Credit, Collections & Insolvency News
Would you speak to a stranger about your financial situation? Would you discuss your salary, how much you owe, and the amount of disposable income you possess? No? Can’t say I blame you – I wouldn’t either.
However, if you’re in the business of debt management, you’re asking people to do this every day.
The fact people are so against talking about debt should surprise no-one. One study, published in the Independent, revealed the majority of Brits feel it’s easier to discuss topics such as mental health and infertility than money.
This could be because more than 50% of respondents to the research believed they would be judged when discussing personal issues. Similarly, 20% of those asked don’t think the topic of salary is an acceptable conversation to have in social settings.
When someone is struggling with debt, we’re asking them to take a leap and trust a stranger. As anyone who has helped these people knows, the conversation can be difficult.
Really, it’s a courageous act which should be commended. Still, for every person who makes that jump you can almost bet they’ll be two or three who want to take care of their debts – but aren’t ready to discuss the matter yet.
Previously, it’s been reported that – when someone struggles with their debts – they’ll take up to a year before reaching out for support.
That’s hundreds of missed customers and conversions – all because a phone call is deemed too intimidating.
We’re in the age of automation – Can we automate a customer’s debt help journey?
Of course, the above is a generalisation. There will be many reasons why someone doesn’t want to talk about debt. From the fear of being judged and worries about loved ones finding out, to it just not being a suitable time.
However, we almost have a responsibility to our customers to make the debt journey as accessible as possible. If that phone conversion with another person is too intimidating, we should strive to help remove their anxieties.
Here are a few ways we may be able to do that:
Artificial intelligence and machine learning
The idea of having a human-like conversation with a robot has long been the domain of science fiction. Not anymore.
That was the Google Assistant booking a haircut. From the vocal tics to the seamless interaction between the human and artificial components, you wouldn’t have known it was a robot unless it was stated otherwise.
The scary part – that happened two years ago.
Artificial intelligence has reached a point where interactions are highly accurate. Even when it makes a mistake, machine learning should ensure the robot learns from its errors and improves.
Chatbots
Chatbots can be considered a lite version of artificial intelligence. They can already be seen across numerous websites and are typically used to handle simple interactions.
For example, if a customer telephoned a call centre because they wanted their account number, this uses up valuable operator time. A well-programmed chatbot though could easily handle this issue.
However, chatbots aren’t great when it comes to handling multiple queries – or those which haven’t been programmed yet. In this situation, a combined chatbot and advisor approach could still speed up customer interactions.
Process automation
Process automation is designed to take those jobs which are monotonous and train a robot to do it. For example, when confirming customer details, the client will only usually need to respond with answers which already exist in a database.
For the advisor, this process can be extremely boring and will usually involve confirmations on name, date of birth, address, email address, and other identifying details. This is a simple process which a robot could take care of.
Hypothetically, this could be used to pre-approve financial products. If a person fills in an online application form for a debt consolidation loan, process automation could double-check the person’s details, credit score, amount they wish to borrow, repayment periods etc, and then pass it over to an advisor to determine the client’s suitability.
Confirmation could be delivered via email or text message.
Will call centre jobs be automated in the future?
The Institute for Public Policy Research estimates around 44% of jobs in the UK could realistically be automated – and this could happen within 10 to 20 years. Of those most likely to be affected, it’s believed call-centre workers, secretaries, and factory workers would bear the brunt.
The benefits of automation are obvious – artificial intelligence can work 24 hours a day and seven days a week. Furthermore, whereas training a debt advisor could take weeks, it’s feasible we could program a robot in a matter of seconds.
Should someone want to keep their debt problems to themselves, automation allows us to do that – while still giving them the support they need.
We need to talk to people – for legal reasons
One popular argument against automation is that customers need to be spoken to for legal reasons. When setting up an IVA (Individual voluntary agreement) for example, it is a legal requirement for the drafter to have a SIP3 call with the client. This conversation is designed to help the drafter become familiar with the applicant’s circumstances.
However, does the SIP3 call really need to be ‘a call’? Does it need human involvement at all? Is it possible to become familiar with a person’s circumstances without actually speaking to them? These are uncharted waters but, ultimately, this is just another problem to solve. The idea of us not being able to find a solution is simply absurd.
What if a customer wants to talk to a human?
Automating debt help isn’t a solution that is right for everyone. Although artificial intelligence can remove the stress from talking to a person, many will still prefer the warmth and empathy of human interaction.
After all, should all call centres suddenly go autonomous, there would be nothing to differentiate organisations apart. Humans are still vital to customer experience – and will ultimately make a brand what it is.
It’s almost certain though that within a few years, artificial intelligence will become more prevalent in our everyday lives. If Google’s demo is anything to go by, it’s feasible that robots will be speaking with robots to handle the tasks which we don’t have time for.
It’s possible, therefore, that customers will automate before we do. Eventually, an advisor may set up a debt solution for someone they think is a person – but is actually a robot acting on behalf of that individual.
Just food for thought there…
