Collector- June 2018 - 28

FLASH FORWARD
AI has been slow to saturate the debt collection industry as
it has practically everywhere else, but it does seem poised
to gain a stronger hold in the coming years. Here are some
companies that are looking for a wider audience for their
relatively new or up-and-coming AI-assisted products:

Collectly's platform, designed for health care

providers, uses machine learning to analyze patient
behavior and determine the best method
of communication. (www.collectly.co)

HighRadius uses artificial intelligence to automate
processes, score accounts and predict payments.
(www.highradius.com)

Intellaegis' skiptracing/collection workflow product
serves the auto finance market, interfacing with credit
bureaus and other databases to track and validate data.
(www.intellaegis.com)
Interactions will launch its first collector-focused

product in June. The intelligent virtual agent will handle
consumer communications for tasks like payment
negotiations, bankruptcy claims and wrong-number
notices. (www.interactions.com)

RankMiner's predictive analytics products use
machine learning to extract emotions and behaviors from
phone conversations to "mathematically represent the
emotional IQ of a company's best agents," according to
CEO and founder Preston Faykus. (www.rankminer.com)
Pairity is set to release a debt collection product this
summer that "enables users to work AI into all aspects
of the debt collection process," according to company
founder and CEO Gregory Allen, including scoring,
payment processing and online portals. (www.pairity.ai)

28

bankruptcy filings, payments and paperwork
requests.
United Consumers started using an AI
chatbot in January, which consumers can
access through the company's website.
Consumers can talk to the bot to set up
payment arrangements or settlements, find
out the name of the creditor owed, request
a cease communication and more, and
United Consumers can program the system
to loop in a live agent at certain points in a
conversation.
"You can literally ask it thousands of
questions and the chatbot answers them,"
Byrne said. "If you tell it that you are
disputing an account, it'll ask why. And
then it'll kick in the same AI that would
happen if a collector notated a dispute. Our
process for disputes, after the system gets
all the information from the consumer,
is to route the account to a client services
representative. They pull the backup
documentation, or request it from the client,
and send it to the consumer. And we watch
the circle complete."
The best part? The chatbot works 24
hours a day and can process hundreds of
consumers at the same time. If it doesn't
know how to respond, it tells the consumer it
hasn't been trained to answer that question,
and it asks the consumer if she would like to
call the office to speak to an agent or if she
would prefer an agent call her.

INCREASE YOUR COMPLIANCE
People make mistakes. No matter how
well trained your collectors are, they will
eventually slip up; and when they do, your
company is exposed to risk.
Teaching a collection system to work
your accounts the right way eliminates
the chance your directions won't be
followed (unless you're feeding the software
something incorrect). It automates the
habits of your best collectors and ensures all
communications are accurate and consistent.
"You cannot expect an agent to think
of all the possibilities on a call (state rules,
client rules, etc.) and make quick decisions,"
Dharmaraja said. "Of course, humans
are smarter than machines (today), but

ACAINTERNATIONAL.ORG


http://www.collectly.co http://www.highradius.com http://www.intellaegis.com http://www.interactions.com http://www.rankminer.com http://www.pairity.ai http://www.ACAINTERNATIONAL.ORG

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