The pandemic-struck global financial market has received many crippling blows, especially with surging credit and debt recovery rates. With outstanding debt on the rise, the accounts receivable industry yearns for a modern approach to fill the gaps left by the pandemic. Since traditional debt collection techniques are not as effective as they used to be, times call for an advanced strategy. The amount of unpaid consumer debt in the U.S between 2020-2021 was $14.9 trillion, with an average citizen owing over $90,000.
If you’re reading this, then your debt collection strategy can excel with an upgrade. A virtual debt recovery agent can help you increase debt recovery rates. AI-powered technology improves chances of successful debt collection by helping you boost productivity. It acts as additional support to your debt collectors and enhances your existing strategy.
How AI helps In Improving Morale And Productivity
Debt collection poses serious challenges. Failed attempts put more pressure on debt collectors, who already have the stress and burden of achieving performance objectives and avoiding lawsuits. AI helps you minimize all these problems and maximize productivity without constant supervision.
Here’s how a virtual debt collection agent improves employee morale and productivity:
Diminishes Workload –
Often, debt collectors fall victim to the pressure of fulfilling targets. Increasing targets force debt collectors to adopt unsavory collection practices, leaving them with numerous failed attempts, even lawsuits. Such failed attempts drastically affect the employee morale of your collection agency. On the other hand, AI technology can handle an unlimited workload and deliver promising results while preserving the quality of the collection process.
Saves Money –
AI-driven technology can help significantly reduce cost to collect. A virtual debt collection agent evaluates a borrower to plan the best approach that increases the chances of successful debt recovery. The amount of money wasted on ineffective methods, dealing with lawsuits, and managing debt collectors, can be slashed. AI virtual debt collection agents can help save that extra money you can invest for boosting employee morale.
Reduces Errors –
Another noteworthy characteristic of an AI is its ability to function flawlessly. No matter how careful collection agents are, they make mistakes from time to time, most of which are unintentional. However, these minute errors can cost your collection agency a hefty sum of money to deal with lawsuits and affect your agency’s reputation. These errors do not exist when working with a virtual debt recovery agent. Hence, an AI assures no room for mistakes and increased productivity.
So, if you’re looking for a virtual debt collection agent to support and improve your agency, choose TotalCollectR. Traditional debt collection strategies involve making countless telephone calls, repeated failed attempts to collect a debt, and mounting costs. Total CollectR ensures a better experience to creditors, debt collection agencies, and consumers at minimum cost and effort.
What is Total CollectR?
TotalCollectR is the gateway to a hassle-free debt collection. It is an all-customizable virtual platform that facilitates debt negotiation designed to help creditors and collection agencies increase cash collections, reduce expenses, and be more compliant.
Total CollectR is powered by next-generation artificial intelligence. Our platform connects with your customers on the channels that they prefer and empowers them to resolve their past due balances. Book a demo now!