Snap Finance and Webio agree digital collections partnership

Consumer credit specialist Snap Finance has joined forces with conversational middleware company Webio to bring the latest in AI conversational technology to their customers and field service collections team.

Uniquely, Snap Finance is completing the customer collections process without the need for a customer site visit.  Not only are site visits reduced, but those customers who require a field agent, visiting times are shortened and the interaction more efficient.

Working with the Webio team, Webio chatbots were developed to manage early-stage outbound SMS messaging. This proactive outreach starts the customer conversation with a view to resolving the issue during a live messaging conversation or flagging the need for a site visit.

Snap Finance’s Head of Field Collections Jonathan Booker said “This is a departure from how we traditionally would engage with customers and is a first in the area of field collections. We are in the middle of a pilot campaign right now and all results are excellent so far. Using chatbot driven SMS messages, the initial engagement is agent-less.  Customers have the option to discuss and set up payment plans and fill out required forms over messaging, thus reducing the need for a field agent to call.”

“Our field collection agents are only now calling to customers they need to, but visits that are required are shorter and less costly. We have found that customers prefer interacting with us in this manner.  No more chasing them trying to get them on the phone, but rather a more subtle approach using messaging. And furthermore, using messaging we can demonstrate that we are fully compliant.”

Graham Bragg, Head of Business Development said “the Webio Conversational AI platform, is primarily used in the call centre scenario. Working with the Snap Finance team, we just got creative and thought how we could use conversational messaging in other ways.  So, this innovative application of our technology in the field is fantastic.  We love it and are delighted with the results so far”