Insights and Inspiration

THOUGHT BOX

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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How Conversational AI Works and What It Does

Conversational AI, which uses Natural Language Processing (NLP), Automatic Speech Recognition (ASR), Advanced Dialog management, and Machine Learning (ML), are likely to pass the Turing Test and provide a more realistic experience than traditional chatbots. Most of us have had interactions on websites with chatbots that were less than satisfactory, leaving us to resolve our issues some other way.

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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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Why 2021 is going to be an important year for the AI debate

Our very own Cormac O'Neill, spoke with Ian Curran from the Journal,ie to discuss AI and just how important it will be not only in 2021, from the hype around AI and confusing basic automation to applying deeper AI.

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debt collection agent

How a Debt Collection Agent Can Close 300+ Daily Conversations

One of the biggest challenges facing contact centres is agent efficiency. Going hand-in-hand with agent performance pressure is the inevitable agent burnout which leads to agent retention headaches for collection agencies. While ever tightening budgets drive contact centres to try do more with fewer recourses, this only exacerbates the problem. In view of this, the high agent turnover is not surprising, but what can you do to remedy this? 

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Debt Collection Agencies Can Help Financially Vulnerable Customers

How Debt Collection Agencies Can Help Financially Vulnerable Customers

Debt collection agencies are often seen as the wolf at the door, but they don’t have to be. Rather, they can take the role of shepherds to guide financially vulnerable customers. Though the question is “how” as debts still need to be paid, and during this time of increased financial stress – a cost-of-living crisis – more and more people are falling behind on their payments.

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conversational AI for customer service

Conversational AI for Successful Customer Engagement

From low response rates to ignored emails, collections contact centres can get frustrated by processes that are both expensive and labour-intensive. But now, using conversational messaging and AI chatbots for debt collection is boosting customer engagement at a scale never experienced before.

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Conversational AI

How AI Assistants Will Extend the Digital Advantage

There is a fundamental shift happening in the world of credit and collections with artificial intelligence and digitisation coming together to change how this industry is communicating with its customers who live in a dynamically mobile world.

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automated debt collection

Automated Debt Collection is the Obvious Choice. Here's Why

Not having automated debt collection comes with a cost. We see companies bemoaning the high resource costs, high agent turnover and poor response rates. On the flip, there are compelling benefits to going automated with debt collection.

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multichannel messaging

Debt Collection Made Easy with Multichannel Messaging

Debt collectors know all too well how their debtors ignore phone calls and toss letters away, and even if they manage to contact customers, they often don’t get their payment. There must be a better way to connect with customers that keeps both you and them smiling. It’s conversational customer engagement via multichannel messaging.

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Debt collection regulations and compliance

Debt Collection Regulations & Compliance: What you Need to Know

Consumers are up to their eyeballs in debt and often have multiple creditors knocking on their doors. Since the pressure is on, consumers need to know their rights and obligations, and creditors need to abide by the regulations that govern the credit and collections industry.

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conversational customer engagement

The Six New Rules of Conversational Customer Engagement for Debt Collection

The way we speak to customers who are in debt is important if we want to maintain good relationships and have successful outcomes. Here are six smart ways to engage with customers across the debt cycle, making difficult conversations easy and ensuring increased engagement rates that positively impact cashflow.

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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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TAD Summit Conversational AI Messaging

The Future of Conversational Interfaces and How We Get There

At the recent TAD Summit 2022, Ben Waymark, Webio's CTO, delved into conversational AI, it's fascinating journey so far and how it can be used masterfully in customer engagement via digital channels.

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debt collection technology for customer trust

Reputation, Reputation, Reputation: Overcoming Customer Wariness

In this discussion, the three panelists looked at why customers can be distrustful of the credit and collections industry and how we can change this negative perception. The collections industry's primary role is communication, not financial services. Nowadays, there are powerful debt collection tools available which automate conversations around debt collection - but we cannot afford to lose the human touch. The panel looked at how critical language choice is when interacting with customers and how it is important to recognise vulnerability and connect on a relational level first before jumping in and asking for money.

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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 messaging for debt collection

Cormac O'Neill Speaks on 'How AI Assistants will Extend the Digital Advantage'

AI assistants aren't just a thought for the future anymore, they are active now and breaking ground in the credit and debt collections industry. In this podcast - taken from a talk given at the World Credit Congress & Exhibition 2022 - Webio CEO, Cormac O'Neill, unpacks all that conversational AI and digital assistants can do for customer engagement and debt recovery.

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Webio CEO talks conversational messaging on South East Radio

Webio's Cormac O'Neill Discusses Conversational Messaging for Debt Collection on South East Radio

Webio CEO, Cormac O'Neill, chats to Karl Fitzpatrick on South East Radio's "Business Matters" program. They talk about how businesses need to change their approach to debt collection, especially in this time of financial pressure. Using conversational AI, the Webio platform seeks to improve engagement between businesses and their customers.

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APIs and Debt Collection Conversations What You Need to Know

Some businesses look to use APIs because they want to expand their reach to new customers, others are motivated by government and industry standards, and others just want to ensure that their business is continuing on its digital journey. Regardless, APIs are coming to every industry and you need to be prepared. But for many, the idea of using APIs in customer conversations can be intimidating with many unanswered questions.

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What Technical Leaders in
Credit and Collections Need to know about Conversational Technology

If you are keen to get a better understanding of how AI and Machine Learning in debt collection works then this session is for you. Not full of jargon, we will take a practical approach to explain how it works and what is possible. Sign up or listen on-demand.

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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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