We’re living in unprecedented times and no one can predict what’s in store for all of us in the coming months. It is safe to say, though, that a global recession is imminent and, if the last financial crisis is any indication, we can expect a significant resurgence of non-performing loans.

The good news is that behavioral AI can help financial institutions increase revenue recovery and restructuring rates, at a lower cost and less effort. Using behavioral AI, to reach the desired outcome with a customer can lead to more meaningful conversations and higher customer satisfaction.

Aris Karanikas, VP of Sales & Business Development, at Behavioral Signals, and host responds to questions regarding the upcoming webinar on 2 Ways Behavioral AI Can Help You Improve your Revenue Recovery Efforts; main objectives & takeaways, who should attend, and how banks or financial institutions, insurance and healthcare companies can benefit from Behavioral AI.

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Ari, what is the main objective of the webinar?
We’d like everyone who joins us to get a clear idea of how Behavioral AI can help them address a burning question: How can the latest breakthroughs in technology be put to good use in addressing the challenges that lie ahead for financial institutions with the inevitable resurgence of non-performing loans.

There are so many webinars out there, why should someone attend yours?
Indeed, webinars have not been in short supply in the last few weeks. And that’s because it’s a great way to keep in touch and share best practices and advice. What hopefully makes ours stand out is that it gives concrete and actionable advice that can immediately be put to use and help any lender improve their revenue recovery outcomes.

What will be the main takeaways from this webinar?
At the risk of stating the obvious, 2 ways to swiftly and significantly improve your revenue recovery & restructuring performance. We will discuss how our innovative solution can help increase revenue from collections and revenue recovery applications with fewer calls, while maintaining data privacy and, more importantly, customer satisfaction!

What is Behavioral AI?
In the hope that I’m not oversimplifying this, I would say that Behavioral AI is using statistical machine-learning models to analyze and predict, based on previous behavior, how parties to a voice conversation will behave both during an interaction or in future interactions. It enables us, in a nutshell, to create behavioral profiles and to predict future behavior from past behavior.

What other characteristics do you measure in voice?
To create our behavioral profiles we measure a number of different attributes of the speaker’s voice, which carry undeniable evidence of their emotional and behavioral state. These include emotions such as anger, sadness, and happiness and behaviors, such as positivity, engagement, politeness, calmness, and more.

So why Behavioral AI for revenue recovery & restructuring?
Reaching out to a debtor to ask for payment on or to restructure a debt is a very stressful task, not only for the debtor, as expected but for the lender’s representative as well. Tensions can soar. Behavioral AI can be of tremendous help in ensuring there is a meaningful connection established between the parties to the conversation and lead to successful interactions.

Who is this webinar for? Who should attend and why?
Any member of an organization that finances an area of their customers’ activity (Banks & Financial institutions, Insurance and Healthcare companies), and is interested in seeing their revenue recovery and restructuring operations optimized through innovative solutions, such as Credit Officers, Loan Officers, Collection Officers, Commercial Lenders, Retail Lenders, Loan Review Personnel, Credit Administration Personnel, Collection Strategy Officers, Digital Product Officers, Innovation Officers.

Do you have proof that AI can actually help a call center agent perform better?
The proof is pretty compelling! Employing Behavioral AI you can significantly and consistently increase your revenue from repayment and restructuring efforts by 20%. And, what’s more, you can do so while reducing the number of calls needed to reach the successful outcome by 7.6%.

Are there any other benefits to Behavioral AI?
There sure are. The whole premise of the solution is to help establish rapport, leading to satisfied customers, an area where financial institutions traditionally suffer. Furthermore, as Behavioral AI is based on acoustic analysis, no parts of the conversations need to be transcribed, which not only guarantees data privacy but also, for those with an international footprint, language independence.

What impact do you foresee the COVID-19 pandemic having on NPLs? How will it compare to the mortgage crisis of 2008?
Unfortunately, it seems the effects of this pandemic will be severe and long-lasting, probably far greater than in 2008. NPL rates in the US grew from 1% in 2007 to a peak of almost 5.5% in 2010. It took another 8 years to bring those back down to 1% in 2018, amongst record economic growth. If the events of this past month are any indication, we will probably see a higher climax that will take years to deflate.

So, where does someone start in order to utilize your technology? How easy is it to deploy it, for example, in a bank?
Well, hopefully by talking to me about it. The first step is to understand what the individual needs are, the revenue recovery/restructuring processes, and related infrastructure. Based on these we can devise our deployment plan, including all necessary integrations, such as with the audio storage or the call routing/distribution solution. An added benefit is that the solution can be operational, creating behavioral profiles and pairings in the interim, within a few weeks, for immediate value creation.

Register for our May 7th, 2020 2pm PT webinar on Behavioral AI and revenue recovery HERE – Looking forward to your participation!

#behavioralAI #NPL #fintech