10 Reasons Why Alice Is the Best Choice for Automating Debt Collections
Debt collections can be tricky, especially in an economy where people are living one paycheck to another, changing jobs frequently, and are least concerned about their credit history in case of defaults.
In 2024, total household debt has risen to $17.80 trillion in the United States. These loans include credit card debt, auto-loans, mortgage repayments and much more. This is why many businesses are struggling with cash flow and are investing heavily in collection operations.
However, a traditional approach to collections doesn’t often produce the desired outcomes. As a result, the business just burns more cash while its customers are still behind on their dues.
This is a problem that FinanceOps identified and aimed to solve with its AI-powered collection agent, Alice.
Who is Alice?
Alice is our AI-powered collection agent built for efficient and empathetic collections. She can simultaneously handle conversations with hundreds or thousands of customers while maintaining different tones based on customer profiles, characteristics, and engagement.
Once an account is assigned to Alice, she begins the recovery process immediately with self-adjusting communication, requiring no manual intervention. She can significantly reduce the manual workload on collection agents, reducing dependency on and allowing focus on higher-value tasks.
10 Reasons Why You Need Alice In Your Team
Alice can improve your collections function by reducing operational costs by up to 80% and improving team output by 5-10 times. Here are the primary reasons she should be on your collections team.
1. 24/7 availability
Unlike human agents, Alice works round the clock, ensuring no opportunity is missed to engage with clients, even outside traditional business hours. This increases the chances of faster collections and better cash flow management.
2. Sentiment analysis
Alice is trained to communicate empathetically, understanding the nuances of customer behavior. She maintains a professional tone while negotiating payments, ensuring that client relationships remain intact during the collection process.
3. Customizable workflows
Alice can be programmed to follow specific workflows tailored to your business needs. She adheres to your internal policies and customer engagement strategies. This flexibility allows you to control the collection process fully, benefiting from automation.
4. Automated payment plans
Alice can set up and manage client payment plans, offering flexible solutions based on their financial situation. This not only increases the likelihood of payment but also enhances client satisfaction by providing them with options.
5. Real-time reporting and insights
Alice continuously tracks and reports the status of collections, providing real-time insights into account statuses and overall performance. With easy access to this data, your team can make informed decisions and quickly adjust strategies when needed.
6. Compliance and accuracy
Alice ensures that all collection activities follow legal and regulatory requirements, reducing the risk of compliance issues. She also accurately adheres to guidelines, ensuring no slip-ups or violations, which can protect your company from legal troubles.
7. Reduces human errors
Manual processes often lead to missed follow-ups, incorrect data entries, or inconsistent communication. Alice eliminates these human errors, ensuring accurate and timely interactions that drive better outcomes.
8. Learns and improves over time
Alice continually uses machine learning based on previous interactions and outcomes to improve her approach. As she collects more data, she refines her methods, becoming more effective in achieving results.
9. Multi-language support
Alice can communicate in multiple languages, making her ideal for companies with a global client base. Her multi-language support allows her to handle clients from various regions, ensuring clarity in communication.
10. Quick onboarding
Deploying Alice is fast and straightforward, requiring minimal onboarding and training compared to a human agent. This means your team can start seeing the benefits of automated collections almost immediately, accelerating ROI.
Final Thoughts
If your business has multiple delinquent accounts and records high bad debt every year, it's high time to make a change. By simply making Alice part of your team, you can start seeing tangible results within a few months. So, what are you waiting for? Get on a call with us today to see Alice in action.