What is Conversational Customer Engagement?Customers can ask questions and then receive answers in real-time, and likewise, the organisation can pose questions to the customers.
Why does conversational customer engagement work for the credit and debt collections industry?
Well, it makes financial sense to engage customers using conversational messaging. When using this approach, you see better response rates and increased collection rates. Furthermore, operational costs are lowered and agents work more effectively. Since messages can be sent and managed at scale, each agent can handle multiple messages at once.
At its heart, conversational engagement is customer-centric. It is convenient, intuitive to use and allows for easy self-service options.
In general, vulnerable customers prefer talking to chatbots regarding debt collection. If the bot is well-designed, it can communicate on a personal level with high levels of understanding and authenticity.
Nowadays, people – especially the younger generations - prefer not to talk on the phone about their debt and are therefore more willing to interact via text messaging. They feel more at home on the messaging apps where they spend most of their time communicating.
Conversational AI technology has advanced to a place where bots can recognise a customer’s intent and sentiment, which will in turn determine the route the conversation goes down. This is especially powerful for vulnerable customers who need an empathetic ‘ear’. Natural Language Processing and Machine Learning keep the bot on a path of continual learning.
With AI automation, an organisation can achieve 70%-plus automation of all interactions. Only for the most complex issues will a person need to talk to a live agent.
API integration further boosts automation effectiveness by drawing in live data and connecting with third-party solutions.
Here are: The Six New Rules of Conversational Customer Engagement for Debt Collection
