In the current landscape of digital transformation, artificial intelligence (AI) is playing a vital role in various businesses. One of the most significant innovations is virtual agents, a solution that has been revolutionizing the collection sector, providing a more efficient, agile, and personalized approach to customer relations. The data also reflect this perception, considering the optimistic projections for AI in this sector. The global credit collection software market, for example, which includes AI-based solutions, was estimated at $4 billion in 2022 and is expected to grow to $7.4 billion by 2028, driven by the increasing adoption of these innovative technologies, according to a study by ScienceSoft.
But what are virtual agents and why have they been causing this revolution? A virtual agent is an AI-based technology designed to interact with users in a manner similar to a human attendant. These agents are programmed to perform tasks such as answering questions, providing information, and even conducting negotiations and transactions. This evolution has led to the end of Chatbots – that robot that talks to you via message and asks you to press 1 if you want option A, 2 if you want option B, and so on – and the beginning of a new era: that of virtual agents.
As part of the revolution, in the collection sector, for example, virtual agents take on the roles of communicators, negotiators, and relationship managers, optimizing processes that previously relied solely on human agents and that today these agents do with as much empathy as a human. This is the case of Monest, an asset recovery company through debt collection by a virtual agent called Mia, connected by artificial intelligence. The startup's virtual agent uses WhatsApp to communicate with delinquent customers of retailers in the best way, personalizing the communication according to the business and increasing the likelihood of a debtor becoming a customer again.
Thiago Oliveira, CEO and Co-founder of Monest, explains that it is already common for people not to realize they are talking on WhatsApp with an AI-connected virtual agent. "Has it ever happened that, at the end of a successful negotiation, the client wishes Mia happy holidays and a happy new year? And the best part? she responded, like a good friend," he jokes.
The CEO also emphasizes that this is an example of how technology applied efficiently can be a powerful tool to boost business. "The use of artificial intelligence in this context not only optimizes credit recovery but also transforms the customer experience, offering solutions that meet their needs and expectations. This evolution is a clear example of how technology can be a strategic ally in improving results and building a positive image in the market," concludes Oliveira.
The implementation of virtual agents in the collection sector brought numerous advantages to the market. Process automation, which was previously manual and time-consuming, can now be carried out 24 hours a day, 7 days a week, enabling continuous and effective service. Additionally, virtual agents use advanced algorithms to analyze customer behavior, personalize approaches, and proactively suggest the best payment options.
This not only increases the credit recovery rate but also improves the customer experience, which is now treated in a more humanized and individualized manner, even in automated interactions. Another advantage is the ability to scale collection operations without the need to expand the human team, resulting in a significant reduction in operational costs.
Impact on customer relationships and the future of virtual agents in debt collection
Thiago Oliveira explains that one of the main challenges in the collection sector has always been maintaining a balance between debt recovery and maintaining a good relationship with the customer. He emphasizes that virtual agents help overcome this challenge by providing clear, respectful, and convenient communication tailored to each customer's profile. With this, companies are able not only to improve their recovery rates but also to maintain a good image with consumers, which is essential for long-term success.
With the continuous evolution of AI and the enhancement of virtual agents' capabilities, the future of the collection sector promises to be increasingly digital and efficient. Integration with other technologies, such as predictive analytics and machine learning, will enable these agents to become even more effective in anticipating customer needs and offering solutions that are beneficial for both companies and consumers.
