On its surface, the process of debt collection can seem cumbersome. The resources needed to track individual debtors, as well as the techniques needed to ensure that money is actually collected, may not be as readily available to a business.
One bright spot, however, is that new technology has transformed this side of the business world. Artificial intelligence, or AI, has made the task of debt collection not only easier but also better organized and of better quality.
Intelligent Virtual Agents (IVA)
Through the use of AI, you can program a solution that can interact with your customers much like a physical person would. Using customer relationship management software and programming, IVA can answer questions and make interactions with customers more efficient and easier overall.
According to the Technopedia website, IVA is powered by what’s called a knowledge base. This can be programmed to answer large lists of questions and responses, tailored toward the tone and needs of your business.
Robotic Process Automation (RPA)
The difference between IVA and RPA is public-facing vs. internal. The Enterprise Project, a technology teaching website, explains that RPA is associated with automating business processes. This is where the individual steps of a process such as debt collection can be defined and then performed by a bot.
One hallmark of RPA is that it brings efficiency to the operations of debt collection. The automation program can do rote or time-consuming tasks quickly, and in high volumes, all with errors practically eliminated. It’s inherent in the software to “teach” the bots how to do something, and then for that to be performed repetitively in exactly the same manner.
Technology with a truly human touch
While these are the newest solutions available to you for debt collection, they also need to be used with experts who understand how they can be optimized for your exact needs. That’s what we can do at DCA.
Our RPA and IVA programs can increase efficiency as well as boost engagement for your debtors. We build our brand on privacy, security, confidentiality, integrity and – above all — responsiveness. We’re focused on providing the most positive experience possible to meet your needs.
To learn more about how our debt-forward solutions can be an important part of your company’s debt collection plan, go to debtcontrolagency.com.