A look at the technologies used in debt collection to engage customers
With the development of conversational AI, debt collection technology has advanced in leaps and bounds. Here we take a look at how conversational messaging and WebChat compare with the more traditional dialer and email options.
Typically:
Digital messaging outperforms dialers by four times
Outbound contact rates are 70% higher with messaging than phone calls
The cost per contact is 80% less with messaging than with voice.
(See: Conversational AI in Debt Collection Outperforms the Dialer)
| Dialers | Conversational AI (WhatsApp, SMS, etc.) |
WebChat | ||
|---|---|---|---|---|
| Open Rate | Industry average 45% connection rate |
20% | 98% | 98% Inbound only |
| Response/ Engagement Rate | Industry avg. 12.5% right party connect rate |
6% Many emails go unread |
Avg. 22% across industries |
65% Inbound only |
| Undelivered e.g. spam folder |
N/A | 53% | 2% Recipient blocking sender |
N/A Inbound only |
| API Integration | Limited Data handled by agents |
No real-time integration | Advanced real-time 3rd-party integration |
Advanced real-time 3rd-party integration |
| Payment (full/partial) for Accounts 30 Days+ |
48% | 58% | 78% | Yes |
| Level of Automation, AI, Natural Language Processing (NLP) & Machine Learning (ML) |
Automatic dialing, recorded messages and IVR |
Automated sequences No AI conversations |
75% automation possible Advanced NLP and ML |
75% automation possible Advanced NLP and ML |
| Agent Capacity | One call at a time | Reply one at a time; Can send in bulk |
16 conversations at a time (asynchronous) |
2-3 conversations simultaneously is norm |
| Personalisation | Yes, with an agent | Yes | Yes Real-time data integration |
Yes Real-time data integration |
| Rich Media & Attachments | No | Yes | Yes | Yes |
| Self-Service | No | No | Yes | Yes |
| Customer Experience | Intrusive, awkward, good for complex issues |
Delayed response, limited functionality |
Empathetic tone, easy to use, immediate responses |
Convenient, not intrusive, limited conversations |
| Communicate at Scale | No | Yes | Yes | No |
| Conversational Ability | Yes Outbound |
Limited Delayed |
Yes Inbound & outbound |
Yes Limited AI & inbound initiated |
| Accessibility | 8:00a.m.-8:00p.m. Industry regulated |
Not immediate | Available 24/7 with 22% of conversations out of working hours |
Available 24/7 with 22% of conversations out of working hours |
If you need advice on how to improve your customer engagement talk to us. You will love the Webio experience. We promise.
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