What is a Debt Collection Platform?

A debt collection platform is an all-encompassing, integrated software solution that automates the debt collection process. 

The debt collections industry is moving on from phone calls and letters to the more effective multichannel digital approach using conversational text messaging, such as SMS, WhatsApp, Viber and Web Chat. 

Blended Approach: Conversational AI and Live Agents 

This shift is made possible by the development of conversational AI used in debt collection technology, for example, AI chatbots and virtual digital assistants. It also enables conversational messaging at scale since it is asynchronous so each agent can handle many conversations at the same time. 

Once the AI chatbot has dealt with the straightforward, mundane conversations (ID&V, I&E, simple queries, etc.), customers may be routed to a live agent for a more complex task.  

Self-Service 

Since debt collection platforms are cloud-based, integrated and fully digital, customers can do many actions themselves without needing to go through an agent, for example, checking their account balance. 

Integration 

In order to have a complete debt collection and payments platform, API integration is used to access customer data to inform the customer conversations in real-time. 

Intent Recognition 

AI and machine learning are brought into play to optimise the debt collection process. This is best seen in intent recognition where the app can read the context and sentiment in a live conversation and make guided decisions. 

Reporting 

Any worthwhile debt collection platform will provide comprehensive reporting and analytics for insights into the customer journey and debt cycle. 

What do you Gain?

The benefits of using a debt collection platform are multifold: 

  • Reduces operational costs 
  • Enables more effective use of resources (collection agents are more productive) 
  • Improves collection rates 
  • Promotes good customer experiences and relations 
  • Compliance with government regulations can be encoded into the software 
  • Accessible 24/7 
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METRICS WE’VE ACHIEVED

52%
Uplift in Payment Arrangements
42%
Increase in Agent Productivity
57%
Decrease in Operational Costs
48%
Increase in Customer Engagement

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