Insights and Inspiration

THOUGHT BOX

BNPL and Consumer Duty

Trust in BNPL, AI Performance and Consumer Duty Challenges

The hosts kickoff with updates from the financial PEVC All Things Funding Summit in London. They then cover Consumer Duty and the need for early warning systems, the closing gap in performance between OpenAI and other models, the growing significance of brand and trust in borrowing decisions in BNPL schemes, and the impact of AI on the contact center industry.

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Arum credit and finance podcast

Podcasters' Perspectives and Predictions

In this Arum podcast, Steve Coppard has a cross industry discussion with three podcasters – a financial wellbeing mentor, a CEO in the third sector and the founder of a conversational AI debt tech company. They discuss the themes that have emerged from their respective podcasts, what that says about the state of the nation, some practical steps that we can all take to make improvements, and their predictions for the year ahead.

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Citizens Advice Addressing Debt Through Digital Engagement

Addressing Financial Distress Through Digital Engagement and Collaborative Solutions

Alison Dunn, CEO of Citizens Advice Gateshead, discusses the structure and scope of Citizens Advice and the challenges they face in managing a wide range of services. Alison and the Webio hosts also look into the technology that can help when engaging with financially distressed people.

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Apple Finance Kit, credit card legislation and Monzo bank to USA

Consolidation, Technology, Disruption, Apple's Finance Kit and Credit Card Legislation

Webio's Paul Sweeney (CSO) and Cormac O'Neill (CEO) discuss the recent European NPL Conference and highlight three key themes: consolidation in the NPL market, regulation in the industry, and the importance of embracing technology.

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forbearance and fintech

Credit Recovery, Record Credit Card Complaints, AI in Finance, and the BNPL Phenomenon

Co-founders Paul Sweeney (CSO) and Cormac O'Neill (CEO) discuss the recent developments in consumer credit, credit card complaints, and debt awareness. They highlight concerns regarding inflation and borrowing for essential expenses, the record high credit card complaints, and the moves in AI for financial services.

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AI Ethics and AI adoption

Pathways to AI Excellence: Ethical, Strategic and Operational Insights

Chief Information Officer of Fenestra, Javier Campos, discusses with Paul Sweeney (Webio) and Dan Blagojevic (Optima) about the complexities of AI adoption, emphasising the necessity of maturity assessments, ethical considerations, governance, and the strategic use of data.

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forbearance and fintech

UK Economic Overview, Chatbots for Forbearance Strategies, Banking Growth and New Tech

Paul Sweeney looks deeper into the UK economy, FinTech and using messaging tools for forbearance and customer service, banking growth and emerging technologies and payment trends. Paul touches on the competitive landscape influenced by token technology, highlighting its strategic implications.

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insurance and BNPL

Insurance Companies' Duty of Care, Barclays & Tesco Bank Merger, Fintech and AI News

The hosts discuss concerns over brokers' commission practices and the FCA's actions on GAP insurance for fairness to customers. They also cover the Barclays and Tesco Bank merger, trends in Buy Now, Pay Later services, and the challenges of digital and data sovereignty, including AI's role in open banking. The hosts stress the importance of transparency and strategic foresight in financial services, amidst discussions on customer management and the future of digital technologies.

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debt collection numbers

The Job of GenAI, Deepfakes & Cheapfakes, and Mortgage Arrears and DDRs

In this episode, Paul Sweeney (CSO) and Cormac O'Neill (CEO) discuss rising mortgage arrears and financial strain, contrasting with early optimism. They cover Gartner's views on AI in customer service, the threat of deepfakes, and advocate for AI-human collaboration, stressing the balance between innovation and addressing consumer financial pressures.

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Conversational AI in Debt Collection

Fireside Chat: Conversational AI in Debt Collection in 2024

Following a highly engaging webinar on "Conversational AI in Debt Collection; What You Need to Know in 2024" that sparked many questions, the webinar hosts - Mark Opperman (Chief Revenue & Marketing Officer), Graham Bragg (Business Development Director) and Enzo Viscito (Business Development Director) - decided to record another session where they unpacked the queries in more detail.

