your communication strategies accordingly.
Real-time Alerts and Suggested Responses: Managing conversations with customers can be very tricky, with emotions running high and major financial decisions on the line. During these conversations, AI can provide agents with real-time alerts suggesting appropriate responses based on the customer's situation and the organization's established protocols. This empowers agents to deliver a more informed and supportive interaction.
Measuring Performance and Optimizing Strategies: Tracking key metrics and analyzing results to identify areas for improvement is the key to success for any collections agency. To continuously refine your collections approach, a lot of data needs to be brought together. Often spanning half a dozen platforms, credit information, customer profiles, call logs, transcripts, agent data, etc., it takes a flexible analytics solution to not only connect the databases seamlessly but to provide intelligent and auto-updating reports out of the box. This can free up operations leaders to focus on creating solutions rather than searching for the issues.
Personalized Solutions: Smart analytics brings together credit and collection data from multiple platforms to identify and create holistic profiles for the best recovery candidates. Deeper insights into the customer’s position allow organizations to develop personalized solutions. This might include flexible payment plans, hardship programs, or referrals to financial counseling services.
Identifying High-Propensity Accounts: The best AI models can utilize past payments data and customer profiles to score customers on their propensity to pay. This allows agents to focus their efforts where they can make the most impact.
By combining data-driven insights with AI-powered tools, organizations can offer a more empathetic and effective customer experience. This fosters trust, improves overall payment outcomes, and demonstrates a commitment to supporting customers through challenging times. Ultimately, this approach strengthens customer relationships and builds long-term loyalty, even in a difficult economic climate.
The Level AI advantage
Level AI enables organizations to maximize collections while keeping overhead low by identifying strategies and factors for each customer that are proven to increase the propensity to pay.
Increase the bottom line one conversation at a time
Empower agents to navigate sensitive customer interactions and solve issues on the spot with AI-powered insights and seamless post-call automation.
Monitor 100% of interactions for compliance adherence
Real-time alerts catch compliance adherence deviations so you can coach, correct, and protect customers and your business. Reduce risk, build trust, and avoid fines.
Perfect your collections strategy with AI
Optimize your business by equipping agents and advisors with real-time guidance, personalized coaching, and voice-of-the-customer intelligence.
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