Debates about Artificial intelligence, its usefulness, and its drawbacks seem to be taking place everywhere in the collections industry these days. Some debt collectors have gone all in, others have dipped their toes in the proverbial waters, and still others have taken a wait-and-see approach. Here are three Operational and Compliance Advantages to consider if your organization is thinking about AI implementation.  

AI Provides for a Convenient Experience for Consumers 

IVR’s can be convenient, but their static nature doesn’t always allow a consumer to get to the right agent quickly and conveniently.  Conversely, AI solutions handle two-way conversations intelligently and efficiently. Whenever needed, it can transfer calls to a live agent; it processes payment, and offers settlements and payment plans as needed. This makes the user experience easier for consumers and the agents receiving these calls.  

Has your organization evaluated your current inbound process and whether AI can improve it? 

Dynamic Self Service is a Win for Everyone reports that 21% of consumers try to reach collection agencies outside of business hours. Thus, it’s imperative to offer self-service solutions that can cater to the needs of consumers whenever it’s most convenient for them. Additionally, given that many consumers do not pay on the first instance of payment intent, it’s important to reach them multiple times across a variety of channels. 

Though online portals can help with self-service, online portals alone aren’t enough to give consumers what they need in all the ways they may need it. Some consumers may not want to use a self-service portal and those that call after hours may not make another attempt. Implementing AI however, allows an organization to engage during all hours of the day or night, without asking a consumer to go through a different channel. 

Has your organization considered the amount of consumer traffic lost to attempted after hours communication? 

But What About Compliance? 

One of the biggest hurdles operations professionals report with AI implementation is push back from their compliance counterparts.  By taking a step back, and working together, this challenge can be overcome.  Compliance with laws and regulations at the federal and state levels can be challenging given the litigious nature of the collections industry. However, artificial intelligence provides valuable compliance filters that enable you to never miss a single regulation, keep your agents on script, and can help your organization stay on top of new regulatory developments. When it comes to compliance, Conversational AI is your friend.

Have the Compliance and Operational professionals in your organization come together to look at the benefits of AI? 

Read more about how ai-powered multichannel outreach is transforming the collections industry here.  

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