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debt collection numbers

Debt by the Numbers, The Digital Divide and the Poverty Premium

Hosts, Paul Sweeney (CSO) and Cormac O'Neill (CEO), highlight the numbers around debt in various sectors, the premium paid by the low-income earners, industry trends and technological disruptions.  

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digital banking, Ai chatbots in customer service

Councils in Crisis, and a Leap Forward in Fintech, Digital Banking & AI Chatbots

Paul Sweeney (CSO) and Cormac O'Neill (CEO) look deeper into the rise in debt defaults, UK councils in crisis, fintech's leap forward and customer service industries, with a focus on AI, digital trends, and customer expectations. 

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AI in CPaaS

Deep Fakes are Easy to Make: Should we be Worried?

Explore deep fakes with Paul Sweeney (Webio CSO) and Adrian Weckler (Irish Independent): their rise in Ireland, advancing technology, personal experiments, and potential dangers.

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GenAI in Banking, X's Payment Capability, Revolut's US lawsuit

Challenges of GenAI in Banking, Latest on X, Revolut Lawsuit, and Economic Updates

Hosts Paul Sweeney (CSO) and Cormac O'Neill (CEO) unpack the latest economic trends, generative AI in banking and the latest in X's payment capabilities.

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Mortgage Trends, AI Regulations, and Poverty Drivers

December Reflections and Economic and AI Trends for 2024

Paul Sweeney (CSO) and Cormac O'Neill (CEO) reflect on their December breaks and look ahead to what lies ahead in 2024 in the economy and AI tech.

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AI Ethics and Finance

Navigating the Data Revolution: Insights from Experian's Head of Data Innovation

Marilena Karanika of Experian talks to Paul Sweeney (Webio) and Dan Blagojevic (Optima) all things data and the importance of leveraging data for better decision-making, particularly in the financial services sector. They also cover using data intelligently in the context of the cost of living crisis.

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automated debt collection software

Automated Debt Collection Software: A Double Whammy of Effectiveness and Efficiency in Customer Engagement

When we talk about the technology behind customer service, it's like opening a gift box of digital marvels and innovation. But there's a gem hidden amidst this treasure trove —the double-bonus of AI debt collection software that boost both effectiveness and efficiency.

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debt advice from Citizens Advice

Digital Channels: Door-Openers for Debt Advice Conversations

As Citizens Advice and similar organisations look to the future, the integration of digital technologies and AI presents both opportunities and challenges. The potential to enhance service delivery, reach more people in need, and operate more efficiently is considerable. Using digital channels to connect with people is an effective way to open conversations and move towards solutions to help free people from financial strife.

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debt collection software and ai debt collection

Why Digital Engagement is the New Debt Collection Strategy

The sentiment towards debt collection has changed and businesses are discovering why empathy in customer engagement is so important. The ongoing switch to digital engagement, and using AI in debt collection, is shaping debt collection, and companies need to find the right balance between traditional and digital channels, and keep on innovating.

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AI for business

AI for Businesses – Adoption Challenges, Ethics and Data

What is the role of AI in business transformation and how do you overcome adoption barriers? We take a look at the importance of synthetic data, ethical considerations, strategic planning and the potential of AI to enhance financial inclusion along with insights from AI and digital transformation experts.

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conversational AI for customer service

Conversational AI for Successful Debt Collection

From low response rates to ignored emails, contact centres can get frustrated by processes that are both expensive and labour-intensive. But now, teams using conversational messaging and AI chatbots for debt collection are boosting customer engagement at a scale never experienced before.

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Customer Engagement Software

Why Customer Engagement Software Works for Debt Collection

It can be challenging to connect with customers, especially if you work in credit and collections. But over the past few years we have seen a sea change. Customers who do not want to be contacted are more likely to respond if they don't have to have a voice-to-voice conversation with a debt collections agent. So, what has changed?

