The Future of AI-Powered Collections and Call Centers

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Consumer behaviors are changing faster than ever before. In an age when we’re becoming more comfortable interacting with technology rather than humans, it’s no surprise that AI-powered customer service is becoming the norm. In fact, Gartner predicted that by this year, more than 15% of all customer service interactions will be handled solely by AI, a 400% increase compared to 2017.

Although digital customer service is not new, balancing an online vs. person-to-person communications strategy remains a challenge for many credit and collections firms. As this shift takes place, we will see the role of the contact center evolve and grow, as well as its significance to broader operational strategies.

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Provana’s Principal Architect, Love Chopra, recently wrote in Analytics Steps, “digital transformation has helped collections and call centers reimagine their business model, discover new ways to engage with customers and meet fast-changing regulatory compliance standards while leveraging technology.”

Now, leading organizations are looking to AI-powered customer service to further improve the customer experience and empower them with automated, self-service apps. Research from McKinsey shows that consumers who digitally self-serve make payments at higher rates, are significantly more likely to pay in full and report higher levels of customer satisfaction compared to consumers who pay through calling.

Understanding the impact AI can have on your organization and your customer service operations is the first step towards success. AI and speech analytics have the potential to break down data silos and significantly streamline call center and collections activities. Those organizations who embrace AI will be at the forefront of creating happy customers.

To learn more about how Provana is taking an AI-first approach to our technology platform, read Love’s article.