Our customer negotiation framework integrates with existing accounting systems and uses past and incoming data regarding customers’ behaviour related to default to look for patterns, so that it can find key indicators.
When customers meeting the ‘likely to default’ criteria are identified (based on their payment behaviour), the framework’s virtual agent can contact the lender with customer details and a rationale for why they have been flagged.
Alternatively, the virtual agent can contact the customer directly to ask if there has been a change in their circumstances and if so, whether they would like to review their payment arrangements. If appropriate, it can negotiate payment terms with the customer to reach a mutually agreeable arrangement using the bank/building society’s own payment structure options, whilst adhering to industry guidelines. The structure for negotiating payment can easily be adjusted to allow for changing market conditions or guidance revisions.
If the customer’s payment issues continue and terms need further readjustment, this can be done by the virtual agent, avoiding any time delay and with minimal embarrassment to the customer, increasing the likelihood of customer honesty regarding their financial situation.