The average cost to handle a customer service call is between $5 and $12.

Running a lending company isn’t easy. Balancing the need to keep operational costs low while maintaining top-notch customer service is a constant challenge. Managing a large customer support team can quickly strain your budget, with expenses like staffing, training, and infrastructure piling up.

This financial pressure is something many in the lending industry know all too well. But what if there was a way to reduce these costs without compromising on service quality?

This is where AI voice agent comes in! A game-changer in the world of customer support.

The Impact of Financial Strain of Traditional Customer Service

If you've been managing a traditional customer service model, you know just how expensive it can be. In lending, customers often require personalized assistance, which means you need a well-trained team ready to help at all times. But this level of service comes with significant costs.

• Staffing Costs: Maintaining a large customer service team involves a significant investment in salaries, benefits, and ongoing training. According to the International Customer Management Institute (ICMI), the average cost to handle a customer service call is between $5 and $12. If you’re managing a high-volume call center, those numbers can add up quickly.

• Infrastructure Costs: The costs don't stop at staffing. There’s also the expense of maintaining the infrastructure to support your team—office space, technology, utilities, and more. A report by Deloitte highlighted that operational inefficiencies in customer service can push costs up by 20%.

• Impact on Profitability: With all these expenses, it’s no surprise that high operational costs can take a bite out of your company’s profitability. For lending companies, which often operate on thin margins, finding ways to reduce these costs is crucial for staying competitive and ensuring long-term sustainability.

How AI Voice Agents Can Help You Save Money

AI voice agents offer a cost-effective alternative to the traditional customer service model, automating routine tasks and freeing up your human agents to focus on more complex issues. Here's how they work:

1. Automation of Routine Tasks: AI voice agents are equipped to handle various customer inquiries, from answering FAQs to processing payments. Intelekt AI’s voice agents also offer multilingual capabilities, breaking language barriers, including support for regional Indian languages. This automation not only ensures consistent service but also significantly reduces operational costs by minimizing the need for large customer support teams.

2. 24/7 Availability: Unlike human agents, AI voice agents are available around the clock, providing continuous support without requiring overtime pay or shift differentials. Intelekt AI’s platform guarantees round-the-clock service, enhancing customer satisfaction and cutting down on labor costs.

3. Scalability: As your lending company grows, so do the demands on your customer service team. Scaling a traditional support team can be costly and time-consuming. In contrast, AI voice agents, powered by Intelekt AI, can effortlessly handle higher volumes of inquiries without additional human resources. Their scalability ensures your operations can grow without increasing costs.

4. Rapid Learning from Enterprise Data: AI voice agents on Intelekt AI’s platform quickly learn from your enterprise data, understanding specific industry terminology and company-specific language, ensuring personalized and effective customer interactions. This feature helps maintain a high standard of service while keeping costs in check.

5. Cost Efficiency: Intelekt AI’s platform is designed with cost efficiency in mind, enabling companies to reduce operational costs by automating routine calls and optimizing resources. By leveraging AI voice agents, lending companies can maintain high-quality service while significantly lowering their overall expenses.

Case Study: How a Regional Credit Union Benefited from AI Voice Agents

Let’s look at a real-world example. A regional credit union was struggling with rising operational costs due to the need to expand its customer service team as its membership grew. They needed a solution to provide high-quality support without breaking the bank.

Implementation of AI Voice Agents

The credit union decided to implement AI voice agents to manage routine customer inquiries and transactions. These agents were integrated into their existing customer service platform, where they took over tasks like answering account balance inquiries, processing loan applications, and providing information on interest rates.

Results

The results were impressive. Within the first year, the credit union reduced its annual customer service budget by 20%. These savings came primarily from needing fewer human agents to handle routine tasks. The credit union was able to reinvest the savings into other areas, like product development and member services, making them even more competitive in the market.

Conclusion

It’s clear that AI voice agents offer significant financial benefits for lending companies. By automating routine tasks and providing scalable, 24/7 support, these agents can dramatically reduce operational costs while maintaining, or even improving, customer service quality.

If you’re feeling the financial pressure of running a lending company, it might be time to consider investing in AI technology. Not only can it help you operate more efficiently, but it can also position your company for long-term success in an increasingly competitive market.

Experience the future with Intelekt AI’s voice agents, and watch your costs go down while your customer satisfaction goes up.