Original text here from Patrice Bernard (LinkedIn)
A year ago, Gartner discussed the emergence of the robot client, referring to an agent capable of managing consumer disputes with their providers. With Cambio, this concept now extends into the financial sector, aiming to assist indebted individuals to overcome their financial struggles.
The mission Cambio has set for itself, though not straightforward to execute, is simple in essence: to devise a strategy for those whose past excesses jeopardize their future plans, particularly when faced with a low credit score, to start afresh on solid ground. Specifically, it offers to guide those facing collection proceedings through the entire process of defining and implementing a plan to return to financial health.
Utilizing artificial intelligence at every level, the solution—which naturally comes in the form of a mobile app—starts by understanding the user's context, budget, and commitments to develop a feasible and coherent repayment schedule, all within a broader framework aimed at enhancing their financial health. Following this, an automated phone robot negotiates on behalf of the user with creditors to get them to agree to the proposed resolution.
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An interesting detail of the implementation is that this module actually consists of three separate AIs, apparently to avoid pitfalls (after some initial hiccups). The first, a generative AI, handles the actual communication, while a second monitors the conversation to identify any need for escalation to a human agent. The third AI analyzes calls to ensure quality control.
The system offers multiple benefits. Besides the ease with which individuals can address their financial liabilities, Cambio proactively manages the process, notably by initiating contact before collection agencies become involved. This approach has the dual advantage of reducing the risk of snowballing debt and more swiftly freeing debtors from both the mental burden and financial impediment. In 70% of cases, the chatbot's intervention has improved the client's credit rating in less than 60 days.
Cambio's innovation represents an excellent approach to financial well-being, offering a personalized 360° perspective that includes analyzing the initial situation, organizing an improvement journey, and providing close support... even in dealings with third parties. This principle could well be applied to other use cases beyond the specific circumstances of debt (for example, in seeking a mortgage for a home purchase?).
