Author Archives: Dylan Chubb

Saascoms’ award-winning debt collection software – Omnireach and Mailmaster – can streamline operations and improve customer experience in the Credit and Collections industry.

Omnireach, a conversational AI platform, automates tasks, resolves customer inquiries, and identifies vulnerabilities.

Mailmaster facilitates secure communication and self-service options, reducing costs and improving engagement.

The Credit and Collections industry must constantly evolve to keep pace with the way customers want to communicate. To stay ahead, businesses need innovative solutions that optimise processes and prioritise customer experience. Saascoms offers a comprehensive suite of debt collection software solutions designed to address these challenges.

Omnireach and Mailmaster allow debt collection agencies (DCAs) to:

  • Boost Efficiency
    Automate repetitive tasks, streamline communication, and optimise resource allocation.
  • Enhance Customer Experience
    Provide multiple communication channels, self-service options, and personalised interactions.
  • Increase Recovery Rates
    Improve first-contact resolution and offer convenient payment solutions.

Omnireach: Conversational AI for Debt Collection

Omnireach is a powerful AI-powered platform that centralises all non-voice communication channels, including webchat, email, SMS, and social media. At the heart of Omnireach lies Saasbot, a sophisticated AI chatbot trained on a massive dataset of debt collection interactions.

Here’s how Omnireach empowers DCAs:

  • Automates Frontline Tasks
    Saasbot handles routine inquiries, resolves basic issues (such as balance checks, payment confirmations, and requests for statements), and verifies customer identities. This frees up valuable agent time to focus on complex cases and personalised interactions.

  • Understands Customer Intent
    Omnireach utilises Natural Language Processing (NLP) to analyse customer sentiment and identify the purpose behind their communication. This allows Saasbot to provide highly accurate responses and route inquiries to the most appropriate agent for faster resolution.

  • Identifies Vulnerable Customers
    Omnireach is equipped to detect signs of vulnerability within customer interactions. This might include language suggesting financial hardship, mental health concerns, or other sensitive situations. When such vulnerabilities are identified, Omnireach seamlessly transfers the conversation to a specially trained agent or provides resources for external support organisations.

  • Multilingual Support
    Omnireach breaks down language barriers by offering real-time translation for customer conversations. Saasbot can translate across 92 different languages, ensuring clear communication and fostering trust regardless of the customer’s native language.

  • Continuous Learning and Improvement
    Omnireach is a continuous learning platform. Agents can contribute to Saasbot’s development by feeding new interactions and responses into the AI engine. This ongoing process ensures that Saasbot stays up to date with evolving communication styles and industry trends.

The results speak for themselves. Statistics show that Omnireach:

  • Resolves up to 72.4% of customer inquiries on the first contact
  • Increases “right party contact” by 64% compared to traditional methods
  • Offers a 93.7% success rate in intent and sentiment matching

Mailmaster: Secure Communication & Self-Service

Mailmaster empowers DCAs to initiate secure, two-factor authenticated communication with debtors. It facilitates a self-service portal accessible via SMS, offering functionalities like:

  • Personalised Settlement Letters
    Customers can access personalised settlement letters with current balance information, account details, and clear next steps.
  • Integrated Payment Gateway
    The self-service portal allows secure, partial payments directly through the platform. This reduces reliance on traditional payment methods and streamlines the recovery process for both DCAs and customers.
  • Income and Expenditure Forms
    Customers can conveniently submit income and expenditure forms directly through the portal for streamlined financial assessment. This eliminates the need for lengthy phone calls and manual data entry, improving efficiency for both parties.
  • Branding and Customisation
    The self-service portal can be customised to align with the DCA’s brand guidelines, ensuring a consistent and professional customer experience.

By encouraging self-service options, Mailmaster:

  • Lowers overall collection costs for DCAs
  • Improves customer engagement by offering a convenient communication channel
  • Reduces costs for debtors by providing a cost-effective way to manage their accounts

Conclusion

Saascoms’ debt collection software, Omnireach and Mailmaster, empower DCAs to achieve operational excellence and deliver exceptional customer experiences. With intelligent automation, secure communication and self-service options, Saascoms equips debt collection agencies with the tools they need to maximise customer engagement and results.

Ready to transform your debt collection process?

Contact Saascoms today to learn more about our industry-leading software.

In a recent live event, The Comms Summit by Saascoms, experts discussed the impact of demographic change on the Credit and Collections industry. Here’s a look at the key findings and recommendations for the future.

Demographic Change and the Credit and Collections Industry

The UK’s population is growing and is expected to reach 73.7 million by 2036. However, the way it’s growing is what’s most interesting for the Credit and Collections industry. Here’s a breakdown of the key demographic changes:

  • Growth from Net Migration
    The majority of the population growth isn’t due to the birth rate but from migration. This means a significant portion of the population will be new to the UK and may not have a credit history.

  • Religious Shifts
    The UK is becoming more religiously diverse. While the Christian population is declining, Muslim and Hindu populations are growing. This means traditional collection methods may need to adapt to religious sensitivities around credit and debt.

