Tricolor Holdings collected $4M in Payments within 12 months via Voice AI powered Automation

About Customer

Tricolor Holdings established in 2007 is a technology-driven financial services company specializing in providing credit to underserved Hispanic consumers in the United States. Through a vertically integrated model, the company offers affordable financing options for certified vehicles, aiming to enhance the quality of life for its clients. Tricolor operates its retail auto sales and lending platform to assist credit-invisible consumers in building credit histories. Headquartered in Dallas, Texas, Tricolor, along with its affiliate Ganas Auto Group, operates 55 retail centers across over 20 markets in Texas, California, Nevada, Arizona, and New Mexico.

Customer Objectives

• High Call Volume: The Loan Servicing team handles a large number of inbound and outbound calls related to payments and queries, leading to long wait times and operational inefficiencies.
• Manual Payment Collection: Agents manually process payments, increasing the risk of errors, delays, and security concerns
• Limited Agent Availability: Customer queries often go unanswered during peak hours or outside business hours, impacting customer satisfaction
• Integration Needs: The payment collection process requires secure and seamless API integration with existing payment gateways.
• Language Barriers: A significant portion of Tricolor’s customer base consists of Spanish-speaking individuals, necessitating bilingual support.

Our Solutions

Floatbot.AI successfully deployed Cloud-based Voicebot for Tricolor Holdings. This Voice AI based solution was integrated with their Payment Systems & Five9, supporting quick Payment Collection & Customer Support for General Queries.

• AI-Powered Calls for Payment Collection with User Authentication
  Floatbot’s Voicebot helps Customers with payment processing of due payments by enabling them to complete transactions via a secure API integration with Tricolor’s payment systems. Users are authenticated using Security Questions.
• 24/7 Self-Service Assistance for User Queries
  The Voicebot handles common inquiries such as payment due dates, loan balance, and account status without agent intervention. It provides instant assistance, reducing call wait times and improving service efficiency.
• Bilingual Support
  By supporting English & Spanish, Floatbot.AI caters to and ensures a better user experience for all customers.
• Live Agent Transfer
  If the Voice AI detects a complex issue, it will intelligently route the call to a live agent, ensuring a seamless customer experience.

Technical Challenges

• ASR Issues especially with respect to Spanish
• Continuous changes in Date of Birth & Number Format requirements from Client
• Initial API Failures resulting in Unsuccessful Payment

The Results