Innovations in the way that debt is being collected have made it easier for businesses to track and find debtors. If it’s readily available, the world of Artificial Intelligence (AI) can be a clear advantage for anyone who needs to make debt recovery front-and-center in their business plan.
One part of this new technology that we use is IVR, or interactive voice response. It’s a remarkable tool and one that we’ve seen garner success for many businesses.
How IVR works
Through the use of AI, you can program a solution that can interact with your customers much like a physical person would. Using customer relationship management software and programming, IVR virtual agents can answer questions and make interactions with customers more efficient and easier overall.
According to the Technopedia website, IVR is powered by what’s known as a knowledge base, which can be programmed to answer large lists of questions and responses, tailored toward the tone and needs of your business.
For MJR, it is the CallThru program that most uses IVR’s power. It can be used either in tandem with a live agent call, or completely on its own.
Integrating with our collection software called Debtmaster, CallThru can not only interact with customers, but it can also make it easier for stored calls to be called up and checked by staff. This is also important for compliance and monitoring guidelines from the Canadian government, who regulate debt collection companies with much scrutiny.
Some advantages to IVR for debt collection
The iA Institute — a global organization that monitors legal, compliance and tech strategy concerns — has noted some clear advantages companies have to using IVR. Among them are:
More ways to pay: There are increased billing options, including SMS and voicemail.
Better customer relationships: Working with IVR is more convenient on the customer side, plus it can help customers better maintain their own privacy.
A more productive workforce: Agents can work on other tasks that help the company instead of routine ones that IVR can cover.
Less cost to the company: With its scalability, IVR better manages resources being used by the entire employee base.
Technology on your side: While this newest solution is available to you for debt collection, it can also be maximized when used by experts who understand how it works at peak efficiency. That’s what we can do for you at MJR Capital Services.
As you can see, IVR use not only helps with collections, it also can boost engagement from your customer base. To learn more about how our solutions can be an important part of your company’s debt collection plan, go to our website.