  • Ageing Population
    The UK population is ageing. This means there will be a larger population comfortable with traditional communication methods like phone calls, alongside a growing tech-savvy generation.

  • Geographical Shifts
    Creditworthiness can be impacted by location. The population is shifting, with younger people moving to cities and older generations moving to rural areas. The Credit and Collections industry needs to consider these geographical changes.

  • Cultural Diversity
    The UK’s cultural diversity is increasing. This means understanding cultural attitudes towards credit and debt collection will be crucial.

The Impact on Credit and Collections

These demographic changes will significantly impact the Credit and Collections industry. Here are some key challenges and opportunities:

  • Newcomers and Credit History
    Many migrants will lack a credit history, making traditional credit checks ineffective. The industry may need to explore alternative assessment strategies like Open Banking.

  • Financial Products and Services
    The growing Muslim population creates a need for Sharia-compliant financial products and collection practices that avoid interest.

  • Customer Experience (CX)
    Younger generations prefer digital communication channels. The industry needs to adopt omnichannel communication strategies with self-service options and AI-powered solutions.

  • Vulnerable Customers
    Digital platforms can aid in identifying vulnerable customers and provide appropriate communication methods.

Industry Recommendations

To stay ahead of the curve, the Credit and Collections industry needs to adapt to these demographic changes. Here are some key recommendations:

  • Establish Credit Facilities for Newcomers
    Explore alternative assessment methods like Open Banking to evaluate creditworthiness for migrants.

  • Develop New Financial Products
    Cater to the growing Muslim population with Sharia-compliant financial products and collection practices.

  • Strategic Customer Experience (CX)
    Implement omnichannel communication platforms with self-service options and AI chatbots.

  • Modernise Collection Technology
    Utilise Open Banking to assess affordability and creditworthiness during collections.

Conclusion

Understanding demographic change is crucial for the Credit and Collections industry to thrive. By embracing these changes and adopting new technologies, the industry can ensure successful customer engagement and remain relevant.

The Comms Summit – download the full report here

Is your business prepared for the impact of demographic change on the Credit and Collections industry?

Contact Saascoms today to discuss how our omnichannel customer engagement platform, Omnireach, can help you adapt and thrive.

Now that we are constantly connected, customer expectations for service have skyrocketed.

We now expect instant, frictionless interactions across various channels. This is where omnichannel customer service comes in. But what’s the difference between omnichannel and multichannel approaches? Let’s explore and see how Saascom’s Omnireach platform can help you deliver exceptional service.

 

Omnichannel vs. Multichannel Customer Service: Understanding the Difference

Both omnichannel and multichannel strategies allow businesses to interact with customers on multiple platforms like SMS, email, social media, and webchat. However, the key distinction lies in how these channels work together.

Multichannel focuses on reaching customers on their preferred channels, offering a broader reach but with separate conversations for each channel. This can be frustrating for customers who need to repeat information when switching channels.

Omnichannel customer service, on the other hand, provides a unified experience. It seamlessly integrates channels, allowing customers to switch between them without losing context. This creates a smoother journey and fosters higher customer satisfaction.

Why Omnichannel Wins for Customer Satisfaction

Enhanced Customer Engagement
An omnichannel approach prioritises the customer. It offers a continuous, tailored experience regardless of the channel used. This fosters deeper engagement and loyalty.

Improved Customer Experience
Imagine a customer seamlessly transitioning between a live chat and email without repeating their issue. This is the power of omnichannel! It creates a frictionless experience that delights customers.

Faster Resolution Times
With all customer interactions centralised, agents can access past conversations and customer data for faster problem-solving. This translates to quicker resolutions and happier customers.

Data-Driven Insights
Integrated channels provide valuable data on customer behaviour across all touchpoints. These insights help you personalise communication, anticipate needs, and continuously improve your service.

Introducing Omnireach: The Ultimate Omnichannel Solution

Saascoms’ Omnireach platform is the perfect tool to implement a winning omnichannel strategy. Here’s what makes it stand out:

  • Centralised Communication
    Unify all customer interactions – web chat, SMS, email, social media messaging – into a single platform for effortless management.
  • Seamless Agent Experience
    Our easy-to-use interface empowers agents to handle multi-channel conversations efficiently.
  • Real-Time Language Translation
    Break down language barriers and serve a wider audience with instant translation features.
  • AI-Powered Chatbots
    Our Saasbot leverages AI to automate repetitive tasks, answer basic questions, and qualify leads, freeing up agents for complex inquiries.
  • Speedy System Integration
    Get up and running quickly. Omnireach has minimal IT involvement.

Conclusion

Omnichannel customer service is the future of customer interactions. By prioritising a seamless, multi-channel experience, you can significantly boost customer satisfaction and build lasting relationships.

Ready to take your customer service to the next level?

Contact Saascoms today to learn more about Omnireach and discover how it can transform your customer experience.