What is Digital Debt Collection?

Digital debt collection is using digital channels and conversational technology to contact customers about their outstanding debt repayments as opposed to more traditional methods such as in person or by telephone. 

Digital debt collection is data-driven, so it allows for more personalised engagement based on the specific customer circumstances rather than a one-fits-all approach. It also allows for customers to choose their preferred contact channel, for example, SMS, WhatsApp or email, then having the opportunity to self-serve can make the process much more efficient for both the customer and the company they’re indebted to. 

Some of the Benefits of Digital Debt Collection 

The main benefit of digital debt collection is that it can feel a lot more human, as it is important for customers to feel more comfortable when having conversations with lenders about resolving their debt; often, phone calls can turn into harassment which further discourages customers from resolving their debt.

Connect with more customers, more often over Digital Channels
Engaging and collecting customer payments is a constant challenge. The focus has shifted from hammering customers with phone calls, letters and one way SMS to digital conversations that deliver engagements that result in a payment. That's what Webio does - enabling collections teams to effectively engage via digital channels, the channels that customers are more comfortable with.

Leveraging Automation and Chatbots
Leverage automation across the customer lifecycle with Webio AI Chatbots. Let chatbots manage partial or full conversations only getting live agents involved when needed.
Automate payments, ID&V and I&E processes and let agents focus on higher-value conversations and allow agents to manage the more complex or specialised conversations.

Let AI Guide Conversations and Get Results
Webio’s Propensity Studio predicts the most likely outcome of every customer conversation within the first 3 utterances. Assessing and applying individual scores against likely outcomes.Webio Propensity Studio interprets the customer's language, response behaviours and previous conversation history to determine how best to manage and route every interaction.

Take Customer Engagement to the Next Level with APIs
Don’t let your data sit on the sidelines. Improve customer conversations by connecting your systems via our API to bring crucial assets into every customer conversation to drive positive conversation outcomes and deliver amazing customer experiences

Digital debt collection has never been more necessary, with over 50% of customers preferring a self-service solution and over 20% preferring to resolve their debt out of business hours and that is just for starters. 

Digital Debt Collection Methods

Digital Debt Collection Method What Is It?
Conversational AI chatbots Bots provide AI-driven two-way conversations between humans and computers using Natural Language Understanding and Machine Learning.
Multichannel Messaging Messaging across digital channels, managed in one place, e.g. WhatsApp, Messenger, Viber, SMS and Web Chat.
API Integration Integrating with company's and third-party's data to provide real-time accuracy and an enriched customer experience.
Entities Gathering Using AI to pick out entities from within a conversation, e.g. date, amount, date-of-birth, etc.
Propensity Using sentiment and intent recognition to understand what a person really means, predict the outcome of a conversation and direct it down the best route.
Self-Service Portals Online portals where customers can manage their own accounts. Conversational self-service portals use AI chatbots to guide customers along the way and help with queries.

More About Debt Collection Software



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