As we look at the financial landscape in 2020, Artificial Intelligence (AI) is primed to provide a solution for multiple tasks, including in the recovery of debt. AI systems, including chatbots, improve overall workplace competency and reduce the likelihood of human error. By utilising the power of chatbots, businesses and organisations pursuing debt can achieve higher levels of success.

A chatbot is best described as a prominent type of Artificial Intelligence. It’s used as a form of communication between businesses and their customers. Chatbots are a means by which to leverage NLP (Natural Language Processing). This is AI technology that works by analyzing and understanding the human language that is being communicated. Most importantly, with NLP, chatbots can understand the intention and meaning of a conversation, rather than rather than just use the information to communicate with clients.

How Do They Work?

Basic chatbots work by scanning the keywords in a customer’s inquiry. They then respond with pre-prepared answers. However, NLP chatbots are much more flexible and sophisticated; they actively learn from conversations with customers. These AI chatbots can often also be successfully integrated with an organisation’s CRM and CMS platforms, meaning they can access consumer information and respond with a highly personalised answer.

How Chatbots Drive Customer Service

The greatest benefit of employing a chatbot is the cost savings it brings. Your labour force can spend time on more challenging tasks while the chatbot system communicates on your behalf. Chatbots are also a great way to drive customer service when pursuing debt. When serving as one strand of an omni-channel communication effort to pursue debt recovery, chatbots are a great way to reach out to a debtor with clear, prepared, error-free communication. Your chatbot, and its messages, can even have its own “personality”. Chatbots don’t tire, they don’t need breaks, and they don’t quit. It’s worth nothing that call centres have a staff turnover rate of 30-45%. Your chatbot isn’t going anywhere. In fact IBM estimates that by the end of 2020, 85% of all customer interactions will not be handled by humans.

Making Chatbots Secure

Security is vital, and using advanced encryption on chatbot conversations and also having secure data storage practices are two sure-fire to make your system safe. Chatbot technology is now so advanced that “virtual agents” can communicate with debtors in real time. Advanced customisation means organisations and businesses can individualise their debt collection approach, and have the peace of mind that they’re meeting best practices and complying with all current legislation.

Get in touch with Lateral to find out how you can leverage AI bots in your pursuit of debt collection and debt recovery.