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conversational AI messaging for debt collection

Conversational AI: The Missing Link for Self-Service Portals

Conversational AI provides a unique solution that delivers customer intimacy and operational efficiency all rolled into one, making it perfect for customer engagement.

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Data Security and Privacy in AI-Driven Debt Collection Software

Safeguarding Data in AI-Driven Debt Collection Software

When using conversational AI for debt collection, data security and compliance is a core concern. There are best practise strategies for protecting sensitive information and for adhering to regulations, while building trust between businesses and their customers through responsible data handling.

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SMS Debt Collections

Using SMS for Debt Collection - Conversational AI is Making all the Difference

As the go-to for everyday communications, SMS and other messaging apps have seen off the chart growth. While text messaging is successful in all areas of customer engagement, it is showing stellar results in credit and collections where reaching out to customers via messaging is more powerful than solely relying on phone calls and agents to chase customers.

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multichannel messaging

Debt Collection Made Easy with Multichannel Messaging

Debt collectors know all too well how their debtors ignore phone calls and toss letters away, and even if they manage to contact customers, they often don’t get their payment. There must be a better way to connect with customers that keeps both you and them smiling. It’s conversational customer engagement via multichannel messaging.

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Call Centre Software for Customer Engagement

Call Centre Software for Customer Engagement

Discover how call centre software is changing customer service and engagement. This innovative technology integrates AI, automation, and personalised communication that sparks a leap forward in customer relations, offering smarter, faster, and more effective solutions.

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AI for contact centres

AI Powered Debt Collection for Superior Customer Engagement

Conversational AI and automation have undeniably changed the way businesses engage with their customers, bringing huge gains in efficiency, cost-savings and customer satisfaction. Let's have a look at how this tech works. 

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AI user interface in contact centres

Why Contact Centre Agents Welcome AI and Automation

The job of a contact centre agent is both demanding and indispensable in customer engagement. In an environment where empathy and performance are equally important, they work under great stress. But agents working with conversational AI chatbots find their role less daunting and more productive.

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AI user experience and interface design

User Experience with AI is Determined by the UI Design: A Chat with Webio’s Product Design Team

We recently spoke with Ratomir Jovanovic (Head of Product Operations) and Jason Nelligan (Software Engineer), about Webio's latest UI revamp, which revealed a thoughtful blend of innovation, user-centric design, and forward-thinking features.

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AI chatbots in call center

Using AI in Call Centres for Debt Collection: Why Businesses Welcome It

We are now living in a digital world and adopting a digital approach to debt collection and customer engagement is fast becoming the norm. Contact centres are now quickly evolving towards digitalisation, automation and AI.

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debt collection automation and AI

Automation and AI in Debt Collection: Understanding the Difference and Their Impact on Customer Conversations

Understand the distinction between Automation and AI in debt collection and their roles in enhancing customer interactions. AI advancements are also influencing the function of human agents, with a focus on AI as a co-pilot.

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How WhatsApp and SMS Complement Each Other in Digital Debt Collection

How WhatsApp is Surpassing SMS Engagement in Debt Collection

The decision between leveraging WhatsApp and SMS is pivotal. WhatsApp can profoundly impact the effectiveness and efficiency of collections campaigns.This webinar will highlight the untapped potential of newer digital channels. It will help you redefine your approach and achieve greater efficiency and effectiveness in your customer engagement and collections process.

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Top Artificial Intelligence Statistics and Facts for 2024

By 2025, the market value of AI will be $60B. AI capabilities are expanding the possibilities for how businesses approach real-time engagement with their customers, manage their operations and ensure business continuity. As technology advances, companies are finding new ways to innovate and expand. Here are some top AI statistics to help you understand AI usage in 2024 – and beyond

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AI Shouldn’t Compete With Workers—It Should Supercharge Them

Clive Thompson for WIRED, exploring Erik Brynjolfsson's argument that the Turing Test and copying humans was the wrong goal, it should have been about..

