It’s that time of year again when we dust off the Tux for the next round of awards ceremonies.

We have been shortlisted for 7 categories in this year’s Credit & Collections Technology Awards.

Saascoms have been shortlisted for seven of the categories they entered in the 2023 Credit & Collections Technology Awards.

The awards celebrate the companies that have consistently raised the bar and pushed the profession forward through innovation.

The 2023 Awards will be held on Thursday, November 23rd.

The Awards were launched in 2017 to reward technological innovation within the industry. The Awards highlight the success of companies and individuals who lead the way in enhancing credit and collections technology.

Now in its seventh year, the 2023 ceremony will celebrate the best in lending and collections innovations. Over the last five years, the awards program has expanded to recognise the development of technology, with new awards categories focused on Artificial Intelligence and Machine Learning added to last year’s category list, which was won by Saascoms.

• Saascoms nominated and shortlisted categories 2023:
• Machine Learning in Credit & Collections solution
• Best Use of Technology
• Artificial Intelligence in Credit & Collections solution
• Vulnerable Customer Identification & Screening solution
• Customer Engagement solution
• Contact Centre solution
• Technology Team of the Year

We hope to build on our previous successes and will report back after this year’s judging.

Improve Customer Engagement with Omnireach: Enhancing Communication for Financial Services Consumers

A recent report from the UK’s financial watchdog, the Financial Conduct Authority (FCA), has highlighted a concerning issue – a staggering 7.4 million consumers were unsuccessful in their attempts to contact their financial services providers in the 12 months leading up to May 2022.

This lack of effective communication can significantly impact consumers, particularly the most vulnerable in society, who are more likely to struggle when trying to reach their banks or other providers.

The FCA’s Financial Lives survey of over 19,000 people has further emphasised the importance of addressing this problem. To tackle the issue and improve customer engagement, the FCA has implemented a new Consumer Duty. The Consumer Duty mandates that consumers receive communications they can understand, products and services that cater to their needs and provide fair value, and access to the necessary customer support.

While these new regulations are a step in the right direction, financial services providers must proactively improve customer communication. One solution that can significantly enhance customer engagement is Omnireach, developed by Saascoms.

What is Omnireach?
Omnireach is an innovative, award-winning communication platform that bridges the gap between customers and businesses. It offers a multi-channel approach, allowing customers to communicate through their preferred channels, whether it’s email, chat, phone, social media, or even SMS. This flexibility is vital as customers have varying communication preferences, and Omnireach ensures no customer is left unheard.

Features of Omnireach:
1. Omni-channel Communication: With Omnireach, financial services providers can seamlessly interact with their customers across multiple channels. This integration enables customers to switch between channels without losing the context of their inquiries, ensuring a smooth and efficient communication process.

2. Real-time Response: Customers often seek quick responses to their queries or concerns. Omnireach empowers businesses to provide real-time responses, significantly reducing waiting times and enhancing overall customer satisfaction.

3. Personalisation: Each customer is unique, and personalised communication can go a long way in fostering a strong customer-provider relationship. Omnireach allows businesses to tailor their messages and interactions based on individual customer profiles, ensuring a more empathetic and relevant approach.

4. Automated Support: To handle a high volume of inquiries effectively, Omnireach offers automated support features. These features include AI-powered chatbots that can respond instantly to common queries, freeing human agents to address more complex issues.

5. Data Analytics: Understanding customer preferences, pain points, and behaviour is crucial for improving services and communication. Omnireach provides in-depth data analytics to financial service providers, enabling them to gain valuable insights into customer trends and feedback.

6. Vulnerable Customer Identification: Saascoms Omnireach was developed to meet the FCA’s requirements to help in identifying vulnerable customers. Saascoms AI engine has monitored and analysed 130m+ conversations and agent responses in the Collections & Arrears environment over the last five years, refining our processing to 93.7% intent and sentiment match success rate.

The Power of Omnireach in Improving Customer Engagement:
By leveraging the capabilities of Omnireach, financial services providers can address the FCA’s Consumer Duty requirements more effectively and go beyond compliance to deliver outstanding customer experiences.

Here’s how Omnireach can revolutionise customer engagement:
1. Enhanced Accessibility: Omnireach’s multi-channel approach ensures that customers can easily reach out to their financial services providers through their preferred communication medium, making it easier for the elderly, differently abled, or those with language barriers to access support.

2. Increased Trust and Transparency: Financial service providers can rebuild customer trust by delivering personalised and timely communications. Clear and easily understandable communication will reveal transparency in product offerings and fair value.

3. Improved Customer Satisfaction: Quick and efficient responses to customer inquiries lead to higher satisfaction levels. Omnireach’s real-time response and automated support features help resolve issues promptly, leaving customers more content with their financial service providers.

4. Empowering the Vulnerable: The most vulnerable members of society often struggle with communication challenges. Omnireach’s user-friendly interface and personalised assistance cater to their needs, ensuring they receive the support they require without facing unnecessary obstacles.

5. Building a Positive Reputation: Word of mouth can significantly impact a financial services provider’s reputation. Satisfied customers are likelier to share their positive experiences with friends and family, attracting new customers and fostering loyalty.

