Systemized Cognitive Collection: The Model That Creates Memorable Experiences

The pandemic accelerated digitization in financial services operations and collection was no exception. The only way to achieve a greater presence in the market and deliver an optimal experience to customers is through the implementation of new technologies that facilitate this process.

During 2022, we worked on the implementation of omnichannel technology to maximize the efficiency of recovery of overdue portfolios and be the main ally of recovery, from pre-collection to arrears of less than 1 year, where technology has a greater impact.

The project consisted of generating new and better strategies, based on the cognitive analysis (AI) of the information on the behavior of each creditor client of the credit and with this evolve to a collection model with a personalized relationship to position ourselves in first place in the ranking for a leading financial group in Mexico.

To achieve this, we consider the following:

Create a dynamic collection grid based on a real-time management tool.
Use the information generated, through the prediction of AI to obtain "The Best Time to Collect".
Generate with AI an intelligent dialing model by product, region, schedule, interconnection between Carrier and portfolio wear.
Speech & Text Analytics to identify best practices, identify reasons for non-payment and act with the credit generation area.
Use all means of contact according to the established strategy.
Generate eye-catching content of value to the customer.

Predictive Model with AI

Through the analysis of the historical information of our end user, supported with the use of AI and Machine Learning models, we generated predictive models that resulted in "The Best Time to Collect", based on the reception of data from each of the collection attempts and thus determines the optimal measures for the increase of recovery rates, as well as generating savings in dialing and efficiencies in contact.

Smart Dial Model

This model consists of analyzing the information of the day, which allows it to determine to which Carrier the most traffic is distributed. This is an intelligent process, it varies the allocation of traffic and volume in real time, according to characteristics such as: Temporality, Geographical Zone, Attempts, schedules, Carrier destination, Product, Carrier of departure, among others, which contributes to increase the contact number.

Integration of Communication Channels

By building an environment of integration within the different contact channels (WhatsApp Certificate, mail, sms, blaster), we managed to generate an automatic process of mass sending and at the same time simultaneous. These channels are connected to predictive models and different business rules, previously configured, which allows us to be more efficient in the process.

Content Update

New content is generated for the different templates occupied for all media. The content is more concise, generates value for the customer and grabs their attention.

Speech & Text Analytics Model

By using interaction analysis tools such as Speech & Text Analytics, operational efficiency was generated. We find the best collection practices, eliminating bad practices of executives and at the same time delivering valuable information for the business, obtained directly from the voice of the customers. This allows actions to be taken and feedback to the credit generation area, such as reasons for "non-payments" to whom the composition of the top of the key products that have the best recovery is attributable to them, so that the client can generate targeted strategies.

Result

Increased portfolio recovery by 72%, which translates into better results in containing delinquent customers.
The impact on contact was exceeded at 137%, directly reflected in the recovery.
Thanks to the implementation of artificial intelligence, it was possible to reach an NPS of 100%
With Speech & Text Analytics, the main reasons for non-promise were identified, allowing the generation of a strategy that would beneficially impact the recovery.

Benefit

The CX was improved thanks to the easy and quick contact of the user with the agent, being able to use any means at any time; Reducing the intrusion to the client by using channels of contact that the user chooses to see and answer at their best convenient time. In addition, by having personalized, clear, and concise information, confusion is avoided, and payment is facilitated, preserving the history of attention throughout the life of the process, regardless of which means used.
The % of contact is increased by efficiency in telco and use of suitable media, improving the origination of credit for the information provided by Speech & Text Analytics.
By using total omnichannel, the representative can answer several simultaneous interactions and have all the customer's history, regardless of the channel used, reducing the cost of telco, since AI uses the most efficient channel in each contact.
Implementing omnichannel allows us to adapt and evolve to the new requirements of end users, allowing them to use the means that suits them best, at the time they prefer, taking care of the level of intrusion and potentiating the effectiveness in contact and recovery.

Currently, talking only about omnichannel is not enough. Digital collection must evolve and have a great ally in Artificial Intelligence, which allows us to increase the accuracy of new collection strategies. Through the maximum use of technological resources and potentiated by AI, we digitize all this information and automates contact with customers. Practice makes perfect, and, in this case, an AI model specially designed for collection learns from its mistakes to optimize communication with a specific debtor in the best possible way.

We know that the digitalization of processes is not something new, but the correct use of them is. We perfect our proposal by understanding the main complaints of customers and generating actions that streamline each process hand in hand with technology.

Thanks to these results, we are the # 1 ally of one of the main financial companies in Mexico, we are the leading pioneers and we take lead in collection strategies and we were recognized with the National Customer Experience award for the Best use of technology applied to the customer experience, reinforcing our commitment to provide effective solutions at the right time, So before our customers have a need, we already have a tailored-made solution for them.

Back