When Businesses Create Breakthrough In Payment Reminder Process By AI
10% of the administrative workload, which is equivalent to 20 labor days, is the average resources that a business has to spend to perform only one task: reminding payments and collecting overdue debts. With AI-based “Virtual Agent" - the voice bots integrated with artificial intelligence, this task will be processed speedily and efficiently.
Payment Reminder - An elusive struggle of businesses
Collecting loans and debts of enterprises have been inherently a duty of finance - accounting sector. For SMEs, this task still can be ensured though it is time-consuming. However, for businesses in personal finance, banks, or service companies with many customers - who need to make periodic payments such as insurance, water, electricity, telecoms, etc., this is a huge process that needs a whole team to monitor.
Credit growth in Vietnam reached 14% in 2021, but it is notable that the bad debt ratio was 8.2%*. This poses a significant challenge for financial businesses in terms of payment reminders and debt collection. At this time, businesses are using two methods to remind payments - completely manual and automatic. The manual method requires a large team to follow and monitor, wasting businesses’ resources and lacking initiative when the number of loans goes up and down cyclically. Meanwhile, automatic reminder via email and message is not optimal, leading to a low rate of on-time loan recovery and a high ratio of bad debts, affecting businesses' cash flow. Ineffective reminder methods also affect customer experience because of interrupted service and overdue penalties.
This task seems simple but for businesses having large fluctuations in cash flow like banks and financial organizations, the efficiency of loan recovery directly determines their cash flow and short-term financial situation. In that context, using AI (artificial intelligence) has become the most advanced solution today, helping businesses to free up their personnel from this repetitive task, as well as enhancing the efficiency of loan recovery and creating a pleasant customer experience when reminding them. FPT.AI - the leading artificial intelligence platform of FPT Smart Cloud, is the pioneer in researching and providing this solution to large businesses in the finance sector.
AI-powered virtual agent - The outstanding solution for payment reminders and loan recover
Unlike existing methods, FPT.AI virtual agent can “act” as a human agent to remind payment of each customer with personalized information, including name, age, loan profile, monthly amount, etc. The loan recovery process is built with flexible scenarios for the nearly due group, past the due group, and long past due group. The inference system of the AI virtual agent can analyze the ability to pay on time of each group through their answers and intonation when interacting with customers, then predict businesses' cash flow recovery.
Home Credit Vietnam, one of the top personal finance companies today, has applied successfully FPT.AI Virtual Agent to its payment reminder process and had an outstanding result. The virtual agent can manage to connect 2.5 million calls per month with the pre-collection productivity of a human agent, helping to save up to 60% of operating costs. Another financial company facing the same pressure from the debt collection process has also adopted AI virtual agent and reached an early collection rate of 52% and making millions of calls each month. These are impressive results that FPT.AI Virtual Agent has brought to businesses.
Applying state-of-the-art AI technology nowadays such as natural language processing (NLP), voice recognition and voice synthesis and conversation management, FPT.AI virtual agent can interact with customers like a human, creating good experiences and enhancing brands' position. The solution is integrated in multiple channels and platforms, including call centers, websites, mobile apps, etc., helping businesses to reach customers quickly and conveniently. In the future, it is predicted to create productivity breakthroughs, contributing to the sustainable development of businesses in the digital age.