Conclusion
While the FCA’s Consumer Duty sets the groundwork for improved communication in financial services, businesses must take the lead in adopting advanced solutions like Omnireach. By leveraging its multi-channel capabilities, real-time responses, personalisation, automated support, and data analytics, financial services providers can deliver exceptional customer experiences that go beyond compliance.

This proactive approach will elevate the industry as a whole, creating a more customer-centric and trustworthy financial services landscape in the UK.

One of our Omnireach clients has been using our service for over 12 months now have recently commented that:

• Queries answered up 14%
• Queries resolved up 9%
• Our digital agents can service approximately 3 times as many accounts as an inbound telephony agent does per
• Speed of response: Our average inbound call answer time reduced by 33%

Improve your customer engagement with Omnireach and pave the way for a stronger, more resilient, and customer-centric relationship with your customers.

Well, Q2 has now come and gone, so it is time for another “Inside Edge” blog.
I cannot believe we are now over halfway through 2023!

As I reflect on the past two quarters, I see our team working flat out to maintain the highest level of service to our clients while developing an exciting service roadmap.

But how did Q2 fair to the market demands?
Revenues are equal to the same period in 2022. Depending on the industry, some clients are increasing their activity with us, and some are reducing it. This highlights the importance of client and product/service diversity within any business. Business is a marathon, not a sprint, so we are happy to maintain Q2 revenues, as we forecast Q3 will see healthy growth.

Managing costs is forever tricky, SMS termination costs rose again on June 23, but we have absorbed this increase without passing it on to our client. Perhaps our competitors would have passed this increase on, and maybe this is better for short-term objectives, but we endeavour to build long-term value. This is incredibly important to us!

Royal Mail has announced a 12% increase in bulk letter costs as of October 2023 – a sign of the inflationary times. When you think of the journey from collection to sorting office to Postie to home address, it is an incredible logistical feat for the price of the stamp. That said, if you are sending hundreds of thousands of letters per month, then it becomes a significant operating cost.
If you have not already explored our digital correspondence solution, where you can send a letter or statement by SMS or Email (securely), then I urge you to look – the latest report demonstrated our clients save approx. £ 1 million per month over traditional print/post.

Due to onboarding new clients, we made the conscious decision to let slip the scheduled launch of Jungle Telegraph that I introduced in the Q1 edition. This is now likely towards late Q3 to fit in with the marketing campaign that we have planned.

We have also been busy recruiting the best individuals to work on our latest service offering. For late 2023, Saascoms will develop and offer websites with self-service features aimed directly at Credit & Collections organisations. The portals will be feature-rich, secure and link into secure message/webchat via Omnireach. If you are looking at re-developing your current customer web portal, then Saascoms can assist.

I look forward to catching up at the end of Q3. In the meantime, I hope you all enjoy your Summer.

Thanks for taking the time to read this – until next quarter…

Kind regards
Paul

The Universal Language of Emojis
From Invention to Global Language.

Today, on World Emoji Day, let’s take a moment to appreciate the incredible impact emojis have had on our daily lives and their transformation into a universal language that transcends borders and cultures.

The Birth of Emojis

In the late 1990s, Shigetaka Kurita, a Japanese interface designer, pioneered the creation of emojis, blending the Japanese art of pictographs (known as “emojis” in Japanese) with digital communication. Initially, they were intended to convey emotions in a simpler way, adding a touch of personality and context to text-based messages. Little did we know that this humble invention would revolutionise the way we communicate!

Emojis Go Global

With the rise of smartphones and instant messaging, emojis found their way into the hearts and keyboards of people worldwide. It was Apple’s decision to include emojis in the iPhone’s keyboard that catapulted them into the mainstream, making them accessible to millions of users worldwide. Since then, emojis have transcended language barriers, allowing people from diverse cultures to express themselves more vividly and authentically in their digital conversations.

Emojis in Modern Communication

Emojis have gone beyond mere visual embellishments. They have become an essential part of our digital vocabulary, allowing us to convey emotions, thoughts, and ideas in a concise and universally understood manner. From expressing joy and love ❤️ to sadness and surprise, emojis enrich our conversations, making them more nuanced and engaging.

A New Era of Expression

In recent years, emojis have evolved to reflect the diversity and inclusivity of our global society. With a growing collection of skin tones, gender options, and representation of various cultures, emojis now offer a broader spectrum of expression, fostering a sense of belonging and empathy.

The Business Impact

Beyond personal communication, emojis have found their way into marketing campaigns, advertising, and branding strategies. Companies have realised the power of emojis in connecting with their audiences, creating a more relatable and authentic brand image. Emojis add a touch of playfulness, fostering positive customer engagement and enhancing brand loyalty.

Let’s Celebrate World Emoji Day

Today, let’s celebrate the extraordinary journey of emojis and their impact on modern communication. Take a moment to reflect on how emojis have enriched your digital conversations, brought a smile to your face, or helped you express yourself in a unique way. Spread the joy of emojis today and beyond.

Contact us to discuss clear and concise communication with your customers.