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Debt collection

16
Mar
Customer Stories  ·  Voice AI Technology
Link Net doubles its customer outreach with WIZ Talkbots

 

Link Net has been providing Indonesians with internet connectivity and home entertainment for over 20 years under the First Media, i-solution, and Link Net brands. It currently serves 2.8 million homes across 23 cities in Indonesia. Keeping track of all those accounts – especially when they fall past due – is a whole operation in itself.

“Previously, we used SMS for billing, which then was supplemented with outbound calls,” begins Pak Ikhsan Kurniawan, Head of Printing and Collection Department at Link Net. “We gradually moved to email and now, we also use WhatsApp. We also tried smart IVR but it turned out not to be suitable for overdue payments. So we stopped using IVR because it did not bring results.”

Link Net also struggled with capacity planning for its outbound calls for collections. When the telephone collections team is experiencing a manpower shortage, the company would temporarily reassign people from other departments to help manage the load. This disrupted day-to-day work and workload management. Link Net realized it needed a more effective way to follow-up with overdue accounts, and started exploring options.

Going beyond one-way conversations

“We liked WIZ’s solution because it was a two-way interaction, not like IVR which is very limited,” shares Pak Ikhsan. “It also helped us with workload balancing. If someone from telecollections takes maternity leave, we can immediately add more bots to fill the gap.” 

The solution brought tangible results. “When we tried the WIZ solution, our results improved, especially in the connection rate,” shares Pak Herri Dwi Prasetyo, MIS Leader of Collection & Recovery Department at Link Net. “The connection rate for human agents was 25 percent but with the Talkbot, it increased to almost 50 percent.” The use of Talkbots also freed up human agents from many of the easy, repetitive tasks. It also reduced the call load for human agents by half. “This gave our agents more time to focus on retaining customers and handling more complex complaints. The use of the bot made the role of human agents more strategic,” Pak Herri adds. 

“Talkbots are the best collection strategy we have implemented so far,” confirms Pak Ikhsan.

"We stopped using IVR because it did not bring results. Talkbots are the best collection strategy we have implemented so far."

– Pak Ikhsan Kurniawan, Head of Printing and Collection Department at Link Net

An exceptional user experience

When talking about their experience with WIZ, Pak Herri has good things to say. “The application itself is very user-friendly and has a good validation system,” he begins. “For example, if someone tries to upload the same number twice, the system will immediately eliminate one of them.”

Working with the WIZ team has also been positive. “All the WIZ team members are so supportive and helpful,” Pak Herri continues. “Whatever we need, the escalation process is so fast. As an end-user, it is very helpful to know that everything is processed quickly and all team members are contactable.”

For Link Net’s customers, the change in strategy was barely noticeable. “99% of customers do not realize that they are contacted by a robot,” says Pak Ikhsan. “Out of 20,000 contacted, only 10 complained about being called by a bot. When that happens, we exclude the specific customers from the next Talkbot call database.”

"All the WIZ team members are so supportive and helpful. Whatever we need, the escalation process is so fast. As an end-user, it is very helpful to know that everything is processed quickly and all team members are contactable."

– Pak Herri Dwi Prasetyo, MIS Leader of Collection & Recovery Department at Link Net

A new way too retain old customers

With the success of the new collection strategy, Link Net was keen to try the Talkbot in other scenarios. The company decided to try automating customer retention or recontracting. Together with the WIZ team, Link Net created a new script for contacting customers who were recently lost, like those who have not paid for their subscriptions in three months. “The contact rate for this category of customers is lower,” explains Pak Ikhsan. “We hope that with the new retention script, we can win back customers by offering promotions.” 

It’s still early days in the customer retention campaign and results are still to be seen. The team is currently refining the script based on feedback, in order to get the right message across.

Pushing the limits of automation and analytics

Link Net wants to set more stringent standards for their debt collection processes in the future. “We are heading towards digitization, everything must be automated,” begins Pak Ikhsan. “If someone defaults or misses a payment, they should be called automatically. Everything should already be automated, including redials. Then the results can be updated in real-time on the Link Net system.”

For Pak Herri, data is the secret ingredient to ongoing and future success. “We expect in the future we can download the transcript of the conversation directly from the system,” he says. “With this feature, we can use all information to gain feedback and complaints from customers. So when a human agent conducts a follow-up call to a certain customer, they will immediately know what the customer complained about. We will have the customer history and can give a seamless experience.” 

The collections team was so satisfied with the WIZ Talkbot that it recommended the solution to Link Net’s sales team, for customer onboarding. “We never contacted these type of customers before,” confesses Pak Ikhsan. “This is something we will explore and discuss further with the WIZ Team.”

Wondering how voice AI automation can improve your business results? Speak to one of our specialists today.
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29
Dec
Talkbot Basics  ·  Voice AI Technology
How AI can boost results in debt collection
Jennifer Zhang

Jennifer Zhang

CEO & Co-Founder

For many companies that need to conduct payment collections, resolving accounts that are past due is one of the trickiest parts of the business. Many of these customers are hard to contact, and once contacted, getting commitment to settle dues is another hurdle. Fortunately, conversational voice AI can help.

Harnessing the power of AI technology for debt collection

Artificial intelligence can be used in the debt collection process in a number of ways. First, AI can be used to automate manual processes like transcribing calls and categorizing customers based on their willingness to pay. These two tasks alone provide companies greater control over their debt collection processes because of the wealth of data that gets collected. Automatic transcription of calls transforms unstructured voice data into structured data. With it, enterprises can now do more detailed data analytics of their customer interactions. Those tasked with debt collection can gain a better understanding of risk behavior and improve collection tactics, moving from a reactive position into a more proactive one.

