Insights and Inspiration

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It’s Finally Time for Frictionless Financial CX

It turns out the coronavirus pandemic is also a time machine. Instead of a lengthy march to digital transformation, the pandemic condensed years of change into a few months. For financial institutions, what was a slow shift toward mobile banking, contactless transactions, and digital insurance sped up when COVID-19 reinforced the need for fast, secure, and remote access to funds and financial information. As financial leaders plan their next move, we've identified key customer experience trends and best practices that will help companies earn customer loyalty today and in the future.

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A three-step formula for trust in the Age of AI

The post pandemic world will be a dramatically different place, with more people working from home and shopping online than ever before due to COVID-19. As a result, we are living in an increasingly digital world. There is no turning back with at least 500 million tweets, 294 billion emails and 65 billion messages on WhatsApp being sent around the world every single day.[i]

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AI Improves Customer Experience and Contact Center Efficiency

Customers and employees can benefit from the use of AI in contact centers. Businesses can use AI to provide customer self-service options and help make agents more productive.

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Pandemic paving the way for the omni-digital customer: B2B and B2C must prepare

Recent months have seen a huge rise in expectations for digital-only customer experiences - and the trend seems likely to continue.

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95% of customer journeys now occur across multiple channels

Customers use a growing number of different channels during their purchase process. But bricks and mortar remains important. As if there were any doubts about the importance of offering your products and services across different channels, a new study says that 95% of consumers now rely on it.

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Chatbots Are Machine Learning Their Way To Human Language

To deal with so much change, an effective chatbot must be rooted in advanced Machine Learning, since it needs to constantly retrain itself based on real-time information.

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Five trends shaping the future of the fintech industry

As the Fintech world is undergoing a radical reformation, here is a list of 5 key trends that is likely to shape the upcoming future of fintech industry

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Image if microchip with AI in the centre

Where AI Is Delivering A Competitive Edge In 2020

The IDC forecasts that spending on AI technologies will grow to $97.9B in 2023, more than two and a half times the spending level of 2019. This fascinating insight and many more are from Deloitte Insights' Survey: State of AI in the Enterprise, Third Edition: Thriving in the Era of Pervasive AI

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Getting Customers Back into the Repayment Habit

In the world of collections, getting customers back into a repayment habit quickly is becoming the number one objective for most credit and collection teams, and given the sheer volume of customer conversations that must be undertaken, communicating with customers about their payments is now presenting as a significant challenge.

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Managing Customer Conversations During Lockdown #2

As the UK COVID-19 lockdown #2 is upon us, we can take a lot of learning from our initial experience in March and April. Some companies had extensive preparations completed to ensure business continuity, but the scale of the disruption inevitably caught many off guard. Many of our clients had to act quickly to get agents remotely working and engaging with customers within 24hours.This post offers some advice from what we have learned over the last six months from working with clients through the pandemic and helping them manage their customer conversations especially in light the extension of mortgage payment holidays.

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Conversational SMS Messaging in Debt Collections Illustration of hand holding a phone with speech bubbles with icon for person sending a messaging and chatbot

The Importance of Conversational SMS Messaging in Debt Collections

It is certainly safe to say that messaging is loved by consumers. As the go-to for everyday communications its growth in popularity is off the charts. There has been so much written about the benefits of using messaging like WhatsApp, SMS, Messenger, Chat in customer service, but messaging, make no mistake, is not just for customer service or marketing. It has also been successful in many other areas and none more so than in credit and collections. Reaching out to customers via messaging is more powerful than solely relying on phone calls and agents to chase customers. Perhaps it's the pandemic but now people are starting to see the light.

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How Conversational Messaging Helped Debt Collection During Covid

Over the course of the last 6 months the Webio team received calls from existing and new clients who were scrambling to react with lightning speed to the needs of their customers and the businesses. Now with a little distance in the rear-view mirror, we are going to look at the role that conversational messaging played in getting agents back engaging with customers in a better and more efficient way. And highlight the wins that clients achieved.

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Will Chabots Collect My Customers Payments?

Will Chatbots Collect My Customers Payments?

The world of collections and recoveries won’t be immune to this new wave of AI and high levels of automation. The role of human collections agents are destined to change with agents becoming more skilled and their role focused primarily on complex negotiations and organising arrangements with customers rather than on low value routine customer engagements.

