The world of debt collection has been undergoing a profound transformation that predates COVID. It started with the transition to digital: using all available channels, voice, email, and text to contact delinquent customers increases partial or full payments. It’s a big change for an industry where, not long ago, a collector could call someone multiple times in a day. Collectors are now building engagement workflows that maximize the combination of voice and digital channels.
These workflows also require finer segmentation, looking beyond risks and past due dates to factor behavior and communication preferences. These changes have been accelerating not just because of COVID but also with the evolution of the Fair Debt Collection Practices Act (FDCPA) requirements that are coming into effect this November.
So how can AI help? Acqueon leverages a built-in customer data platform to bring together customer profiles, invoice and payment histories, and all communication attempts with dispositions and outcomes. It provides the data foundation to run several AI models and make the following predictions:
- Best channel and number to use
- Payment expectations
- Probability to receive payment by a target date
- Most impactful reminders (pre or post due date, for example)
All these predictions get attached to customer records to help you craft your segmentation, design your omnichannel engagement workflows, and prioritize communications.
Learn more about Acqueon for Collections and Recovery