Generative AI coaches your collections team in real-time

Make months-long onboarding a thing of the past. With generative AI and a configurable system, your new collections team members will have the technology to support customers back to financial good health with only basic training. 

With the help of an AI assistant, your team can gain the insights and knowledge needed to personalize collections experiences and bolster performance. In this article, we delve into the details of how this can be achieved for your team and customers. 

The power of a phone call for your customers and collections performance 

For a lot of customers, a single phone is all that’s needed to reach financial stability. Having someone guide them through repayment options can help begin the journey out of delinquency. But every situation is different, whether it’s related to unforeseen events or a customers’ emotional vulnerability. Your collections team needs to have the experience and know how to adapt to these situations and work out the best options for each customer. 

If this seems like a lot for a single person to do, that’s because it is. Your collections team needs to be trained and have the experience to understand the situation of each customer and work out the best solution. But with the introduction of generative AI, this is starting to change. 

Generative AI - enhancing experience with real-time insight 

Generative AI is an algorithm that can read prompts and generate text using information from different sources. On customer calls, it can listen and understand what’s said, using voice as a prompt. These AI tools can then provide real-time feedback and support while a call is taking place, tapping into data from different sources to recommend the best responses for different customers. 

What does this mean for your collections team? They’ll be empowered through AI tools that can coach them in real-time for consistent success. Your highly skilled and experienced team members can then specialize in specific areas to support customers facing complex financial situations. This leads to happier customers, improved collections performance, and reduced costs at the same time.

In order to use generative AI, you need a configurable platform 

• Real-time data flows: Configurable platforms have real-time data flows that make sure all data is up-to-date from the moment it’s input into the system. This means the support your team receives from generative AI is trustworthy and reliable.  
• Single Source of Truth (SSoT): These platforms have a centralized data system known as an SSoT. This means that AI has access to all the data it needs to provide guidance that will lead to resolutions and improved collections performance. 
• Seamless synergy with neighboring tools: Configurable platforms give you the tools to leverage generative AI in partnership with powerful decision management tools to refine decision-making processes. This integration provides more precise, data-driven decisions in real-time, driving better outcomes for you and your customers. 

Harness the power of AI with C&R Software

Generative AI has the potential to revolutionize your collections strategy, enhancing your team's ability to support customers while driving superior performance. At C&R Software, we understand that the future of collections lies in the seamless blend of human expertise and cutting-edge AI technology. 

By leveraging solutions like Debt Manager and FitLogic, you can operationalize these advancements across your entire debt lifecycle. The result? You build trust, loyalty, and recover more, all while staying ahead of the curve in a rapidly evolving financial landscape. Let us help you supercharge your collections strategy with technology that adapts to your needs and delivers results that speak for themselves. Contact a member of our team today.