How Generative AI Can Help Collections Teams Navigate Regulations

The collections industry isn’t new — in fact, the practice dates back to ancient Babylon. But as ingrained in the human fabric as collections may be, there are uniquely modern forces at play that make the space more complex than ever. 

Riding years of economic tumult, collections teams are grappling with market trends that amplify the existing challenge of performing their work  – while maintaining compliance across a complex body of regulatory requirements. 

In our newest ebook, Compliance at Scale: How Collections Teams Can Navigate a Complex Regulatory Landscape (without Sacrificing Performance), we outline the macro trends affecting the collections industry today and the key strategies that collections contact centers should be looking to deploy to stay ahead amid these seismic shifts. Generative AI plays a critical role in supporting collections teams as they navigate this environment, enabling better compliance and enhanced performance despite the external factors at play. 

In today’s blog post, we’re sharing a sneak peek at part of the ebook that dives into the role generative AI can play in improving collections in contact centers, as well as two of the four key strategies for deploying generative AI effectively.

Download to read the full ebook today: 

Compliance at Scale: How Collections Teams Can Navigate a Complex Regulatory Landscape (without Sacrificing Performance)

Generative AI is a class of machine learning capable of digesting vast amounts of unstructured data to yield highly targeted outputs that drive efficiency, quality, and informed decision making. 

For example, generative AI can process and analyze customer interactions across channels, regulatory requirements, and industry best practices to produce performance-optimized compliant playbooks, insight into emerging trends, and more. 

With this support in collections contact centers, agents can offload memorization of complex regulatory layers. Generative AI not only analyzes calls in real time so contact centers are aware of potentially costly compliance errors, but it also proactively stops those errors from occurring in the first place. Simultaneously, it can also identify playbook optimization opportunities and drive higher collection yields. 

Four Key Strategies for Contact Centers to Achieve Regulatory Compliance through Generative AI

Monitor conversations in real time to identify anomalies and risks. 

With so much at stake, don’t wait days, hours, or weeks to learn about compliance errors or emerging trends. Deploy generative AI to:

  • Trigger an alert when agents aren’t adhering to compliance best practices on collections calls.
  • Match how regularly agents are following proven behaviors (adherence rates) to specific client account numbers for greater risk visibility.
  • Provide insights into new trends, such as a rise in consumers citing unemployment as a reason for nonpayment. 
  • And more!  

Minimize barriers on the road to ramp up.

When inexperienced agents handle collections conversations, contact centers are inevitably assuming some level of risk. With generative AI, it’s easier to keep new agents compliant as they ramp up — and to help them ramp up faster. This can be achieved through: 

  • Customized behavioral coaching built on each agent’s performance and the identified best practices that yield the greatest results. 
  • And more! 

To get a deeper look at all four strategies for deploying generative AI, as well as a greater understanding of the regulatory landscape that collections teams are grappling with, download our new ebook on collections in the contact center today.

Cresta CMO Talks Generative AI and the Future of Contact Centers with CMSWire


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