Loan provider gets more payment commitments with voice AI calls

This example features a finance company that provides loans and similar products to consumers. One of its biggest challenges is reaching accounts that are past due and making sure that commitment to payments are made. This often requires persistent outreach and multiple calls, which take a lot of time and effort for human agents. By switching to an AI-powered agent, the company was able to ramp up its call intensity proportionally to the account’s days past due.

call intensity 1-day, 2-day, and 3-day past due customers

With artificial intelligence, the company was able to call customers with overdue payments more consistently and with greater frequency. This resulted in obtaining “promise to pay” commitments from more customers – up to 60% for accounts that are three days past due.

Traditional bank gets clearer picture of consumer credit portfolio

In this second example, a large regional bank decided to deploy voice Talkbots for their credit collection operations. With each call, the AI engine records outcomes and tags customers accordingly.

The first layer of tags involve the call status – whether the customer was contacted or if the call failed to connect. Once the call connects and the Talkbot is able to speak with the customer, the AI engine then identifies whether or not the customer is willing to pay. If agreement is obtained, the AI agent then secures a payment date within a three-day window and records the response.

Having collections information structured in this manner enables the bank to see just how many of their delinquent accounts were willing to pay, and how soon. With this information, the bank is able to forecast its cashflows more accurately and update its collections strategy more proactively.

Fintech company gets record results in three-day collections campaign

This final example involves a non-traditional financial services provider that undertook a three-day call campaign for uncollected payments. Utilizing voice AI Talkbots, the fintech company was able to reach almost half of its customer database. Over 300,000 calls were made across a three-day period, obtaining payment commitments from two-thirds of customers that had overdue accounts. 

Of those that had committed to pay, over half promised to settle their dues within the day. Almost a fifth committed to pay the next day, bringing committed payments to 71% within a 48-hour window.

Getting ahead of back payments with artificial intelligence

AI powered much of the success of the above examples – artificial intelligence is what enabled companies to undertake the huge volume of calls to customers. And thanks to well-designed scripts, these companies were able to obtain payment commitments that previously eluded them. Results can be seen even in a short three-day campaign.
Are you looking to improve the outcomes of your debt collection activities? See how our voice AI Talkbots can help by booking a demo with us today.
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14
Dec
Customer Stories  ·  Voice AI Technology
JAGADIRI achieves 5.3x higher cost efficiency with WIZ Talkbots
illustrate better return-on-investment

JAGADIRI works to protect the aspirations of its many Indonesian customers under the umbrella of PT Central Asia Financial (CAF). JAGADIRI provides life insurance, accident, and health insurance through digital marketing, telemarketing, and direct marketing channels.

“The thing with insurance is that it’s not like banking,” began Ibu Fitriah Betan, Head of Customer Experience at JAGADIRI. “As an insurance provider, JAGADIRI needs to make premium reminder calls to existing customers and continue providing service even up to 90 days past due.” Because the actual need for insurance happens in urgent situations, and the company does all it can to keep customers protected. On their part, customers need to pay their premiums promptly, in order to ensure that their policy remains active and can cater to unexpected incidents.

Creating a consistent customer experience with conversational voice AI

The need to ensure continuous coverage is why JAGADIRI puts a lot of effort into premium payment reminders. But the challenge is timing. Contacting customers for premium reminders can be tricky, as customers may be busy with their activities during the day. Another factor lies in the personal nature of the interaction – the mood of the agent or the way he or she communicates varies from one call to another. JAGADIRI wanted a more consistent way of engaging with its customer base, and ensure that these customers remain with the brand. 

In June 2022, JAGADIRI decided to transition its premium reminder calls to the WIZ.AI Talkbot. The implementation was done in phases; by September 2022, all premium reminder calls were automated. The results spoke for themselves. “Before Talkbot, we get less than 10 percent of connected calls for premium reminders. Now we get, on average, around 50 percent,” explains Ibu Fitriah. Talkbots are also 5.3x more cost-efficient than using human agents; the cost ratio for Talkbots is 6 percent, compared to 32 percent for agents. 

Using WIZ.AI’s solutions brought very tangible results in our premium reminder deployment. Before Talkbot, our agents get less than 10 percent of connected calls. Now we get, on average, around 50 percent.

– Ibu Fitriah Betan, Head of Customer Experience at JAGADIRI Tweet

An evolving partnership based on two-way communication

Beyond the results, JAGADIRI loves that WIZ.AI regularly checks on how the Talkbot is working, and provides recommendations on how to optimize the AI solution. From sales to project management to customer success and even customer experience, the WIZ.AI team was ready to help JAGADIRI make the most of its Talkbot. “WIZ.AI CX Designers help us refine our strategy by improving the scripts based on the data we get,” shares Ibu Fitriah. “There’s excellent two-way communication between us and the WIZ team. WIZ continually suggests how to update the Talkbots and implementing the suggestions improves our results.”

With the success of automated premium reminders, JAGADIRI is now looking to deploy the WIZ.AI Talkbot for more use cases. As of this writing, the team is developing debt collection scripts for due and overdue accounts. JAGADIRI is also planning to deploy Talkbots for Welcome Calls to new customers. “Talkbot has made contacting our customers much easier for the CX team,” concludes Ibu Fitriah.

The best thing about our experience is that WIZ.AI CX Designers are always helping us refine our strategy. There’s excellent two-way communication between us and the WIZ team. WIZ continually suggests how to improve the performance of the Talkbots and implementing the suggestions improves our results.

– Ibu Fitriah Betan, Head of Customer Experience at JAGADIRI Tweet
To find out how you can leverage voice AI for your customer engagements, speak to one of our specialists today.
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