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Image of Webio chatbot in the middle of a phone with images representing AI and automation

What is Conversational Engagement and Why It Works

With so much distraction it can be challenging to connect with customers, especially if you work in credit and collections. But over the past few years we have somewhat of a sea change. Customers who do not want to be contacted are increasingly more likely to respond and engage if they don't have to have a voice-to-voice conversation with a debt collections agent. So, what has changed?

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Chatbots in Debt Collections image shows illustration of a call centre agent on the left, a Webio chatbot on the right and a phone with text messages in the middle

Conversational AI in Debt Collections: Why It's Good for You and Your Customers

We are now living in a digital world and adopting a digital approach to debt collection and engaging with customers via digital conversations is becoming more and more mainstream. Yes, there are companies that are somewhat reluctant to take that step but, the industry is quickly evolving towards digitalisation, automation and AI and here are some things that you need to know:

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From SMS to Slack – The Evolutionary Path of Messaging

From SMS to Slack – The Evolutionary Path of Messaging

As we all are well aware, organisations have quickly shifted to remote conferencing and engagement for their internal team communications. From Zoom, Teams to Slack the communication and collaboration platform options are endless with many making the jump overnight. But what about customer interactions, where do they fit in? We have more communication platforms, more messaging, more options and its' hard to keep it all straight. We are in a period of significant social change and the new normal is just super saturated with communications.

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Illustrations of Chatbot and Agent, Conversational Messaging represented by a phone with a chatbot reaching out to a person and automation cogs

Transforming Customer Engagement in Debt Collections with Snap Finance

In this webinar, Snap Finance's Jonathan Booker joins us to discuss his experience with 'going digital' and moving from outbound diallers and inbound calls to conversational SMS - chatbots, automation and AI. Listen to Jon, talk about how he implemented this conversational technology, his agents and how they fit into the picture and how to get the balance right between automation and live agent engagement.

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Getting Customers Back into the Repayment Habit

In the world of collections, getting customers back into a repayment habit quickly is becoming the number one objective for most credit and collection teams, and given the sheer volume of customer conversations that must be undertaken, communicating with customers about their payments is now presenting as a significant challenge.

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THE 1,2,3s OF CUSTOMER ENGAGEMENT AUTOMATION

The 1,2,3's of Customer Engagement Automation - Messaging, Bots and Agents [Webinar ]

The ability to capitalise on all that customer engagement automation has to offer has never been more important - from better management of customer conversations, taking pressure off agents and the business, to ensuring that customers feel confident in the support and service the business can deliver.

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phone icon with speech bubbles Webio Bot and Agent

CONVERSATIONAL MESSAGING VS THE DIALLER: How conversational messaging outperforms the dialler by 3x

The dialler has long been the stalwart of the contact centre. However, times have changed, and the effectiveness of diallers on their own is being called into question. Customers are living in the digital world and are so in tune with their mobile devices, In this webinar we will be reviewing how conversational messaging and dialler compares when it comes to reaching out and connecting with customers and get the best use of your agents time and how they can work perfectly together.

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How to Bring Automation into the Collections Process and What Success to Expect

How to Bring Automation into the Collections Process and What Success to Expect

Automation in collections is fast becoming the new norm with many collections organisations already embracing it as part of their customer contact processes. In this webinar, we will look at what automation looks like in a collection’s environment from the very basics to more complex elements. From simple proactive outreach to managing customer responses through automation or a live agent.

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The Future of Digital Messaging Needs to be More than Social

Webio's very own Paul Sweeney was back in action with TAD Summit this week to give his insights conversational messaging and highlight the importance of joined up thinking around the whole area of customer messaging. In his session Paul talks about the key distinction between owned (email, chat, voice) versus paid (WhatsApp, Alexa, etc.) channels and the challenges that presents.

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Managing Customer Conversations During Lockdown #2

As the UK COVID-19 lockdown #2 is upon us, we can take a lot of learning from our initial experience in March and April. Some companies had extensive preparations completed to ensure business continuity, but the scale of the disruption inevitably caught many off guard. Many of our clients had to act quickly to get agents remotely working and engaging with customers within 24hours.This post offers some advice from what we have learned over the last six months from working with clients through the pandemic and helping them manage their customer conversations especially in light the extension of mortgage payment holidays.

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8 Tips on How to Use Conversational SMS Messaging in Debt Collections

With the advances in conversational technology with automation, chatbots and AI, SMS messaging has undergone some what of a transformation and is now better than ever. These 8 tips will help you start on the road with Conversational SMS and upgrade any SMS messaging engagement that you may already be doing already doing.

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

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