RMEx was created for the debt collection industry and has always focused on the average collection agency. By creating software with compliance, control, and cost in mind we were able to create an intelligent debt collection system. The system was designed to create compliance, create controls and monitor cost on account by account basis.
While the concepts of Artificial Intelligence have been understood for several years, its application to solve common business problems has been relatively limited. We have been able to use the concepts of artificial intelligence and added them to a debt collection system.
Quantrax is uncompromising in its pursuit of knowledge with reference to the technology that it has chosen to create and support. Unfortunately, with regard to dialers, the potential user is often presented with almost as much misinformation as there are facts – This is not unexpected since dialer vendors are required to advertise products that are complex, often too technical to understand and always very difficult to describe. There may even be an “air of secrecy” that has created the perception that the technology is exclusive and costly.
After a prolonged obsession with the optimization of automated collection processes, Quantrax, in 2005, set out to develop and evaluate its own scoring technology. Since RMEx is probably the finest workflow engine for account management, a reliable score would greatly enhance a company’s ability to optimally manage its resources and its bottom line. New scoring systems announced by the major credit reporting agencies Equifax, Experian and Trans Union are likely to face challenges in the way that those scores are interpreted. How these scores affect collection accounts and later-stage collections will also be interesting and may take time to be understood. For the collection industry, we believe that the timing is perfect for new analytical tools that do not rely on traditional FICO-type score.
This section will describe the concepts of Interactive Voice Response (IVR) and then present the features of Quantrax’s IVR platform. IVR is an area that can significantly enhance the automation levels within your organization. The potential of an IVR ranges from accepting an inbound call and taking simple requests (E.g. “Press 1 to obtain the mailing address for your payment”) to more complex interactive experiences where a series of digitally recorded questions or messages would be played, with the caller being offered different options based on the responses supplied through the telephone keypad. An example would be the setting up a payment arrangement without any agent intervention. A possible sequence of steps could be as follows:
There are many reasons why a collection operation should record some or all of the telephone activity that takes place within the organization. One reason is that your clients may require you to do this. Another reason is that the recorded conversation can backup the documentation on an account in the event of legal action against the company based on a collector being accused of violating specific state laws. The information can also be used as a training tool, and most companies reserve the right to monitor calls to ensure quality and train their personnel.