Leverage loan collection performance with Debt Collections Bot

Automate all aspects of the default management process, reducing costs and delivering better debtor engagement

Challenge

Existing debt recovery methods are expensive and not scalable. Even modern digital strategies reliant on text channels are static in their approach and provide limited efficiency

Solution

The Debt Collections Bot is able to initiate millions of interactions across multiple channels, have a personalised conversation with a debtor, empathise with their situations and gather unique data

Results

AI automation in debt collections allows to save up to 50% on agents. Investment in this type of automation can lead to higher conversion rates and thus better long-term revenue

Excellent customer service is personalised service

AI technology is capable of mimicking human conversations, collecting real-time data, driving engagement and circumstantial personalisation

The Debt Collections Bot uses voice, SMS, WhatsApp, Telegram and email channels, enabling debtors to communicate over the channels they feel most comfortable with.

The bot is able to empathise with individual circumstances and use that context through an individual debt recovery lifecycle leading better recovery performance

100сalls/min

while agents can handle only 100 calls/day

35%

call centre costs reduction

56%

of debts are paid off after the conversation with the bot

75%

of debtors listen to the bot until the end of the call

Compliant & Validated for Security with IBM

Tovie AI’s conversational AI solutions for Financial Services are validated and available on the IBM Cloud for Financial Services®.

We are the first vendor in the Conversational AI space to be validated by IBM Cloud for Financial Services. All our conversational solutions are now automatically compliant for FS organisations.

Learn more

Provide utmost flexibility in debts recovery

Improve loan repayment rates

Clients with arrears are usually reluctant to talk openly about their debts, ignoring messages and calls from debt collectors. Knowing that it is a robot they are speaking to, customers will feel less pressured

Take the load off collection managers’ duties

A single 24/7 operating collections bot can replace the entire contact centre. Designed specifically for a variety of debt collection practises, it has script samples and debtor status lists

Automate customer coverage

Automate your existing default management process by creating custom call flows. Make decisions based on the data collected by the bot, getting real-time results

Manage debt recovery with better efficiency

The virtual assistant initiates automated debt collection calls to late-paying customers

Automation scenarios across the entire debt recovery lifecycle

Preventative Stage

Gentle reminders
Drive an action (Repayment, reminder)

Early Delinquency Stage

Drive a conversation
Determine default root cause
Drive an action (Repayment, reminder, human escalation)

Advanced Delinquency Stage

Drive a conversation
Empathise with root cause
Warn of non payment consequences
Drive an action (Repayment plan, human escalation)

Legal Stage

Deliver final notices
Drive final actions

A unified view of the customer

Existing data combined with communication history analytics drives personalisation and determines the propensity to pay with automation scenarios across the entire debt recovery lifecycle

Communication history analytics

Delinquency
reason

General
demeanour

Willingness
to engage

General
sentiment

Likelihood
to repay

Use
of profanity

Responsiveness/
Seriousness

Your CRM/ Database

Income

Existing liabilities

Credit score

Previous history

Nature of debt

Length of debt

Size of debt

Redefine the debtors' journey with AI

Compliance with the law

Ensuring compliance with asset receivables collection laws in a heavily regulated industry is an ongoing process. Debt Collections Bot scripts comply with all established laws and regulations of the FCA and CSA

Omnichannel collections

The bot can interact in a text or voice channel convenient for the debtor. It engages in a dialogue with the customer, confirming payment dates, and providing answers to frequently asked questions

Human-like dialogue

The phrases and details a smart bot mentions, as well as its reaction to interjections, create the sense of communicating with a real person

Data gathering

During the conversation, the bot collects data like the status of the dialogue and the client's responses, allowing it to aggregate and visualise the necessary data. Can be integrated with your CRM

The bot seamlessly connects with any CRM, database or payment terminal

Debt Collections Bot generates significant value and boosts performance

87%

Reduction in human error

43%

Increase in efficiency

80%

Increase in debt recovery

Want to learn more? Get our free report on the UK debt collection industry

AI debt collection software allows companies to automate debt collection strategies, while also staying within the ethical framework and providing a human-like approach.

UK households are facing a cost-of-living crisis. In July 2022, the annual rate of inflation reached 10.1% and it is expected to peak at 13% in early 2023. This is why companies using any AI solution for debt collection, such as a loan bot or smart IVR, have to focus on customer empathy first and foremost today.

AI and debt collection combine to help companies be as courteous as possible to people in a predicament, while still focusing on recovery.

Reports&Research

UK Debt Collection Industry:

Stats, Practices and AI-powered automation

Get your copy

FAQs

How is AI used in debt collection?

Finance businesses and debt collection agencies use conversational AI to automate and improve the communication process with debtors. This includes automated calls where voice AI bots remind them about outstanding debts, address common queries, and guide debtors through dispute resolution and payment options. Powered by advanced natural language processing and machine learning, the AI collection agents can engage in intelligent conversations with debtors, ensuring a higher likelihood of successful debt recovery.

What is automated debt collection?

Automated debt collection refers to using technology to make the process of collecting past-due debts more efficient. This can involve tools like chatbots, interactive voice response systems (IVR), and text message services based on artificial intelligence. Automation with such tools can be implemented across the entire debt recovery lifecycle, helping debt collectors and agents work more productively by automating tasks such as contacting customers, collecting payment information, and managing their time and decisions.

How automation can improve debt collection?

Automation can improve the debt collection process in several ways. For example, it can facilitate prompt communications and omnichannel engagement with debtors that, in turn, increase the chance of responses. Automation also reduces manual and repetitive tasks for debt collection agents. This means agencies can handle more cases without using as many resources. Overall, automation with Conversational AI can lead to growth in debt recovery and better long-term revenue.

How AI is modernizing the collection process?

Modern customers expect immediate responses and highly personalised communication experiences from services. Conversational AI modernises the collection process by enabling real-time assistance to debtors’ inquiries and providing personalised communication. Additionally, automation helps mitigate risks related to compliance regulations. For example, the bot can be programmed to initiate interactions according to the schedule in line with local debt collection communication regulations.