Debt recovery agencies often face a significant challenge in establishing contact with debtors and collecting outstanding balances. The process can be time-consuming, expensive, and frustrating for both debt collectors and debtors. However, with the advancements in conversational AI technology, debt recovery agencies can now leverage the power of AI to streamline the debt collection process, to making it more efficient and effective. The real power, however, is the use of conversational AI to detect vulnerability in debtors.
When someone is in debt, they may experience financial stress and anxiety, which can affect their well-being and mental health. In some cases, debtors may also face harassment or intimidation from debt recovery agencies, which can exacerbate their vulnerability.
This is where conversational AI can help detect vulnerability in people through a combination of natural language processing (NLP) and machine learning (ML) techniques. In this blog, we try to explain how conversational AI can detect vulnerability:
Conversational AI can analyse the tone and sentiment of a person's messages or speech to determine if they express negative emotions like sadness, anxiety, or stress. By analysing the language used and the context of the conversation, conversational AI can detect if a person is vulnerable or struggling emotionally.
Conversational AI can identify specific linguistic cues or patterns associated with vulnerable or distressed individuals. For example, certain words, phrases, or sentence structures may indicate a person's level of stress or anxiety. Conversational AI can use this information to assess a person's vulnerability, and provide appropriate support to help them with the debt collection case.
Conversational AI can track a person's behaviour during a conversation, such as the speed and tone of their responses, the length of their messages or speech, and the frequency of pauses. These behavioural cues can help conversational AI inform the debt recovery agency if a person struggles to communicate, or express themselves. This may be a sign of vulnerability and can help the agency handle the case with the appropriate level of care.
Using Historical Data from both an individual as well as from the debt recovery agency
Conversational AI can analyse a person's past interactions to identify patterns and behaviour changes that may indicate vulnerability. It also has the ability to learn from the responses provided by a debt recovery agency. By tracking a person's history of conversations and interactions, conversational AI can detect when someone experiences significant changes in their communication patterns or emotional state.
Conversational AI can use contextual information, such as age, gender, location, and past experiences, to better understand their emotional state and vulnerability. This information can help conversational AI provide more personalised and effective support to individuals in need.
In conclusion, when a debt recovery agency leverages conversational AI, it can detect vulnerability in people by analysing language, behaviour, historical data, and contextual information. By leveraging these techniques, conversational AI can help identify individuals who may need support and provide appropriate resources and assistance. All of which helps the debt recovery agency resolve a case while protecting the individual.
How FinView helps debt recovery agencies?
At FinView, we provide software that supports agencies with debt collections and recovery services. Our all-in-one platform combines advanced data handling tools, automated communications and mobile solutions that help individuals resolve their debts. Contact us directly to learn more about how FinView can help your debt recovery agency improve recovery rates.