Case study: Learn how a "millennial-focused" bank uses AI to drive customer engagement Payjo
Debt Collection Assistant

AI assisted debt collection for banks and collection agencies

Debt collection as an experience is horrendous for everyone involved – not just for the customer but for the lender too. AI bots can help organizations reimagine the debt collection experience. With AI you can personalize your outreach and collection strategy.

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“Debt collection rates have been steadily dropping this decade. In the USA, for example, collection rate is 15%, compared to 30% a decade back.”

Key functionalities

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Omni-channel

Reach consumers through any channel (Email, IVR, SMS, etc.)

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Workflow Automation

Messages, invoices, payment reminders, etc. can be automated per your business rules

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Multi-lingual

Converse with consumers (in both voice and text) in over 100 global and regional languages

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Real-time reporting

Track real-time events from the consumer (email opens, link clicks, browsing pattern and interaction with the company’s call center)

In the USA alone, bad debts amount to $700 billion. External debt collection agencies are used to collect more than 50% of these delinquent debts.

Benefits

of using an AI collection assistant

  • 01
  • Consumer preference for bot interaction: Conversations around debt can be sensitive and customers are comfortable discussing their options with a bot rather than a human agent.
  • 02
  • Automated Invoice Reminders: You can ensure that your customers know exactly what they owe you and when the payment is due.
  • 03
  • Debt Collection Compliance: The workflow can be programmed to ensure it addresses compliance requirements in your country.
  • 04
  • Process Driven: The automated workflows you use are specified by your debt collection process and built according to your business rules.
  • 05
  • Real-Time Reporting: Report accurately on your collection performance to ensure your goals are being achieved.

The bot can predict the consumer’s reaction to communication frequency, timing, channel, and content. By reaching the consumer at the right time, over the right channel, Payjo’s AI collection assistant can improve your collection rates.

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