ChatGPT has taken the internet by storm as users have experienced the incredible power this AI has for many purposes. People are using it to offer AI-generated copywriting services, to write college papers, and even to build complex programs from head to toe, without knowing one bit about coding.
But how does it work? Is it really worth the hype? And can you leverage ChatGPT for Debt Collections?
Here is everything you need to know:
What is ChatGPT?
In plain English, ChatGPT is a chatbot powered by artificial intelligence (AI) that can converse with humans organically.
It was created by OpenAI, a startup dedicated to the development of breakthrough AI technology and applications, and uses natural language processing (NLP) models that allow it to understand the context of a conversation and calculate the statistically most relevant responses, keeping an intelligent and natural dialogue with users in real-time.
ChatGPT is able to have conversations in different languages, allowing people from all around the world to use the same AI system while chatting in their own language. It also uses Machine Learning to learn from previous interactions and improve its responses over time.
The truth about ChatGPT
What not many people know, is that ChatGPT is a fine-tuned-for-dialogue version of Open AI’s Generative Pre-trained Transformer 3 (GPT-3 for shorts).
GPT-3 has over 175 billion machine learning parameters and has been trained on a dataset composed of 45TB of text retrieved from sites like Wikipedia, Reddit, and other main sources of information all around the internet.
ChatGPT is a more friendly, conversation-optimized version of GPT-3 that lets users leverage its power to answer questions, help them with content ideation, content generation, design, and even coding, just by having a human-like conversation with an AI.
ChatGPT for Debt Collections: is it possible?
If you know your technology well, you might be thinking that there’s a remote possibility of using ChatGPT for debt collections, by taking its API, training it with your debt collection database, and creating the most advanced debt collection AI chatbot in existence, able to intelligently help your clients remove doubts and pay their debt with ease.
While by itself that’s fundamentally difficult to achieve, you’ll have one big problem first: as of today (Jan. 31, 2023) there’s no official ChatGPT API available.
As usual, many talented developers are going far and beyond to create unofficial API versions to take advantage of the attention ChatGPT is getting, but the safe bet still is to wait for the official release from Open AI.
Another idea would be to use GPT-3’s API instead, which has been around since November 18, 2021, but, while OpenAI announced the access to be unrestricted, they do not allow users to build chatbots on top of GPT-3 technology, and no one sees that happening any time soon.
So, how can you leverage GPT-3 for Debt Collections?
There’s still something that can be done with GPT-3 to enhance the Debt Collection process: automated outbound message generation.
At Resolve, we’ve developed a tool that automatically creates human-like, effective payment reminder message alternatives based on some basic input (debtor’s name, the amount they owe, the overdue date, and the tone of the message, among others).
Then, these messages integrate seamlessly into Resolve's Conversational AI platform, which intelligently sends reminders to debtors at the most likely time they will open them and starts collecting debt without the need for any other human intervention.
It’s time to step up your Debt Collections with Conversational AI
ChatGPT is the current pinnacle of a commerce trend that has been cooking up these past few years, called Conversational AI.
Believe it or not, chatbots have been around since 1966, but up until now, there wasn’t a version that was able to master the two most important factors a chatbot should be good at: having personalized, human-like conversations with users while, at the same time, being useful and truly making their lives easier.
The latest advancements in AI, Machine Learning, and Big Data gave birth to the concept of Conversational AI. First, as a way of separating themselves from the bad reputation the word “chatbot” had gained throughout the years, as a non-intelligent way of trying to automate interactions. Second, to describe the effort of developing powerful conversational bots that leveraged Artificial Intelligence to create spotless user experiences, in a time where conversations matter most.
Debt Collection is a great example of an industry where one-on-one interactions between companies and customers define the success or failure of an entire business. Conversational AI comes to play a central role in order to scale the interactions with your customers while keeping the quality of the dialogue high.
With Resolve, you can start leveraging GPT-3 and Conversational AI to improve your collection rate and grow your business today.
Discover how Resolve can increase your collections for a fraction of the cost of traditional methods by clicking here.