Collections is the toughest job in banking. It’s also the most sensitive. Harassing a customer who is genuinely distressed destroys loyalty. Being too soft on a willful defaulter destroys the balance sheet.
Sentiment-Aware Scripts
Traditional collections use a rigid script. “Pay up or else.” AI agents can analyze the customer’s payment history and recent interactions to tailor the approach.
Scenario A: Long-time customer, usually pays on time, missed one EMI. AI approach: ” Gentle Reminder via WhatsApp. Tone: Helpful. ‘Hi, noticed you missed a payment. Is everything okay? Here is a link to pay.'”
Scenario B: Customer bounces checks repeatedly and stops picking up calls. AI approach: “Formal Notice via Email and SMS. Tone: Firm. ‘Your account is overdue. Please pay immediately to avoid credit score impact.'”
Negotiation Bots
For small ticket loans, human collectors are too expensive. AI Voice Bots can handle the negotiation. “I understand you can’t pay the full 10k today. Can you pay 5k by Friday? If you do, I can waive the late fee.”
These bots have authorization limits pre-programmed. They treat the customer with infinite patience, never getting angry or abusive, ensuring compliance with fair practices codes.