With the development of conversational AI for use in debt collection software, customer engagement technology for debt collection has advanced in leaps and bounds. Here we take a look at how conversational messaging compares with the more traditional dialer and email options.
→ Typically the cost per contact is 80% less with messaging than with voice.
→ For more, see: What Agent Performance Metrics Should you be Tracking?
| 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 With conversational AI Inbound initiated |
| Accessibility | 8:00a.m.-8:00p.m. Industry regulated |
Not immediate | Available 24/7 with 17% of conversations out of working hours |
Available 24/7 with 17% of conversations out of working hours |
If you need to improve your customer engagement, talk to us and we'll show you how AI and automation via digital messaging channels work.
You will love the Webio experience.
We promise.
