THANK YOU FOR SUBSCRIBING
The Quintessential Technology Source for Corporate Financial Professionals
CFO Tech Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CFO Tech Outlook
Steven Dietz, PresidentTo address this issue, Southwest Recovery Services, a nationally recognized full-service collection agency headquartered in Dallas, helps to automate debt collection. The company specializes in recovering consumer debts, corporate debts, and court-ordered judgments, all at a local, national, and international scale. Southwest has extensive experience in working with medical service providers, apartment communities, and all types of credit lending organizations. The firm’s expert agents leverage AI and machine learning capabilities to deploy several proven, ethical strategies to enhance cash flow and financial predictability for clients, saving their time and resources. The company is committed to helping businesses of all sizes recover funds quickly while adhering to all regulations and laws. With an experience of over 30 years, Southwest tailors its collection systems to meet the clients’ unique needs. Acting as an extension to the client’s existing accounts receivable department, Southwest ensures that clients receive payments continually and consistently while reducing total bad debt.
After onboarding a new client, Southwest conducts an asset-liability investigation to understand all the new account assignments and determines reasons behind the non-payment of amounts past dues. The company’s AI-based database thereafter segregates the records and provides a personalized plan to collect the debt based on different customer categories, sentiment analysis, and credit reports.
“We are very professional and adhere to all industry regulations during the recovery process. We work with businesses and consumers to find a solution that works for all parties,” adds Steven Dietz, president of Southwest Recovery Services. And, as a contingency collection agency, Southwest only charges a percentage of the amount collected, which can be as low as five percent depending on the volume.
Acting as an extension to the client’s existing accounts receivable department, Southwest ensures that clients receive payments continually and consistently while reducing total bad debt
Southwest’s agents follow up with the credit defaulters through a relevant course of action such as periodic phone calls, friendly reminders, or a personal visit. Southwest also has a sophisticated decision-making engine that helps to suggest the next course of action for each account and also helps automate the same through different communication channels such as text messages, emails, and telephonic conversations.
To further elaborate the efficiency of Southwest, Dietz recalls working with a Fortune 500 company, which initially hired a typical collection agency with a bad reputation of using a heavy-handed approach while attempting to recover payments. Hence, the CEO was concerned about his company’s reputation as their customers were some of the most affluent people in the United States. After due diligence and negotiations, Southwest assured the CEO that they could avail its professional collection services and collect the funds without damaging their company’s reputation. Currently, Southwest’s team of experts manages over 5000 new defaulters’ per month for the same Fortune 500 company. “We take great pride in knowing that all those years of hard work of our team shine through this project,” says an enthusiastic Dietz.
Southwest consistently amplifies its capabilities to extend these services to businesses across the country. The company is currently experiencing growth in the industry while others are experiencing rapid declines, while proving the significance of its efficient recovery services in Dallas, Houston, San Antonio, Austin, Oklahoma, and Missouri.
| Share this Article: Tweet |
Company
Southwest Recovery Services
Management
Steven Dietz, President
Description
Southwest Recovery Services is a nationally recognized full-service collection agency headquartered in Dallas. The company specializes in recovering consumer debts, corporate debts, and court-ordered judgments, all at a local, national, and international scale. Southwest holds extensive experience in working with medical service providers, apartment communities, and all types of credit lending organizations. The firm’s expert agents leverage AI and machine learning capabilities to deploy several proven, ethical strategies to enhance cash flow and financial predictability for clients, saving their time and resources. Southwest Recovery Services is committed to help businesses of all sizes recover funds quickly while adhering to regulations and laws. Acting as an extension to the client’s existing accounts receivable department, Southwest ensures that clients receive payments continually and consistently without accumulating bad debts
NEW YORK, -- Skit.ai, the leading provider of conversational Voice AI solutions, announced that one of its clients, Southwest Recovery Services, has achieved a remarkable 10X return on its investment in Skit.ai's Voice AI technology for automated collections.
Southwest Recovery, a Texas-based financial services company with over two decades of experience in accounts receivable management, adopted Skit.ai's Voice AI solution in late 2023 to automate a portion of its inbound debt collection calls. The company strategically turned to Skit.ai to address its inability to handle all inbound traffic and answer calls outside business hours.
The decision to leverage Skit.ai's innovative technology proved to be a game-changer for the company. Within a few weeks after going live with the solution, Southwest Recovery reported a 10X ROI, a 50% right-party contact (RPC) rate, and a 10% promise-to-pay (PTP) rate. The outcomes have enabled the company to offer 24/7 assistance to its consumers and boost the agents' productivity.
The Voice AI solution successfully responded to consumers' inquiries and promptly transferred calls to the company's live agents whenever the consumers requested it.
"The results we've achieved so far with Skit.ai's Voice AI solution have been exceptional," said Steven Dietz, CEO at Southwest Recovery Services. "Skit.ai, perhaps one of the best Voice AI providers in the market, enabled us to automate both inbound and outbound collection calls. So far, we've automated over 400,000 outbound collection calls and achieved a 10X ROI on the inbound calls. We are collecting faster and more cost-effectively. We look forward to scaling our consumer interactions further with Skit.ai."
Designed specifically for the collections industry, Skit.ai's conversational Voice AI solution accelerates and streamlines debt recovery through end-to-end automation of both inbound and outbound consumer calls. The solution, powered by Generative AI, features on-call payment processing and negotiation capabilities; additionally, thanks to its 24/7 availability and its ability to handle complex conversations, it delivers a positive consumer experience (CX).
Sourabh Gupta, founder and CEO of Skit.ai, said: "The impressive 10X ROI we've witnessed with Southwest Recovery underscores the capabilities of our technology. We anticipate even more success as we continue to grow and expand our product offerings in the coming months."
Dozens of companies across the U.S., both large and small, have deployed Skit.ai's Voice AI solution to enhance and automate their debt recovery strategy.