You've always had questions that you knew the answers to would transform your business.

Questions like these:

• "How do I know which accounts are most likely to pay so I can prioritize them?"
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• "When should I contact my customers? And when? And how?"
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• "What, exactly, do my best representatives do to collect more and get one-call resolutions?"

If you could answer those questions, you could accurately prioritize accounts, contact customers at the best time - and on the right channel - to increase engagement, and train all your representatives to do the same magical things your best team members do.

Where to find the answers

The good news is the answers are finally(!) within reach.

Here are the two ingredients you need:

1. Your customer interactions and data
2. AI with the custom training to analyze them

You've got the first, and the second is now within easy reach.

We brought together a panel including Becky Raschke from Mission Lane, Sundara Sukavanam from Firstsource Solutions, and Scott Hamilton from Prodigal to chat with AccountsRecovery.net's Mike Gibb about how it works.

Watch the replay, or scroll down for the quick recap:

Start and end with information

"Information," said Becky, "is king. If you can get the necessary information and use technology to access the information and use it, you can see so many benefits in terms of optimized strategies, optimized agent behaviors, optimized outcomes for the business."

Scott gave the example of two customers saying two different things about their payments:

Customer #1: "I was in a car accident, but I'll be back at work next week."

Customer #2: "I'm on long-term disability, and I'm never going to pay you."

Neither of those conversations results in an immediate payment, but they both give you incredibly valuable information about which one was likely to pay, and which account you should prioritize outreach to.

So by starting with information in the form of customer conversations, you can transform that into information you can put into action to resolve your longstanding frustrations about what you wish you knew.

The answers you're looking for

Mike ran a poll during the webinar and asked attendees to rank which piece of intelligence represented the biggest opportunity for their business. The rankings came in this way:

1. Better prioritizing accounts by likelihood to pay
2. Identifying agent behaviors that lead to success
3. Determining the best times to engage accounts
4. Knowing the best channels for account outreach.
5. Increasing upsell, cross-sell and retention

We've had models and strategies for all of these things in the past, with varying degrees of success.

The difference now is that AI is able to perform analyses that can level up our models very, very quickly. All the panelists talked about the rapid improvements in modeling that have come over the past few quarters because of the technological advancements.

Using AI to extract the data you need

Step one is making use of the data you have that you've never been able to use, from customer conversations and interactions.

"You've listened to a lot of phone calls with customers and consumers, and they share so many things with you about what's going on in their life, and how they feel about their their willingness and ability to pay for your particular account. And it's just been very challenging historically to get that information and use that data effectively in your strategies. Because you can't capture it easily. And you don't have it at scale," said Becky.

But AI, specifically AI that understands the context of consumer finance conversations, has changed that.

Now you can pull information from conversations like the ones Scott mentioned above, and turned that into what he describes as structured data to help you build your model for both individual accounts and your portfolio as a whole.

Then you have current, actionable information you can put into practice.

Putting information into action

Step two is returning the results of your efforts based on this new information to continue refine your models, at a speed that has not been possible before.

"How can you change those strategies based on user behavior in a way that it's dynamic? That will then help you close-loop the learnings and say, 'Yeah, this worked, this worked better. So let's feed that back into the model. And that will evolve our strategy for how we should reach out,'" Sundara explained.

The ability to aggregate and analyze structured and unstructured data empowers businesses to optimize their strategies, improve outcomes, and refine their models continuously. AI's impact on strategy optimization is a game-changer for businesses seeking to stay ahead in a rapidly evolving market.

Get started

"The benefits of using AI are there. The barriers to starting are actually really, really low. The tools have largely been built for your exact function," Scott said.

By customizing our AI Intent Engine specifically for consumer finance, Prodigal is able to analyze your customer interactions and extract the information you need, layering it with more traditional sources of data, such as account and payment histories and bureau data to deliver a full picture of your customers and business so you can:

1. Improve account prioritization by incorporating a new intent-to-pay score
2. Accurately predict likely account delinquency or default
3. Pinpoint representative behaviors that drive KPIs
4. Spot accounts ready for cross-sell and upsell opportunities
5. Automate customer complaints management
6. Identify accounts considering leaving your business
7. Finding the right channel - or mix - to contact your customers
8. Finding the best day, time, message, and frequency for outreach
9. Measuring customer sentiment
10. Analyzing customer behaviors
11. Transforming segmentation, prioritization, and targeting

...and so much more. What answers do you know could drive your business forward?

Learn more.