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AI to address human errors in collections

Resources
Resources
Collections
AI
Operations

AI to address human errors in collections

Collections
AI
Operations

AI to address human errors in collections

We know there are all-too-common agent missteps that undermine collections performance - from suboptimal negotiation to inaccurate call notes and compliance coding.

And we know those errors can create significant risk and lead to significant missed opportunities.

The good news is, there's a solution to these pervasive human error problems: purpose-built AI and automation.

By harnessing advanced machine learning models, you can take the guesswork and inconsistency out of core collections workflows. An AI-powered platform can:

  • Analyze call recordings to recommend the optimal resolution amount, based on the customer's financial profile and your business rules
  • Automatically transcribe and summarize call notes for both English and Spanish conversations, ensuring nothing gets missed
  • Correctly classify call dispositions with over 90% accuracy, without relying on agents

This kind of AI-powered collections system delivers a host of benefits. You gain true operational visibility, improve first-call resolution, and reduce legal exposure. Agents, in turn, are empowered to focus on empathetic customer service rather than tedious admin tasks.

Let's look at your operational problems and their AI solutions.

Problem: Incorrect call dispositions create compliance risk

Solution: Human-level accuracy, 5X faster

ProInsight analyzes 100% of customer conversations - across phone, email, chat, and text - to automate quality assurance and compliance review.

And in comparison to speech analytics tools with high false positive and negative rates, by tapping into advanced machine learning models trained on over 400 million consumer finance interactions, ProInsight achieves over 90% accuracy.

ProInsight correctly classifies call dispositions and surfaces any compliance violations that could expose your team to costly legal risk. An average-sized agency could see monthly legal costs of $50,000. Our customers report using ProInsight helps bring those costs down to $0.

That means no more inconsistent agent negotiations or coding errors slipping through the cracks.

Even better? It does all that 5X faster than traditional audits.

Agencies using ProInsight have seen a 93% improvement in QA cost efficiency, freeing up resources to focus on customer service and growth.

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Problem: After-call work reduces agent effectiveness and productivity

Solution: Automatically generate detailed, accurate call notes

Relying on agents to record details about customer interactions puts pressure on them both during and after calls, and opens opportunities for errors and misses.

With ProNotes, agents can ditch the typing and focus fully on the customer conversation. This not only boosts their capacity by up to 38%, but also enhances the overall experience for both agents and customers. No more rushed or incomplete notes compromising follow-up.

Because AI trained specifically for consumer finance can understand the context and content of conversations, in comparison to older transcription-dependent tools, you'll be able to:

  • Make sure promised actions are followed through
  • Make informed decisions on each account
  • Research across accounts to build strategy
  • Maintain a defensible audit trail

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Problem: Suboptimal negotiation and resolution amounts

Solution: Faster agent onboarding, flawless execution

ProAssist provides AI-powered call guidance to empower even your newest agents. By leading reps through the ideal talk tracks and mandatory disclosures, ProAssist ensures flawless customer interactions from day one.

This slashes new hire ramp time by 50% while driving a 25% improvement in agent effectiveness.

And with tight integration to ProNotes, the AI assistant automatically logs complete, standardized call summaries to complement its real-time guidance.

‚ÄćHarnessing AI's potential across collections

The human element will always be central to effective debt recovery. But by offloading the error-prone administrative tasks to purpose-built AI, agencies can unlock their teams' full potential.

Prodigal's solutions deliver human-level precision and consistency, freeing agents to focus on cultivating customer relationships and driving desired business outcomes. 

If your collections workflows are plagued by common pitfalls of human error, it's time to explore the power of applied AI.

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AI
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