Conversational AI Designed for More Humane Collections
With ContactEngine’s powerful AI engine, you can:
- Automate 75% of your collections journeys: by accessing customer data and engaging in a proactive, 2-way personal interaction with the customer
- Reduce time to collect and the impact on revenue: by engaging more customers earlier in the process, solving issues and arranging payments
- Increase payment rates: by identifying customer intent and offering an automated and straightforward in-channel payment / payment option
- Reduce call-center volume – by freeing up call agents to focus on more complex cases
How ContactEngine reduces costs and improves customer service
to client systems
Using SMS to Increase Collections Payments
One of the leading North American Communications Service Providers (CSPs) implemented ContactEngine using their short code and compassionate communications to test the effectiveness of SMS collections communications. In just the first week of the collections treatment process, the use of intelligent, natural language AI, dynamic engagement strategies, and easy-to-trigger payment transactions were shown to increase payments received by 15% and payment arrangements by 47%.
This result stems from the ability AI technology has to identify customer intent and offer an automated and straightforward inchannel payment or payment arrangement option.
And results for the CSP:
- Payments: A 15% increase in customers making a payment
- Cures: A 19% increase in customers removed from collections
- Amount paid: A 22% increase in dollars owed were received
- Payment arrangements: 47% increase of payment arrangements
- Days to pay: 20% decrease in days to make a payment
The company saw the greatest financial impact with 22% additional dollars collected, followed by the reduction of days to pay by 20%.
Related Insights and News
This report outlines the current debt landscape in the US, what impact technology and innovation has on collections agencies and most importantly, how to create an effective, compassionate debt collections strategy for your customers in light of the November 2021 regulations.
This paper explores the collections industry's changing landscape and presents a proven solution for first party collections teams to recover outstanding consumer debt more efficiently whilst delivering better outcomes for consumers.
Compassionate Collections: By employing these 5 practices, you can increase the amount of money you get back while living your company’s humanistic value
Sending our biggest congratulations to our brilliant client Openreach who recently cleaned up at the prestigious European Customer Experience awards 2022, beating fierce competition to win gold in the ‘Customer Experience in the Crisis’ category and bronze in ‘Customers at the Heart of Everything’ category.
ContactEngine picks up another award for its AI technology advancements in Human-Computer Rapport
ContactEngine recognised by CogX judging panel in two categories for its Proactive Conversational AI technology
ContactEngine awarded ‘Best SaaS Product for Customer Services / CRM’ at 2021 International SaaS AwardsNEWS
ContactEngine awarded ‘Best SaaS Product for Customer Services / CRM’ at 2021 International SaaS Awards
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