Challenges
They faced challenges that disrupted smooth debt recovery operations.
- Inefficient Outreach: Manual outreach limited the number of debtors they could contact, slowing down recovery.
- High Operational Costs: Employing human agents for outreach was financially unsustainable and reduced profitability.
- Poor Debtor Engagement: Inconsistent communication led to lower debtor response rates and a delay in overdue payments.
- Low Call Connectivity: A large number of calls went unanswered or diverted to voicemail, further hampering recovery efforts.
Solutions
Why They Chose Vodex
- AI Voice Agents for Automated Outreach: Enabled automated, scalable outreach to debtors, delivering timely reminders about overdue and upcoming payments.
- Automated Redial Feature: Enhanced call connectivity by automatically retrying calls to debtors who missed the first attempt.
- Cost Optimization: By leveraging AI-driven automation, They significantly reduced operational costs while maintaining high outreach effectiveness.
Results
The implementation of Vodex AI brought measurable and transformational results:
- Enhanced Debtor Engagement: AI Voice Agents ensured consistent and timely reminders, improving overall debtor engagement and communication.
- Higher Return on Investment (ROI): Debtor collection rates improved by 20%, ensuring a significant ROI for them.
- Reduced Operational Costs: Achieved a 70% reduction in operational costs through AI-powered outreach.
3X
Debt Recovery Improvement
7X
Connect Rate Improvement
70%
Cost Reduction
20%
Increase in Recovery Rates