Prodigal’s Speech AI monitors 100% of calls for compliance and collector performance with artificial intelligence
WHAT WE DO
Based in Silicon Valley, Prodigal is bringing the power of AI and machine learning to lenders, creditors and collection agencies. We help them stand out through their compliance and collection standards.
Prodigal’s world class speech recognition software, monitors every call for compliance and collector performance with its AI trained for optimal accuracy and actionable results. Prodigal unlocks hidden value in a collection contact centre’s vast corpus of unstructured audio data by making it searchable and enabling them to improve compliance, increase operational efficiency and win new clients.
Prodigal combines cutting edge technology with deep industry experience to bring the best speech analytics solution built ground-up for the ARM industry.
At Prodigal, we always keep the borrower in mind and we strive to ensure creditors are able to provide maximum options to a borrower, listen to their specific grievances, find a solution that works for both parties, while staying compliant to regulations.
CEO & co-Founder at Prodigal (YC S18) • Wharton MBA • Blackstone • IIT Bombay
Debt Collection Compliance and Quality Monitoring With AI
Debt among U.S. consumers reached a new record high in the three months since the start of the coronavirus epidemic with total debt among households growing 1.1% from the prior quarter. Consumers now owe a collective $14.3 trillion on student loans, credit cards, mortgages, and other forms of debt, exceeding by $1.6 trillion the previous high of $12.7 trillion reached during the third quarter of 2008 during the financial crisis
This data demonstrates clearly how the pandemic has led to increased borrowing, particularly involving credit cards and other non-mortgage debt. And as household debt grows and unemployment numbers rise, the likelihood of enhanced consumer regulations increases and challenges grow for debt collectors aiming to improve the borrower experience.
Revolutionizing Debt Collection: The New Order
In recent years, there has been a marked shift in financial institutions moving away from aggressive debt collection tactics. Conventional measures undertaken to collect on outstanding balances often hindered the recovery process while creating an unpleasant borrower experience. Recognizing these hurdles, organizations have shifted to more unorthodox management practices, levering innovative technologies to streamline collection efforts.
Optio Solutions, a leading Accounts Receivable Management Agency, has also identified a need to embrace technology to solve a problem of its own: The aggressive growth of the company due to its industry experience and reputation for delivering a consistent ROI was making it challenging to evaluate dozens of calls and call-recording minutes using its existing IT infrastructure.
Recognizing that existing speech analytics software and call review tools were part of the problem, Optio sought out a different solution.
How Prodigal Voice Revolutionized Industry-Leading Call compliance and Agent Productivity
Like many forward-leaning enterprises, Optio realized the answer to its problem was to harness the power of artificial intelligence.
The financial industry has already acknowledged the importance of AI in banking with theAccenture Banking Technology Vision reportrevealing that 80% of bankers believe AI can revolutionize both information-management and customer interaction within the banking industry. As more financial institutions incorporate artificial intelligence into various aspects of their operations, AI's business value in global banking is actually expected to reach a staggering $300 billion by 2030, according to2019 report from IHS Markit.
Optiorecognized that AI also has massive potential within the field of debt collection compliance and agent quality monitoring as artificial intelligence can reform the call review process. However, to maximize the benefits of this burgeoning technology, Optio had to find a solution that would efficiently process all agent calls, consistently examine a range of accents and dialects, transliterate them accurately, and flag compliance roadblocks and identify coaching moments.
After evaluating numerous speech analytics solutions, Optio saw promise inProdigalVoice courtesy of its out-of-the-box experience designed for the ARM industry.Prodigal's quality management features -- including integrated call transcripts, call recording, prioritized call lists and a streamlined call review workflow -- provided Optio with the most value. Additionally, Prodigal’s accuracy and accomplishment with a wide range of accents and dialects, along with its value off-the-shelf, stood apart.
Prodigal's speech-led collection AI platform has been an excellent investment for Optio Solutions. We are excited to work with them as they continue to build a visionary ARM-centric product.
Maximizing Debt Collection Performance With AI
Monitoring agent-customer interactions from hundreds of thousands of call-recording minutes is an extremely strenuous task but it is also the measure that is the most crucial to effective debt collection. With Prodigal's AI-driven speech analytics solutions and insights, Optio was able to evaluate 100% of calls to ensure industry-leading call compliance and highly efficient collection operation. And it was able to do so much more efficiently than ever before.
Optio achieved this impressive result by adopting Prodigal's AI speech analytics solution into its quality management flow to process 100% of its call recordings. Instead of going through every call and isolating a small sample to review, Optio’s QM leveraged team logs into Prodigal’s cloud-based software to review flagged calls for compliance issues and recognize agent coaching opportunities.
Phil Cooper, Director of Compliance for Optio, explained,
Prodigal Voice has made call reviews over 35% faster and saves our team hundreds of man-hours every month
After implementingProdigalVoice into its process, the QM team has been able to handle almost twice the amount of call reviews than in the past. The effects were most visible for important calls that lasted longer than six minutes where review times were reduced by almost half.
Progressive ARM institutions are increasingly realizing the boundless potential AI harbors for debt collection processes. AI's transformative potential within the debt collection industry is immense. It could well prove to be a boon for institutions trying to find non-interventionist ways of liaising with delinquent customers.
AI-powered solutions can bring such customers back to the mainstream while transforming how collections are handled, ultimately helping financial institutions to ensure collection compliance and create exponential value simultaneously.