In this conversation, Darren Swailes from Saascoms we discuss the evolution of customer engagement in the collections industry.
We delve into the role of AI and chatbots in enhancing customer experience, the importance of blending traditional and digital communication methods, and the future of customer engagement.
The conversation also touches on the importance of treating customers fairly and the need for a shift in perception about the collections industry.
Find out more about SaasComs-> Here.
Key Points
- AI and chatbots are enhancing the customer experience by handling simple queries, allowing agents to focus on more complex issues.
- The future of customer engagement lies in a blend of traditional and digital methods, with a shift towards digital solutions.
- The use of smartphones for various tasks, including customer engagement, has increased significantly.
- The collections industry has seen a significant shift in approach over the years, with a focus on treating customers fairly and understanding their circumstances.
- The perception of the collections industry needs to change to reflect the reality of its customer-centric approach.
- The use of digital letters and explainer videos can help in initial customer engagement and provide comfort to the customer.
- The industry needs to ensure that no one is left behind in the shift towards digital solutions.
- The use of SMS remains effective, with a 93% open rate.
- The introduction of consumer duty and treating customers fairly (TCF) has led to more responsible collections.
- The collections industry needs to protect both ends of the chain – the end client and their customer.
- The industry needs to focus on engagement rate, speed to resolution, and other measures of effectiveness.
- The future will likely see more digital solutions, but at a potentially slower rate than in recent years.
Key Takeaways
- AI and chatbots are not replacing agents but rather enhancing their roles by handling simpler tasks.
- A blend of traditional and digital methods of customer engagement is the future.
- The perception of the collections industry needs to change to reflect its customer-centric approach.
- Digital solutions like digital letters and explainer videos can help in initial customer engagement.
- The industry needs to ensure that no one is left behind in the shift towards digital solutions.
- Despite the rise of other digital communication platforms, SMS remains effective.
- The introduction of consumer duty and TCF has led to more responsible collections.
- The collections industry has a responsibility to protect both the end client and their customer.
- The industry needs to focus on engagement rate, speed to resolution, and other measures of effectiveness.
- The future will likely see more digital solutions, but at a potentially slower rate than in recent years.
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