Leverage Generative AI: Reducing Delinquencies in Subprime Auto Loans
Delinquency rates have risen to historic highs, with 6.11% of subprime borrowers failing to meet their payment deadlines on time. Auto Finance and Buy Here Pay Here (BHPH) companies lending to subprime borrowers need to augment their traditional communication channels with Generative AI to reduce delinquencies and boost payments.
Get ahead of the competition with Skit.ai’s Conversational Voice AI solution, a dialing platform coupled with Generative AI enabling two-way, intelligent conversations with consumers and helping you reach borrowers at every stage of the debt cycle.
Skit.ai’s solution enables you to:
- Dial thousands of calls within minutes, allowing you to maximize account penetration and time your calls strategically.
- Offer 24/7 inbound availability by answering calls and providing service anytime, including when your agents are away from their desks.
- Resolve and negotiate payment plans and collect payments on-call.
- Reduce the cost of collections and boost connectivity with borrowers.
The platform is preset with all applicable compliance filters at the federal and state levels, ensuring that calling times and frequency are programmed to be fully compliant and can be easily integrated with your CRM, customer database, existing payment gateways, dialer systems, and SMS solution.
In this audio demo, you can experience the Conversational Voice AI solution by Skit.ai…
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- Initiate the outbound call according to predefined criteria.
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- Identify itself and the auto loan company.
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- Authenticate the customer’s identity.
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- Provide the consumer with the balance due.
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- Provide the customer with payment options and engage in negotiations.
Process payments over the phone by utilizing a stored card on file.
Conversational AI is changing the collections experience: For you and your customers
Skit.ai’s Generative AI delivers a better experience for lenders and borrowers alike.
Loan delinquency impacts your lending margins, and writing off a loan is never easy. For your customers, repossession is a painful experience. Our solution’s capabilities help you arrange recurring reminders so that customers make their payments on time in the way that best suits their needs.
With the help of end-to-end automation, you can reach all of your customers multiple times, improve early-stage cash collections, reduce high-risk delinquencies, and contain borrowers within the DPD 0-14 bracket.
Interested in listening to more demos or learning more about Voice AI? Please email us at info@skit.ai
