Check out the latest episode of ACA Cast.
Conversation artificial intelligence (AI) is not new to the accounts receivable management (ARM) industry, but it is currently growing in popularity. Interactions is a company that develops conversation AI for use in collection agencies.
“We have created a robot that is trained by humans to listen and speak in natural conversation,” Kirby Miller, sales director for Interactions, said in the latest episode of ACA Cast with ACA International Director of Education Kelli Krueger. “Our robot is trained by humans to speak and listen like a human and the result is natural conversations.”
Conversation AI has proven to boost morale, productivity, and a collection agency’s bottom line, and it does so in multiple ways.
AI conversations create less wasted time. When AI validates right-party contacts before they get to a human, it eliminates the calls that were certainly dead ends, boosting morale and allowing collectors to focus their time on productive work.
As Krueger put it, AI gives the “right calls to the right people.”
AI conversations are naturally compliant when they are programmed to follow scripts and call flows.
“We’ve found that callers are just as likely to pay a with a robot as they are a human,” Miller said. “In addition to that, robots do not take into consideration the details of specific cases as humans often do. As a result, they always ask for payments in full, which leads to more complete payments.”
But doesn’t the use of AI eliminate the need for collectors, and therefore jobs? Miller said this should not be a concern. While there may be less traditional collector roles, there is a need for professional-level positions to oversee and analyze the AI operations.
Does the use of conversation AI sound like something that could help your business? To learn more about Interactions and their work, attend the Northeast Debt Collection Conference and Expo? The expo is planned for Sept. 12-14 at Caesars in Atlantic City, New Jersey.
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