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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Words Customer Experience, Customer Engagement, Response Rates, Payments, Agent Performance, Artificial Intelligence

Digital Debt Collection: The Real Numbers and Why They’re So Important

As far back as 2019 customers who are in debt were making themselves heard and the message according to a McKinsey & Company report was crystal clear that “more customer calling won’t improve lenders’ contact and recovery rates”, and that something was going to have to change.

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How Collections Can Prepare for a Post-Pandemic Debt Storm

In this final post of our 3-part series, we’ll talk about the future of debt collection and how the industry can prepare for an inevitable post-pandemic debt storm. In order to survive, organizations will need to focus on three key things: preparation, implementing new technology and embracing change.

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Which Debt Collection Software Won at the AI Awards?

The annual AI Awards have taken place and eight lucky winners crowned at the Best of AI AI Awards in their respective categories. Shortlisted from a list of 32 innovative submissions in industry, academic research, and students from a wide variety of fields in AI from Cybersecurity, RPA, data privacy, healthcare, speech recognition, customer service.

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Still water with slow motion drop and ripple

Why Digital Customer Engagement is the New Collection Strategy

In this post, we’ll discuss why empathy in customer engagement is so important, how the switch to digital engagement is shaping debt collection, how to find the right balance between traditional and digital channels, and how collection agencies can innovate for the future.

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illustration of contact centre agents

Will Web Chat and Messaging Replace Contact Centre?

While many companies are already utilizing collections chatbots on their websites, these new allowances for SMS messaging and debt collection could be a game-changer. The question is, will all of this increased activity in web chat and texting for digital debt collection lead to the demise of the call centre as we know it? The simple answer is yes...and no. Let’s discuss.

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Still water with slow motion drop and ripple

How COVID Disrupted the Debt Collection Industry for Good

The COVID-19 pandemic caused a massive worldwide reset and hit the debt collections industry particularly hard. A sharp increase in the number of vulnerable customers due to job losses combined with the challenge of how to do business in an entirely new way was a "one-two" gut-punch to those in credit and debt management positions.

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Explosion of BNPL and the Impact on Debt Collection

Because customer interaction behaviour changed, so did their payment behaviour and borrowing. With customers moving to more digital-first interaction and digital self-service this has further driven the digital payments changes.

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Image of calendar showing customer with shopping bags and date of purchases and other date highlighted showing payment due date

The Impact of Buy Now, Pay Later, Store Credit and POS Credit

Because customer interaction behaviour changed, so did their payment behaviour and borrowing. With customers moving to more digital-first interaction and digital self-service this has further driven the digital payments changes.

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How AI Detects and Manages Customer Vulnerability in Digital Channels

Customers are increasingly interacting with financial services companies through digital channels, the reduced human agent interaction requires companies to use AI and data analytics to better understand and serve their customers’ needs better. But when customers are using digital channels where there is no initial direct contact with agents who have been trained to deal with vulnerable customers, how can the business know whether the customer is vulnerable? That's where AI comes in.

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Automated Debt Collection : Digital Messaging vs Diallers See the Real Numbers

Digital messaging is now the quickest growing channel for many businesses as it is delivering higher engagement rates with less agent resource needed for each completed conversation and offers the possibility of adding automation with very little effort. It’s no real surprise that messaging is delivering amazing results.

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Funnel with all the elements of modernising debt collections - AI, automation, chatbots, intent

Modernising Your Debt Collections- the Why and the How

Taking a look at what modernising debt collection actually means and moving from a one-fits all to a flexible, personalised customer engagement approach. and how to build meaningful connections with customers that increase engagement and positive outcomes.

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Propensity Studio Explainer

Watch our quick explainer video on how Propensity Studio works with agents and design personalised journeys for each customer type, delivering the right message and level of agent resource at the right time to better manage all customer conversations, even the vulnerable ones.

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Conversational AI and the Power to Make Difficult Conversations Easy

Webio is on a mission to make those difficult conversations about money that little bit easier for everyone concerned and this interview with Ton Dobbe delves a little deeper into Webio's product innovation that makes that happen. 

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Webio chatbot on a phone with conversation colourful speech bubbles with love hearts representing customer experience

Great Customer Experiences are Possible with Digital Messaging and Automation

There is a common misconception that customer conversation automation and the use of chatbots can have a negative impact on customer experience. This could not be further from the truth.If you are hesitant about using automation and chatbots and think they will never work in our business, this webinar is for you.

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Manage Debt Collection Conversations Like Never Before

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webio conversational messaging image of smart phone with bots and agents with speech bubbles with versus the dialler

Digital Messaging vs Dialler – Know the Real Numbers!

If the goal is for the business to connect with customers and have meaningful conversations that result in a positive outcome, the dialler just can’t compete with messaging performance, it’s that simple. In this webinar we will break down analyse dialler stats vs digital messaging stats and show just what can be achieved.

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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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