From SMS to Rich Conversations: Exploring RBM in Debt Collection
In this episode of Credit Shift, Mark Oppermann and Graham Bragg dive into the move from traditional SMS to Rich Business Messaging (RBM) — and why it’s a big deal for debt collection and business communication.They chat about how messaging has evolved, what makes RBM stand out, and why branding and trust matter more than ever in customer conversations. From richer content and better engagement to improved security and cost-effectiveness, this episode breaks down the real-world impact of RBM and why it's something every business should be thinking about.Whether you’re in collections, customer service, or just trying to stay ahead of the messaging curve, this one’s worth a listen.Key TakeawaysThe shift from SMS to RBM represents a significant evolution in messaging.RBM allows for richer content and branding in business communications.Every modern smartphone supports RBM, making it widely accessible.RBM messages can include company branding, enhancing trust and recognition.Higher engagement rates are observed with branded messages compared to unbranded ones.RBM provides read receipts, offering insights into message engagement.The cost of RBM is comparable to SMS, making it a cost-effective solution.Security is enhanced with RBM, as messages are end-to-end encrypted.The adoption of RBM is expected to grow rapidly in the coming years.Businesses can leverage RBM for various applications beyond debt collection.KeywordsCredit Shift, SMS, RBM, Rich Business Messaging, Digital Transformation, Debt Collection, Communication Strategies, Customer Engagement, Branding, Security
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21:17
The Overlooked Potential of SMS in Debt Collection
In this episode of Credit Shift, Mark Oppermann and Graham Bragg chat about the often overlooked power of SMS in digital debt collection and customer engagement. While it might be one of the older technologies in the mix, SMS still has loads to offer – and many businesses aren't using it to its full potential.They dig into how personalisation, automation, and AI can take SMS beyond the basics, helping businesses create smarter, more effective conversations. There’s also a reminder that compliance is key when it comes to messaging strategies.With its broad reach and low costs, SMS remains a seriously effective tool, especially for the debt collection industry. Mark and Graham wrap up by sharing what’s next for SMS, including rich business messaging and other exciting updates on the horizon.Key TakeawaysSMS is still one of the most underused channels for customer engagement.Younger generations? They’d much rather get a message than answer a phone call.Adding a personal touch to your SMS can make a big difference in how people respond.Automation helps keep those conversations flowing smoothly without adding extra work.AI can take SMS to the next level—making it smarter and keeping things compliant.It’s affordable, easy to use, and works on pretty much any mobile phone.People aren’t as fed up with SMS as they once were—message fatigue has really eased off.Hooking SMS up to your backend systems makes for a much smoother customer journey.Real-time messaging means customers get what they need, right when they need it.And looking ahead? Rich business messaging is set to make SMS even more powerful.
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26:13
Choosing the Right AI for Debt Collections: Custom Language Models vs. Large Language Models
In this episode of Credit Shift, we dive into the world of AI in debt collection. They break down the key differences between custom language models and large language models, tackling the big question—why does it matter? The conversation gets into the challenges of using AI in regulated industries, the importance of truly understanding customer intent, and where AI is headed in customer interactions. We also chat about why one-size-fits-all AI doesn’t cut it in debt collection and how tailored solutions can boost efficiency and compliance. Key Takeaways:Custom language models are built for specific industries, making them more accurate and reliable.Large language models can sometimes miss the mark, generating irrelevant or incorrect responses.AI improves customer interactions by recognizing intent and understanding context.Industry-specific training is essential to ensure AI provides meaningful and compliant responses.AI hallucinations can be risky, especially in finance, where accuracy is critical.Recognsing customer vulnerabilities is key to ethical and effective debt collection.AI isn’t a magic fix—it’s a tool that needs the right setup and oversight.The future of AI includes smarter features like conversational summaries and co-pilot assistance.Tailored AI models can dramatically cut down failed conversations in debt collection.KeywordsAI, debt collection, custom language models, large language models, digital transformation, finance, generative AI, digital debt collection, NLP, complianceWatch On YouTubehttps://youtu.be/rqjK9lhXFSM
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19:49
AI and Digital Debt Collection in 2025
In this episode of Credit Shift, Mark Oppermann and Graham Bragg discuss the future of AI in digital debt collection, focusing on the advancements expected by 2025. They explore the lessons learned from 2024, the role of AI in enhancing customer experience, and the importance of understanding AI's capabilities and limitations. The conversation also delves into the impact of conversational summaries and co-pilots, navigating compliance and vulnerability detection, and the overall future of AI in the industry.This episode refers to the webinar that goes into more detail on AI and Digital Debt Collection in 2025. To Watch Webinar On-Demand https://www.webio.com/webinar/winning-in-2025-ai-digital-debt-collection-strategies-that-workTakeawaysThe use of custom language models is essential in debt collection.AI can significantly increase the number of conversations handled by agents.AI will enhance sentiment analysis in conversations.Customers prefer digital channels when interactions are well-designed, leading to higher engagement & better payment outcomes.The focus should be on improving customer experience through AI.Automation will lead to more personalised customer journeys.AI is not a replacement for agents but a tool to assist them.Understanding AI's limitations is crucial for effective implementation.Conversational summaries will improve agent efficiency.Compliance and vulnerability detection are key concerns in AI deployment.Businesses should build AI in layers – start simple, measure success, and scale gradually to avoid costly mistakes.KeywordsAI, digital debt collection, digital transformation, customer experience, conversational AI, compliance, vulnerability detection, automation, sentiment analysis, technology trends
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23:41
News Update: AI, Fraud, and Consumer Protection: Addressing the Credit Industry's Biggest Challenges
In this episode of Credit Shift News, Paul Sweeney and Cormac O'Neill discuss the latest trends and challenges in the credit industry, focusing on scams, consumer protection, cybersecurity, council tax collection, AI adoption in financial services, and the evolving landscape of fraud. They highlight the importance of security and compliance in financial institutions and the need for innovative approaches to tackle these issues effectively.TakeawaysScam victims are gaining new protections with reimbursement arrangements.The rise in customer complaints in utility companies indicates a need for better service.Cybersecurity is a critical concern for all companies, especially in finance.Council tax collection processes need a radical overhaul to be more consumer-friendly.AI adoption in finance is rapidly increasing, with significant implications for the industry.Fraudsters are increasingly using social engineering tactics to manipulate individuals.The majority of authorized fraud cases are originating from social media platforms.Consumers must be vigilant and aware of the latest scams and fraud tactics.Financial institutions are under pressure to enhance their fraud prevention measures.The future of finance may involve more autonomous systems driven by AI.
Welcome to Credit Shift, the podcast that dives into the challenges and opportunities, tools, and strategies shaping the world of credit, digital debt collection, and digital transformation. Brought to you by Webio.com, Credit Shift explores key industry trends and innovations, featuring insights from Webio experts and industry leaders. Whether you're navigating AI in collections, customer engagement strategies, or the future of digital debt collection, this podcast is your go-to resource for staying ahead.
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