Paymentor, by EXL, is an AI-powered platform that revolutionizes account collections by using personalized, data-driven communication across preferred channels to increase collection rates, reduce costs, and improve customer satisfaction.
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Hello everybody, Adam Parks here with
another episode of Five Minute Pitch.
Today I'm here with my longtime friend
and a guy you've probably seen around
the conferences, Mr. Mike Walsh with EXL
here to talk to us about Paymentor and
how they're collecting accounts using
artificial intelligence and voice and
really just a cool frictionless process.
But how you doing today, Mike? I'm good,
sir. I appreciate you having me. Um,
excited to talk to you about
Paymentor. Uh, EXL is probably the
largest company no one's ever heard of.
Traded on NASDAQ,
55,000 global employees in counting. Um,
but instead of telling you, let's just
show you. I think that's better than me
talking. It's a good way to start. Let's
For effective collections, the contact
with a customer has to be driven by data
decisioning. It has to be through the
channel of choice and it has to be
personalized with the right contexts.
That is the only way to engage the
customers, call them to action and
optimize collections. Paymentor helps
achieve all of that. Let us look under
the hood and see how it's done.
Paymentor receives the overdue customer
data. The machine learning algorithm
determines the channel of choice, time
to send a message, and the modality of
the message to engage the customer and
persuade them to pay. The messaging goes
through a compliance check and is
executed in the form of an email, SMS,
WhatsApp message, or virtual agent IBR.
When the customer responds, the
real-time data about the customer's
engagement is tracked by the solution
instantly. For example, if the email was
open or if the customer responded to an
SMS, Payman handles that information
using a self-learning algorithm to
determine the most optimum channel of
communication in the tone of the next
message. Now, let's look at a real life
example. Daniel is a personal loan
account holder of your bank. He misses
an installment payment. Let us see how
Daniel's behavior drives EXL's payment
through email and SMS journey.
Daniel gets his first email and SMS
informing him of a mispayment on his
monthly installment. He does not open
the email. He reads the SMS but does not
respond. Daniel receives a second email
and SMS. He does not open the email
again, but he replies to the SMS assist
because he needs some assistance. Now,
he had multiple options to pay or opt
out or call a representative, but chose
assist. In a few seconds, Dana receives
another SMS requesting him to verify his
identity to continue with his assistance
request. After successful verification,
he described his hardship. He informs
payment of reduction of his [Music]
[Music]
income. Then the bank sends him an SMS
acknowledging his situation. The SMS
contains a link to the payment portal
where he can set up or select from
available payment
plans. Daniel clicks on the portal link
and is redirected to a portal login
screen. He logs in and can see his loan
details and overdue installment. He
clicked on the option to set up a payment
plan. Daniel selects a suitable payment
plan and proceeds to make the payment.
His account no longer remains delinquent
after the first payment is made. The new
payment schedule is displayed on the
homepage for his [Music]
[Music]
review. This personalized interaction
eliminates many of the differences
between digital and live collection
experiences, but it's more private and
Daniel chooses when it's convenient to
respond. This helps improve customer
satisfaction. Additionally, EXL Payment
generates a lot of data and insights on
our customers behavior that our clients
find very useful. Our clients benefits
from EXL payment are in the following
three ways. Increase collection rate,
usually around 100 to 300 basis points.
Reduce cost to collect 10 to 30% and
improve customer [Music]
[Music]
satisfaction. So what is that video mean
for you? Right? Like so depending on who
you are, a creditor, collection agency,
a debt buyer, payment can help you first
party. That's buckets one through six.
We're actively working that with many
clients around the world. Um charge offs
fresh charge offer or as we were talking
earlier, Adam, the opposite of fresh
offs, very old, very beaten up paper. It
works right because it's an it's an
engagement tool and it's private and
customers can respond back to you on
their own time. They get a text at 2 PM.
They can respond at midnight and start
having a conversation with the AI. Um,
so that's part of it. And then the other
question I get to is, well, I'm
commercial or I'm medical. It's never
going to work. No, it works for medical,
works for commercial, credit card,
loans, utility. It is very flexible and
our our clients help us. I mean you
approve every template, everything that
is being said to your customer is
pre-approved. Um and it's very compliant
as well. Everything's built in. So every
language in the world too. So if you're
in Canada and you want to do French, but
out of the box in the US, we do Spanish
and English. So that's really some of
the, you know, what we can cover. And I
think there's an extra benefit. It was
covered a little bit in the video is
that behavioral data. And to me, many of
our customers, you know, take Mike Walsh
and Adam Parks. Let's say we were both
have the same propensity to pay,
struggling with a bill.
I I get some, you know, emails and texts
from payment. I do nothing, right? But
Adam Parks, he he responds. He tries to
negotiate a payment plan and maybe it's
not within the guidelines of, let's say,
it's a collection agency, but he's
trying. Then he goes to the payment
portal. he's trying to look for
something. Who are you going to call
first? If you have, you know, 30 agents,
are you going to call Mike Walsh who did
nothing or is that behavior data now
really valuable and you're going to call
Adam Parks? I call Adam Parks, right?
Like it's it's a so it changes how we
look at not just propensity to pay.
That's helpful. It's a starting point.
Now you have that behavior data and if
you're an API connected to us, you're
getting that almost in real time. or
even if you're, you know, you don't have
that kind of system or that connection,
you get that the next day, you you're
ready to go. So, it's a really powerful
tool. I'd love to demo it for anybody
out there. Sir, you've seen it. What do
you think? Those of you that are
watching, I highly suggest that you do
take a moment, reach out to Mr. Mike
Walsh here and go through the demo
because what we just watched, I know, is
a very small subset of the opportunity
that I've had to kind of go through the
whole model and really get a feel for
it. And as we look at the growth in the
volume of accounts over the next couple
of years and the decrease in
collectibility, finding more
cost-effective ways for us to
communicate with consumers and leverage
self-service technology, and this is
kind of all of those things together.
It's one thing to send out emails and
text messages, but where are you
actually sending those consumers and how
are you engaging or interacting with
them at that point in time? Feels like
Paymentor has got a lot of the elements
that are built into both those digital
communications type efforts as well as
those self-service efforts because once
you've got them to connect, you're
pushing them to a location and you're
enabling the most frictionless payment
opportunity or negotiation that you can.
seems like a really cool piece of
technology and something that is greatly
needed around the debt collection
industry as we continue to face these challenges.
challenges.
Appreciate that. It is. We're here.
Please reach out. For those of you that
are watching, if you have additional
questions you'd like to ask, you can
leave those in the comments below. I'll
also be leaving Mike's contact
information below as well so that you
can reach out to him directly, schedule
a demo, and start a discussion, start to
learn how we're going to leverage
artificial intelligence in 2025 and
beyond for the debt collection industry.
But until next time, everybody, Mike, I
really do appreciate your five minutes
today. Thanks so much for coming on and
enjoying some time with me. Thanks Adam.
Appreciate it. For those of you that are
watching, I hope you all enjoyed this.
We'll see you all again soon. Bye everybody.
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