In Focus Collections
A closer look into the technological future
Vulnerability and treating customers fairly – how is technology going to help you manage these challenges better?
Mark Oppermann EVP sales and marketing, Webio mark.oppermann @
webio.com
The whole world of collections has gone through seismic changes over the past few years and at the core of these changes is you and your business needing to engage customers in a more empathetic manner; in other words treating them fairly and recognising vulnerability where possible. The ‘one hat fits all’ approach is dea, and companies that have not radically changed their customer engagement practises will be facing longer-term business sustainability issues, or worse, regulatory scrutiny along with potential penalties. Most collections companies have invested
significant time, effort, and resource to make changes within their business to reflect the changed collections environment that operates today. This has probably touched every part of the firm, from processes and people to engagement practises.
When a voice cannot be heard, the agent’s usual techniques are not available, making it difficult to identify vulnerability
There has been so much talk about
artificial intelligence (AI), chatbots, and advancements in technology over the past 24 months, it is surprising that technology is now only gaining traction as a helper to businesses in managing customer interactions in a fairer way and identifying vulnerability.
Looking at vulnerability Let us look at vulnerability. It is difficult to recognise and sensitive, especially within the collections industry. A well-trained agent is an invaluable asset
when it comes to identifying vulnerability, but there is a huge shift happening away from the voice channel, the channel of choice for all collections companies. Within next two to three years, at least
50% of collections conversations will be over non-voice channels such as Messenger and SMS. When a voice cannot be heard, the agent’s usual techniques are not available, making it difficult to identify vulnerability. The need for recognition does not go
away just because you are having non-voice conversations. No matter what, the channel, speedy recognition, and guidance to agents with the appropriate skill set are key. AI is already helping in this as it can look
at all textual-based conversations happening within your business at all times, learning and picking up patterns to help highlight and guide vulnerable clients to the most appropriate agent, to ensure the best possible outcome for all parties. To be fair, a well-trained agent is probably
going to out-perform the AI today, but within a very short period, the AI and machine- learning capabilities that are available will be as nuanced in their understanding of all collections conversations.
The embarrassment factor One of the drivers for adoption for text- based conversations is the reduction in the embarrassment factor, and the feedback is that they feel less pressurised compared to a
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www.CCRMagazine.co.uk November 2017
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