In the current scenario of digital transformation, artificial intelligence (AI) is playing an essential role in various businesses. One of the most significant innovations is virtual agents, a solution that is revolutionizing the collection sector, providing a more efficient approach, agile and personalized in customer relationships. The data also brings this perception, considering the optimistic projections for AI in this sector. The global credit collection software market, for example, that includes AI-based solutions, it was estimated at US$4 billion in 2022 and is expected to grow to US$7,4 billion by 2028, driven by the growing adoption of these innovative technologies, according to a study by ScienceSoft.
But what are virtual agents and why have they generated this revolution? A virtual agent is an AI-based technology, designed to interact with users in a way similar to a human attendant. These agents are programmed to perform tasks such as answering questions, provide information, and even carry out 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 collections department, for example, virtual agents take on the role of communicators, negotiators and relationship managers, optimizing processes that previously relied exclusively on human attendants and that today agents do with as much empathy as a human. It is the case of Monest, a company for asset recovery through debt collection by a virtual agent named Mia, connected by artificial intelligence. The virtual agent of the startup uses WhatsApp to communicate with delinquent customers of retailers in the best way, customizing communication according to the business and increasing the possibility 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 that they are talking on WhatsApp with a virtual agent connected by AI. "It has already happened that", at the end of a successful negotiation, the client wishes happy holidays and a happy new year to Mia. And the best? she answered, as a good friend, play.
The CEO emphasizes, yet, 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 your 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, finishes Oliveira
The implementation of virtual agents in the collections sector has brought numerous advantages to the market. Process automation, that used to be manual and time-consuming, now it can be done 24 hours a day, 7 days a week, allowing for continuous and effective service. Furthermore, virtual agents use advanced algorithms to analyze customer behavior, customize approaches and proactively suggest the best payment options
This not only increases the credit recovery rate, but also improves the customer experience, that becomes treated in a more humanized and individualized way, even in automated interactions. Another advantage is the ability to scale collection operations without the need to expand the human team, which results 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 collections sector has always been to maintain a balance between debt recovery and maintaining a good relationship with the customer. He emphasizes that virtual agents help to overcome this challenge, offering clear communication, respectful and convenient, adapted to the profile of each client. With that, companies can not only improve their recovery rates, but also maintain a good image with consumers, what is fundamental 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. The integration with other technologies, how predictive analysis and machine learning, will allow these agents to become even more effective in anticipating customer needs and offering solutions that are beneficial for both companies and consumers
