Revolutionizing Promise to Pay: How a Voice Bot Transformed Collections

150K

additional volume handled

75%

of interactions closed

$1M

promises to pay generated

Challenge

As a valued client for nearly a decade, this banking company already benefited from the human side of Concentrix with over 500 collections advisors, but was looking to extend the technology side of the relationship to help it reduce costs, increase efficiency, enhance personalization, and improve customer satisfaction with collections.

Solution

Concentrix set out to design a collections-specific voice bot that would proactively generate a promise to pay (PTP) from customers by enabling real-time notification and delivery of digital links to facilitate payment while allowing for real-time transfer to a banking advisor for any disputes or query resolutions.

Our outbound collections voice bot is a sophisticated system designed to enhance operational efficiency while maintaining a human touch through a hybrid solution where advisors and bots work in harmony, catering to diverse customer preferences. The solution is program-agnostic and operates on the Google Cloud Platform (GCP), integrated with Concentrix Genesys dials and Axis Tallyman to ensure efficient post-call updates and streamlined operations. 

Not only is the voice bot capable of generating promises to pay across various sectors, including credit cards, auto loans, personal loans, and home loans, but it also handles payment dates and modes.

The solution has been called a “raving success” by the client, with customers expressing high satisfaction with the outcomes delivered by the voice bot.

Outcomes

150,000 additional calls handled without increasing the number of advisors, an efficiency gain that would otherwise require a 60% increase in human resources

75%+ interactions are successfully closed by the voice bot without requiring human intervention

$2.5M+ direct promises to pay generated by the voice bot, leading to an increase in sales collections

7% improvement in resolution rates, demonstrating voice bot effectiveness in resolving cases without human intervention

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