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Experience the Power of Symphony AI: On-Demand Demo

Introduction
Symphony AI: A Fully Digital AI-Driven Collection System
Omni-Channel Campaign Management
Virtual Collector
Mobile-First Payment Portal
Machine Learning and Behavioral Data
Negotiation Tasks
Mobile-First Customer Portal
Facebook Messenger and Web Page Integration
Conclusion

Symphony AI: A Fully Digital AI-Driven Collection System

At Carbat, we provide the best-of-class collection software in SAS format on a subscription basis. My name is Iye Zhang, and I'm the Chief Product Officer at Karbat. Today, I will be demoing our newest innovation called Symphony AI, a fully digital AI-driven collection system. Symphony contains four major parts, mirroring the four major functionalities of a digital contact center. The first part is omni-channel or multiple channel campaign management. The Second part is two-way natural language enabled virtual collectors. The third part is a mobile-first payment portal working HAND-in-hand with the virtual connector. The fourth part is the reporting and dashboard system, highlighting the progress of your collection operation. Today, we will focus on the first three parts: omni-channel management, virtual connector, and payment portal.

Omni-Channel Campaign Management

Let's take a look at omni-channel campaign management. Let's open the decision tree manager. Here, You can see a list of 15 digital communication strategies. These are what we call atomic strategies, in that each strategy focuses on one week of atomic communication actions either on SMS or email. These atomic strategies are created by Carbat operation managers who have deep connection experience. While creating them, we make sure that we follow a configurable set of communication parameters, such as channel consent frequency and timing. Our system comes with a set of predefined parameters Based on our best understanding of TCPA, FDCPA, and Reg F, and these parameters are configurable by you based on your own legal interpretations. All machine-generated strategies are combinations of atomic strategies pre-created by human beings with compliance constraints.

Here, I'm showing you an internal system for us to test our strategy picker for Jack. You can see his profile from here. If I click this button, our machine learning system will run the model based on Jack's persona and recommend an atomic strategy. In this case, it's strategy number two with a score of 89. So, this week, strategy 2 will be used when communicating with Jack. We run this model on a weekly basis, so next week, the machine learning system may recommend a different atomic strategy.

Virtual Collector

The second part of Symphony is a virtual collector. Virtual connectors take the form of chatbots engaging customers with two-way communications via multiple digital channels. These chatbots have been trained using behavioral data following different chat scripts developed by Chicago operation managers. Here, you can see that the customer has responded to our SMS company message, and the chatbot has responded. I will confirm, and then the system spells out the details of my date and asks me to either ask for more information or use text to pay using an existing checking account or pay online. So, here, I will try to ask for more information.

Now, the system responded that I do have a credit card that is due and repeatedly offers options for me. I can either pay back text, or I can pay online. So, let's try pay by text. Please enter the amount of your payment. I will enter 300. So, you will pay 300 from your checking account replies to confirm, and that is initiative.

Suppose I already confirmed my identity as a borrower, and this system tells me that I owe 813 dollars and asked me to either pay or give me more Detail, but I know that I have this debt and I don't have enough money. So, I would just Type in I don't have any money, and the virtual collector proceeds and offers me an 85% settlement. In this case, this 85% is based on the lender's credit policy, and it will adjust the balance to 691. If I refuse this offer, please note that the lender's credit policy may allow the offer to go a couple more times, like offer a 70% discount program. But in this case, for this specific lender, it asks me how much do I want to pay if I do 200, and then the virtual collector will take this amount and offer me an opportunity to pay by text or pay online. This is a roughly negotiation process.

Mobile-First Payment Portal

Let's take a look at the third part of Symphony, our mobile-first customer portal. Following this example, I would like to ask to pay online. As you can see, the virtual connector responds with a URL so that I can click. Clicking this URL opens a mobile-first customer portal, and the only function right now for this customer portal is to accept the payment. I hit Continue, and I can type in however how much I want to pay, and I click continue.

Please note that this customer portal supports PayPal, supports Apple Pay, supports checking account, the credit and debit card, as long as the connector or the lender has the merchant account with these payment providers. I can pick any account, and then I can make the payment. You can see that this payment portal follows the simplicity UX design principle to reduce payment fraction to the minimum level. Especially please note that there is no login required when the customer clicks the link. This is because the customer portal link contains a customer-specific token, which is a randomly generated unique ID that can be temporarily used for login purpose by clicking this link within a pre-configured time period. There is no login required. This is to further reduce the payment deflection.

We do understand that based on different interpretations of security and compliance rules, some connectors or lenders may actually require a login process for customers due to security and compliance concerns. In that case, we can offer this same customer portal with predefined login tokens.

Machine Learning and Behavioral Data

Over the decade, Karbat has accumulated millions of behavioral data points for collections. We use these data points to train the model with the goal of maximizing the positive response rate. Experiments have shown that using Symphony, we can effectively leave the customer response rate.

Negotiation Tasks

Symphony's virtual connectors also work in Facebook Messenger or inside any web page. Here is an example of Facebook Messenger, and here is a web page. All these channels utilize this same powerful NLP conversational interface and the same AI and machine learning backend. We keep investing heavily to standardize it as a turnkey service.

Mobile-First Customer Portal

Following this example, I would like to ask to pay online. As you can see, the virtual connector responds with a URL so that I can click. Clicking this URL opens a mobile-first customer portal, and the only function right now for this customer portal is to accept the payment. I hit continue, and I can type in however how much I want to pay, and I click continue.

Facebook Messenger and Web Page Integration

Conclusion

In conclusion, Symphony AI is a fully digital AI-driven collection system that provides omni-channel campaign management, virtual collectors, and a mobile-first payment portal. Our system is powered by machine learning and behavioral data, and we keep investing heavily to standardize it as a turnkey service. With Symphony AI, you can effectively leave the customer response rate and improve your collection operation.

Highlights

Symphony AI is a fully digital AI-driven collection system that provides omni-channel campaign management, virtual collectors, and a mobile-first payment portal.
Our system is powered by machine learning and behavioral data, and we keep investing heavily to standardize it as a turnkey service.
Symphony's virtual connectors work in Facebook Messenger or inside any web page, utilizing the same powerful NLP conversational interface and the same AI and machine learning backend.
The mobile-first customer portal supports PayPal, Apple Pay, checking account, credit and debit card, and requires no login for the customer.
Symphony AI can effectively leave the customer response rate and improve your collection operation.

FAQ

Q: What is Symphony AI? A: Symphony AI is a fully digital AI-driven collection system that provides omni-channel campaign management, virtual collectors, and a mobile-first payment portal.

Q: How does Symphony AI work? A: Symphony AI is powered by machine learning and behavioral data. It utilizes a powerful NLP conversational interface and the same AI and machine learning backend to work in Facebook Messenger or inside any web page.

Q: What is the mobile-first customer portal? A: The mobile-first customer portal is a payment portal that supports PayPal, Apple Pay, checking account, credit and debit card, and requires no login for the customer.

Q: Can Symphony AI improve my collection operation? A: Yes, Symphony AI can effectively leave the customer response rate and improve your collection operation.

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