Debt collecting is a difficult challenge to navigate if you are an agent chasing a debtor for their outstanding balance. Chatbots have been tested in the past to help with this, but the skill of navigating the tough conversations around debt has also made companies wary of going ‘all in’ on the technology, preferring instead to rely on genuine human conversations.
However, the software has now grown to the point where AI can engage in conversational messaging in a multitude of different online channels, leaving human agents to take care of more complicated tasks.
The technology behind natural language processing and virtual assistants goes way beyond what was previously possible, with an automated back-and-forth personal conversation now entirely conceivable. Machine learning allows the chatbot to understand the nuances of intent behind a human’s words and responds appropriately. This also allows it to read the context of the words and pick out units (such as dates and times) that inform its responses.
The result is AI systems being able to send out payment reminders, account updates, and other communications at optimised times. Chatbots and virtual assistants can also handle initial inquiries, provide account information, and even negotiate payment plans. There’s also the bonus of being able to do this 24/7. Furthermore, natural language processing allows the chatbot to analyse debtor profiles to determine the most effective communication method and style. For example, based on past dealings it might choose email over a phone call.
The merging of artificial intelligence and debt collection companies has brought an operational sea change to the process in the last few years and natural language processing has marked an important evolution in how the delicate process of debt recovery is being managed.