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AI and ML in Debt Recovery Processes

Financial institutions use artificial intelligence (AI) and machine learning (ML) models to reshape debt recovery. You might find it challenging to believe AI and ML models could reshape the financial industry. Some people thought the same thing about the internet. Many creditors are already adopting these technologies, so it’s only a matter of time before they permanently transform ordinary debt recovery processes.

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How Conversational AI in Debt Collection is Working Today

How Conversational AI in Debt Collection is Working Today

A practical look at AI and Automation in day-to-day debt collection operations. The reality and the results both for the business and agents.

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Conversational AI in Debt Collection What You Need to Know in 2024

Conversational AI in Debt Collection; What You Need to Know in 2024

2023 marked a pivotal year in the evolution of AI, with ChatGPT emerging as a ground breaking example, reshaping our perceptions and applications of AI in everyday life. It rapidly moved into the mainstream with many businesses looking to seize the opportunity to benefit from all AI had to offer, especially in the area of customer engagement. And debt collection is no exception.

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How WhatsApp and SMS Complement Each Other in Digital Debt Collection

How WhatsApp and SMS Complement Each Other in Digital Debt Collection

Whether you are part of an experienced collections team, looking for innovative approaches or a new to digital engagement, this webinar will arm you with practical knowledge and tools to leverage WhatsApp and SMS in your collection's strategy. As the effectiveness of traditional debt collection approaches falls behind those of digital channels, and as digital continues to deliver better conversation outcomes and operational efficiencies, focusing on one channel over the other can result in missed opportunities. 

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Automation and AI in Debt Collection: What's the Difference?

There is a needs to understand exactly how businesses can harness automation and AI effectively: when should automation be used, when should AI be brought into the mix, and what should be the balance between the two? In this 45-minute, webinar we will bridge that gap, offering clear insight into the individual and combined powers of automation and AI in managing debt collection customer conversations. 

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Custom Language Model for Credit and Collections

Why Webio Built a Custom Language Model for Credit and Collections

Large language models are brilliant at powering generative AI, but they are not accurate or secure enough for many enterprise use cases, such as in finance matters. That's when you need custom language models. Webio has built a language model fine-tuned specifically for the credit and collections industry.

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AI in contact centres

AI Improves Customer Experience and Contact Centre Efficiency

Customers and employees can benefit from the use of AI in contact centres. Businesses can use AI to provide customer self-service options and help make agents more productive.

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Vulnerability: How AI is Driving Better Customer Outcomes in Debt Collection Conversations

Identifying and managing vulnerable customers, especially in the age of Consumer Duty, is a priority.  But can this technology be used in Collections and help with Vulnerability?   The answer is yes, it's happening already.  

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conversational AI and AI chatbots

Conversational AI Should Aim to Feel More Human

In AI, the key isn't just replicating human features but understanding how human interactions work and the future lies in the nuanced, natural interactions where technology enables a genuine and empathic connection.

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AI in debt collection and contact centres

How AI is Changing Debt Collection and Vulnerability

Mark Oppermann, Chief Revenue & Marketing Officer at Webio, gave a presentation at the Collections & Vulnerability summit in Manchester about AI in collections and how it helps with customer engagement and vulnerability detection.

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How Conversational AI is Transforming Contact Centres

How Conversational AI Works for Debt Collection

Conversational AI for debt collection in contact centres explained in three minutes! Watch this video to see conversational AI, intent comprehension and vulnerability recognition in action.

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Can AI Really Understand and Respond to Human Emotions in Debt Collection Conversations?

Upcoming Webinar: 'Can AI Really Understand and Respond to Human Emotions in Debt Collection Conversations?’ The answer is yes. AI is enabling customers to be dealt with empathetically through automation or blended agent engagement, ensuring vulnerable customers experience the right level of care in an efficient way. In 45 minutes, we will delve deeper into how Webio’s AI is being used today in to understand customers and manage conversations based on their specific circumstances.

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How Conversational AI is Transforming Contact Centres

How Conversational AI is Transforming Contact Centres

In his opening address at the UKCCC, Webio CEO, Cormac O'Neill, expounded on how AI is transforming the way contact centres work.

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