More Collections
Cost Reduction
Our client is a fintech company, with over 25 million MSMEs as their customers across several products. One of their major product offerings includes providing short-term credit to MSMEs. The re-payment for such credit is to be made on a daily basis (EDI-Equated Daily Installments).
For missed EDI payments, the client makes reminder calls to the customers. As their customer base was growing rapidly, the scalability of making reminder calls was becoming infeasible due to cost considerations.
Collections calls are necessary but repetitive. In most cases, they just involve reminders and follow ups to the customers to make them pay back on time. However, our client faced several challenges:
Because of these challenges, efficiently solving for collections was a major priority for our client.
Robylon’s AI voice agents are designed to effectively perform high-value, repetitive calls at a fraction of the costs of human agents. Hence, our client was keen on exploring how Robylon could solve their problems.
We did a pilot for around 3 weeks where our AI voice agents dialled up some low risk customers reminding them about their missed payments. Our pilot was a success and we were able to increase collections by 10% already within 3 weeks.
Hence, we are now onboarded to handle 90% of all collection calls using our AI agents. Only escalated and priority cases were to be handled by human agents. Here is a brief of how we approached the problem:
We developed specialized voice agents for collections with the following features:
Voice setup
Human-like conversational measures
Defining the guardrails
We tested and iterated upon the voice agents with 250+ scenarios covering most of the edge cases we could think of (e.g. how to handle rude customers, what to respond in case a customer is busy, etc.)
The next step was to set the calling process to make these calls using our AI agent:
Since data capturing was made real-time and streamlined by automation, it was possible to do real-time analysis of calls and track critical parameters. A single view dashboard was created covering the # calls made, % calls answered, % amount collected, etc.
Robylon’s voice AI agents solved the problems of scalability while additionally saving on costs too. Using our voice agents, the client was able to make 3 times more calls per day with only a fraction of additional cost they otherwise would have had to spend.
What is more, the net collections increased by 25% which offset the extra calling costs by more than 4 times.