In the world of microfinance, speed is the key to profit. The faster a company processes applications and reminds clients about payments, the higher its stockholder database income. But what to do if the operator staff cannot cope, and the costs of the call center are growing? This is where voice technology comes to the rescue . Let’s look at how customer support in foreign languages automated calls help MFIs work more efficiently, reduce costs and increase customer loyalty.
Why call centers are slowing down the growth of microfinance organizations
Loads that grow like an avalanche
Microfinance organizations constantly encounter several types of calls: bosnia and herzegovina businesses directory
- Initial loan applications. The client wants to know the terms, terms, interest rates.
- Payment reminders : to avoid delays in payment.
- Dealing with overdue payments : It is important to contact the debtor in time and offer a solution before the problem gets worse.
- Repeat sales : Offer customers new products or limit increases if they have a positive credit history.
When there are tens of thousands of such requests per month, call center operators are overloaded. Dialing numbers, repeating the same scripts, waiting for the client to answer or hang up… Even with an excellent call center organization, people get tired, make mistakes, and potential leads are missed.
The human factor and its consequences
- Data errors : The operator may misheard the last name, amount or date of the payment.
- Emotional fatigue : by constantly repeating the same phrase, the employee loses enthusiasm, and this is reflected in the tone of the conversation and the client’s feelings.
- High staff turnover : monotonous work leads to operators often quitting, which means constant adaptation of newcomers, training, and supervision are needed.
Risk of losing customers
In MFOs, every minute counts: a person who decides to apply for a loan will most likely contact the first company that promptly gives a clear answer or convenient conditions. If the manager calls back only after a day (or even after a few hours), the client will most likely go to competitors.
Bottom line: a call center based solely on the work of operators becomes a “small place” for scaling a business. Salaries, taxes, organization of workplaces – all these costs are growing, and efficiency cannot always be maintained at the proper level.
Approximate calculation:
| Indicator | Without auto-dialing (10 operators) | With automatic dialing (3 operators + robot) |
|---|---|---|
| Number of operators, people | 10 | 3 |
| Payroll (salaries + taxes), RUB/month | 600,000 | 180,000 |
| Cost of automatic dialing (per minute payment) | 0 | ~100,000 (depends on the number of calls) |
| Total costs (call center + robot) | 600,000 | 280,000 |
| Saving | – | 320,000 |
This is just a simplified diagram, but it clearly shows that the benefit can amount to hundreds of thousands of rubles per month , and in large MFIs the count is already in the millions.
Legal aspects: what is important to consider when making calls
Compliance with the law on personal data
Client data (full name, phone numbers, loan amount) is personal information, and its use must comply with the requirements of the Federal Law “On Personal Data” (No. 152-FZ). The client must agree to the processing of their data, including the possibility of calling by automated systems.
We recommend :
- Include relevant clauses in the loan agreement or offer on the website.
- Inform the client that some of the communication may be conducted by a robot.
Law on agency activities and collection work
Although officially MFIs do not always fall under the law on collectors, when working with overdue debts, you need to remember the limits on the number of contacts with the debtor, the ban on threats, etc. The robot must be configured so as not to violate these restrictions.
For example :
- Do not call the client more than a certain number of times a day or week.
- Avoid using phrases that could be construed as intimidating.
- Please indicate the exact name of the organization, not “unknown caller”.
Regulations of the Central Bank Autodialing in MFIs
MFIs in Russia are regulated by the Autodialing in MFIs Central Bank, which sets standards and requirements for interaction with borrowers, including informing about debts. The robot must perform all necessary formalities (introduce itself, indicate the essence of the call, and not mislead).
Important :
- The dialogue script must contain correct wording indicating the status of the microfinance organization and the purpose of the conversation.
- Respect the client’s personal space: do not call at odd hours if this contradicts internal rules or the client’s wishes.
What are the risks if you do not implement automatic dialing?
Losing momentum in the competitive struggle
While your operator is looking for the necessary questionnaire and trying to call the client, the competitor may have already completed the deal. If the competitor has a voice robot, it will call the client back in a matter of minutes, without missing the “hot” interest.
Growing debts
Without timely reminders and “soft” contact with debtors, the level of delinquencies increases. Clients miss payment dates and forget about debt obligations. As a result, more time and money will have to be spent on the tough collection stage or judicial collection.
Excessive costs of manual call centers
Maintaining a large staff means payroll, taxes, equipping workplaces, training and staff turnover. At the same time, it is not a fact that all operators work with the required efficiency.
Low level of service
Let’s not forget about customer experience: the slowness of an operator who starts calling the list every morning is not always comparable to the instant response of a robot. And speed in microfinance is the key to customer satisfaction.
What tasks are solved besides saving?
Increasing customer loyalty Autodialing in MFIs
When a client receives a payment reminder on time and avoids fines, he remains more loyal to the MFI. The robot “doesn’t forget” to call, does not give the client a chance to get into “deep delinquency”.
Improving reputation
In the MFI sector, it is important not to appear as aggressive debt collectors. The robot can speak politely, with restraint, and follow a script that does not contain threats. This reduces the risk of conflicts and complaints.
Rapid adaptation to changes
If the loan terms change or a new promotion appears (“Reduced rate for repeat loans”), just update the script in the voice bot – and the next day your base will receive the necessary information.
What will be the future of voice technologies in MFIs?
Artificial Intelligence and Emotions
Modern voice bots can already recognize not only words, but also intonations and emotional coloring of speech. This will allow systems to “read” the client’s mood: if he is irritated, the robot can switch him to an operator or apply a calmer script.
Omnichannel
The robot will not be limited to voice only: it will probably be able to simultaneously send the client a link in an SMS or an e-mail message. If the person does not pick up the phone, the system will try another channel. This increases the chance of reaching the client.
Integration with credit scoring systems
Perhaps in the future, when talking to a client, the robot will check his scoring score on the fly and adjust the dialogue. For example, if the risk of non-return is high, offer tougher conditions or refusal, and if it is low, give a discount on the rate.
Full-fledged assistants in mobile applications
Today, many MFIs have their own applications. Imagine that a client can start a conversation with a virtual voice assistant with one touch, which will analyze his profile, select a loan and immediately draw up an agreement. All without human participation.
Autodialing in MFIs Results
- Speed . Autodialer never sleeps or rests, ready to instantly contact any number of clients.
- Savings . The number of operators can be reduced several times, leaving only “expert” conversations for people.
- Reducing delinquencies . Regular reminders and “soft” interaction with debtors provide a high percentage of loan repayment.
- Increased loyalty . Fast service, unobtrusive but timely notification – all this strengthens trust in the MFI.
- Flexibility . Any changes in the loan conditions or special promotions are implemented in a couple of minutes by rewriting the robot script.
Autodialing in MFIs If earlier autodialing seemed something futuristic and expensive, today it has become available even to small MFIs. The only question is whether you are ready to master new technologies before your competitors, who are probably also trying to make life easier for their call centers and clients.
Conclusion : Voice robots in microfinance are an effective way to stay afloat in the fight for clients and improve key business indicators. By securing the process with automated calls, you not only save money, but also create a more comfortable environment for your borrowers.
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