Our journey started when we identified that the process of assessing affordability for customers in debt was broken and causes significant damage to people’s lives, their mental health, their relationships and their life prospects. Problem debt is a growing ‘societal disease,’ with 2.5 million people having considered committing suicide due to their debts during the pandemic. Growing chat-bot usage to tackle this problem is causing customers frustration, as the outcomes and support they obtain from this is inconsistent.
Inicio AI has built a next gen conversational AI driven affordability tool that helps customers in debt complete an Income & Expenditure (I&E) assessment.
We use next generation conversational AI to guide a user through the I&E form when and how it suits them. More customers are able to complete this usually tricky process as they get the support they need from a virtual assistant which avoids the shame they experience when explaining their situation to another human. Our solution ensures higher quality data, preventing errors and fraud and can reduce agent costs by up to 90%, so it is also commercially viable.