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conversational AI messaging for debt collection

Report: Conversational AI Market Projected to Hit $32.5 Billion by 2030

According to a comprehensive research report by Market Research Future (MRFR), the market is predicted to thrive during the assessment period from 2022 to 2030.

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Report Debt Collection Software Market Forecast to 2028

Report: Debt Collection Software Market Forecast to 2028

Debt collections software growth is due to the use of self-service payments and automating the loan collection process. The market is expected to witness robust growth as businesses implement self-service payment platforms to keep track of their customers, track bill payments, and maintain credibility.

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4 AI Conversations Every Company Needs to be Having

As consumers, we’ve widely welcomed artificial intelligence and machine learning into our daily lives. “Smart” speakers, facial recognition on our phones, targeted ads we love to hate — these are just some of the AI-powered technologies all around us. But inside companies, the status of adoption is more of a mixed bag.

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The Dos and Don’ts of Automated Assistants in the Contact Centre

When using automated assistants, it’s extremely important to create rules that decide when a query needs to be handed off to a live advisor. There are many situations where this can prove critical. For instance, when automated assistants are dealing with overly complex queries that only a live advisor would be able to manage. More...

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AI helps chatbots to get better at customer conversations

In his article in the Irish Times, Seán Duke talks to leading thinkers and innovators in the conversational AI space and where it is going with AI chatbots, the pitfalls the opportunities and how design is of the utmost importance. 

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Conversational AI is mainstream

As businesses embrace real-world applications of AI-based chatbots and voice-powered assistants, investments and acquisition action in the space are growing year on year

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Conversational AI Trends to Keep an Eye On

With more and more evolution, Conversational AI is advancing at a great pace and making it possible for machines to interact with humans via natural language.  Here are some of the Conversational AI trends that Ajay Kapoor covered in a recent article on Artificial Intelligence in Plain English.

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Digital Accessibility Enters The Spotlight As A Business Priority

When the Covid-19 pandemic struck, in many cases making digital the only channel through which customers could interact with brands, Forrester saw a significant uptick in inquiries related to accessibility, mostly from companies getting serious about accessibility for the first time. The pandemic served as a wake-up call not just about the importance of digital accessibility but about its benefits, like:

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large language models for AI chatbots

Give AI Chatbots the Edge with Custom Trained Language Models

While general purpose Large Language Models (LLMs) are perfect for conversational AI chatbots they fall short when it comes to specialised use cases. On the other hand, language models that are custom trained on industry-specific terms for an individual vertical can understand and respond to industry-related queries, tasks, and challenges with greater accuracy and expertise.

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Digital Self-Service The Evolution of Automated Customer Engagement

Digital Self-Service: The Evolution of Automated Customer Engagement

As technology continues to advance, we can expect to see even more innovative self-service solutions that will further enhance the customer experience. We’ve come a long way from the early tech and now the line between the product and the service is blurred.

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conversational AI messaging for debt collection

Self-Service in Debt Collections: Why Conversational AI is the Missing Link

Conversational AI provides a unique solution that delivers customer intimacy and operational efficiency all rolled into one, making it perfect for customer engagement.

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self-service portal for debt collection

The New Debt Collection: The Rise of Self-Service Portals with Conversational AI

How to spend no more than 35p on collections? Those in the collections field are achieving more with less by adding conversational AI and automation to their self-service portals, which allows them to collect debt in a way that their customers like and at a fraction of the cost.

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conversational texting

Conversational Texting vs Calling: Which One Do Customers Prefer?

Over the last 10 to 15 years there has been a seismic shift in how we communicate and now our go to mode is digital messaging. But why is that? We’ll dive deeper in to see why.

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digital debt collection

How to Set Up a Pre-Delinquency Digital Debt Collection Strategy

Now more than ever in the current financial climate it is important to tackle potential payment problems early and a strategy is needed to identify and help vulnerable customers.

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Automated Debt Collection

Automated Debt Collection: The Why and How of Modernising Collections

Advances in digital debt collection technology, especially in the area of multichannel conversational AI messaging, has changed the way businesses engage with their customers about their debt. This blog is a summary of a webinar presented by Webio’s Mark Opperman and Andy Turner. It looks into the why and how of modernising your debt collection practices.

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agent efficiency

How to Excel at Agent Efficiency in Contact Centres

Managing contact centres can be challenging, especially when it comes to operational efficiency, customer satisfaction and agent retention. Here are some tried and tested strategies to boost agent efficiency.

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Self-Service is Letting You Down; Here’s Why

Self-Service is Letting You Down; Here’s Why

Companies are embracing self-service solutions to replace the phone to manage debt conversations and FAQs. The biggest issue here is these companies are ultimately sacrificing customer intimacy for operational efficiency. This trade-off comes at a cost. The loss of customer intimacy directly impacts customer experience, the ability to handle and manage multi-layered complex issues and ultimately, conversation and business outcomes.

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Spend No More than 35p on Collecting Customer Payments

The cost of collecting customer payments is a crucial focus for collections teams, with a concerted effort made to drive down the cost per £ collected and deliver a consistent customer experience. Technology has been playing a significant role in doing just that.

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AI chatbots

Guide: Chatbot Testing Checklist

The quality of a chatbot ultimately depends on your testing process which ensures that it functions as intended and is compliant to the pertinent regulations. In the end, a chatbot that fails to perform will frustrate your customers and hold up your processes. Get your copy of the Chatbot Testing Checklist!

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icons to represent conversational ai

Conversational AI in Debt Collection How it Works Webinar

The phrase ‘Conversational AI’ has some ambiguity about what it means. From chatbots, automation, machine learning, NLP and NLU, intents to sentiment analysis, many struggle to connect the dots and see how this technology can work for their business and what can it deliver in the short, medium and long terms. In 45 mins, we take away the mystery and clarify what Conversational AI is in simple, relatable terms, why it is growing in popularity and what it can offer the debt collection industry and your business.

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Conversational AI debt collection

Conversational AI Messaging Delivers in Credit and Collections

Webio's Chief Strategy Officer, Paul Sweeney, gave a talk at the European Chatbot & Conversational AI Summit 2023 where he unpacked how conversational AI can help companies engage with financially vulnerable and indebted customers.

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How to Increase Agents' Daily Closed Conversations from 60 to 300+

The challenges for those managing the debt collections are how to do more with the same agent resources, shift the balance from agent labour intensive to smarter agent customer engagement, and avoid having agents on the dialler when it is ‘not spinning. This webinar takes a look at the actual statistics that clients achieve using automation as part of their debt collection engagement strategy. 300% may seem like a made up figure for effect, but that's the agent efficiency rate that is achievable and we will show how.

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self-service portal

Self-Service Studio: Complete Customer Self-Service Journeys with Help from Conversational AI

Webio’s Self-Service Studio is the next generation in self-service portals. This customer self-service portal lets customers manage their debts centrally whilst being fully supported by conversational AI messaging to ensure customers complete their journey without unnecessary friction.

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Has ChatGPT Ushered in the Golden Era of Conversational AI?

Has ChatGPT Ushered in the Golden Era of Conversational AI?

In this podcast produced by CRM Playaz, three recognized experts in the conversational AI s;phere - Conversational X's Mitch Lieberman, Opus Research's Dan Miller and Webio's Paul Sweeney - discuss if we are entering the AI's golden era and what this means.

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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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