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Webio Launches AI Propensity Studio for Digital Debt Collections

New AI-powered credit and collections offering from Webio optimises customer engagement using AI and automation and enables companies to manage digital debt collection conversations like never before.

Webio, a leader in Conversational AI and customer engagement orchestration in the credit, collections, and payments industry has launched Propensity Studio, the company’s latest digital debt collection offering. Propensity Studio leverages Webio’s credit and collections expertise and conversational AI platform to enhance how businesses engage with their customers by predicting individual business outcomes throughout their messaging conversations. Designing fully personalised journeys for all customer types, delivering the right message and level of agent resource at the right time.

Customers have moved to chat and messaging and companies have had to follow suit shifting their customer engagement to digital channels like SMS, Webchat, WhatsApp, RCS, Messenger, etc. Customers now have an expectation of instant interaction with their companies, whether that is checking on a delivery or discussing their finances.

However, it is a challenge engaging with customers and managing the nuances of each individual customer’s personal circumstances especially for digital conversations at scale.  Having the right conversation at the right time in a fair, empathetic, and compliant manner is a need that Webio team are addressing with the development of this AI credit and collections solution. Working hand in hand with clients to develop, this custom-built AI engine is transforming how credit and collections teams will interact with customers.  

Move beyond the traditional customer interaction

The first of its kind in credit and collections, Propensity Studio is designed to optimise customer engagement using AI and automation and enable companies to manage digital debt collection conversations like never before.

Webio’s AI Propensity Studio analyses the words, phrases and language of conversations enabling companies to better understand the needs and requirements of their customers in real-time. For example, customers experiencing personal challenges in their lives can be identified more easily and thus get the support they need.   

Propensity Studio enables collection organisations and teams to move beyond the traditional customer interaction by:

  • Guiding customer conversations using Natural Language Understanding, incorporating intents, and sentiment analysis, Webio’s Propensity Studio interprets customer’s language, response behaviours and previous conversational history to determine how best to manage each interaction.

  • Working with Webio automated chatbots, or in conjunction with live agents, Propensity Studio identifies a companies specific business outcome within a few utterances a real-time propensity score that identifies how likely a business outcome is. This score can then be used to move the conversation to the next best step. This scoring mechanism allows efficient, low-cost management of the flow and content of an unlimited volume of customer conversations.

  • By predicting what the conversation outcome is going to be, customer journeys can be more fully automated. This reduces the amount of agent resource needed to manage conversations and agents work on the conversations where their talents are really needed. 
    Propensities used in conjunction with workflow rules gets the balance right between automation and live agent engagement.

  • Webio Conversational AI is designed to work empathetically with the end customer’s best interest in mind. Identifying vulnerable customers at any stage and engaging with them in a responsible manner.

 

Reshaping how customers and companies relate to one another

Commenting on the launch, Webio CEO Cormac O’Neill says, "Credit and Collections are one of the most challenging customer service environments in the world. It's an environment whereby having the right conversation can make such a difference in people's lives. In developing our conversational AI, we have put the needs of indebted customers and our clients front and centre. In so doing our Propensity Studio will not only make a substantial difference to the operational efficiency of businesses but also reshape how customers and companies relate to one another in a new powerful way.”

There has been a lot of hype surrounding AI recently but the reality is that delivering effective AI that makes a meaningful difference is a challenge. I'm thrilled that Team Webio has met this challenge and I am excited to see the impact that Propensity Studio will have as we continue on our mission of rebalancing the credit and collections eco-system.”

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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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