AI start-up Webio has unveiled the launch of its new digital debt collection offering, Propensity Studio.

Founded in 2016, the Dublin-based firm specialises in the credit, collections and payments industry.

Propensity Studio leverages Webio’s conversational AI platform to enhance how businesses engage with their customers by predicting individual business outcomes throughout their messaging conversations.

Companies have had to shift their customer engagement to digital channels like SMS, Webchat, WhatsApp, RCS and Messenger as customers increasingly expect instant interaction, whether checking on a delivery or discussing their finances.

The first of its kind in credit and collections, Propensity Studio transforms how companies manage the nuances of each individual customer’s personal circumstances, ensuring conversations are dealt with in a fair, empathetic and compliant manner.

For example, customers experiencing personal challenges in their lives can be identified more easily and so get the support they need.

Propensity Studio enables collection organisations and teams to move beyond the traditional customer interaction by:

  • Guiding customer conversations using Natural Language Understanding, incorporating intents and sentiment analysis, Propensity Studio interprets a customer’s language, response behaviours and previous conversation history to determine how best to respond.
  • Working with Webio automated chatbots or in conjunction with live agents, Propensity Studio identifies a company’s specific business outcome and within a few words of a conversation, produces a real-time propensity score that identifies how likely a business outcome is. This allows for efficient, low-cost management of the flow and content of an unlimited volume of customer conversations.
  • By predicting what the outcome of the conversation is going to be, customer journeys can be more automated, reducing agent resource and allowing agents to work on the conversations where their skills are more required.
  • Webio Conversational AI is designed to work with the customer’s best interests in mind, identifying and engaging with vulnerable customers in an appropriate and responsible manner.

Cormac O’Neill, Webio CEO, said: “Credit and Collections are one of the most challenging customer service environments in the world. It’s an environment whereby having the right conversation can make such a difference in people’s lives.

“In developing our conversational AI, we have put the needs of indebted customers and our clients front and centre. In so doing our Propensity Studio will not only make a substantial difference to the operational efficiency of businesses but also reshape how customers and companies relate to one another in a new powerful way.

“There has been a lot of hype surrounding AI recently, but the reality is that delivering effective AI that makes a meaningful difference is a challenge. I’m thrilled that Team Webio has met this challenge and I am excited to see the impact that Propensity Studio will have as we continue on our mission of rebalancing the credit and collections eco-system.”

About Webio

Webio makes having difficult customer conversations easier for Credit, Collections and Payment businesses with trusted Conversational AI. Leading UK and Irish brands like The Very Group, Energia, Littlewoods, Hoist Finance using our conversational platform to orchestrate millions of customer conversations at scale and have convenient and highly personalized conversations. The no-code platform allows Webio customers and partners to get up and running with conversational AI over SMS, WhatsApp, Webchat, and other channels in hours, not months.

Founded in 2016, Webio’s platform enables the credit industry to engage with their in-debt and vulnerable customers positively and empathetically. Webio is on a mission to rebalance the Credit, Collections and Payment ecosystem by reimagining the way lenders engage and converse with customers.

Webio was ranked #2 in the 2020 Deloitte Technology Fast 50 Awards and is the founder of one of Europe’s leading conversational interface conferences – ConverCon.

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