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Best practices for chatbots in consumer finance

The Consumer Financial Protection Bureau has outlined their key concerns around using chatbots. Find out how to implement these new tools safely and efficiently with this guide from Tim Collins, Chief Compliance Officer.

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Written by Tim Collins

Last updated 7 August, 2023

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Best practices for chatbots in consumer finance The Consumer Financial Protection Bureau has outlined their key concerns around using chatbots. Find out how to implement these new tools safely and efficiently with this guide from Tim Collins, Chief Compliance Officer.

Choosing a debt collection partner that understands today's consumers In such a competitive environment, fintechs and buy now, pay later providers are laser focussed on innovation and growth, leaving little time to develop a collections strategy. Outsourcing can be an effective solution, as long as you know what to look for in a debt collections agency.

How to find a third-party debt collection agency that’s right for your business With thousands of collection agencies in the market, how do you decide who’s right for your business? Arguably more important, how do you know who’s right for your customers?

Introduction to InDebted and what we do How intelligent debt collection creates a better way to support businesses to get their customers back on track

Things to consider when scaling your business, and collections Seven essentials to successfully scale your collections across multiple markets

Using SMS and emails in collections in the US How to maximise collections and improve customer experience in a challenging economic environment

What are the benefits of outsourced third-party debt collection compared to in-house? See how internal collections compare to outsourcing to a third-party agency

What makes digital debt collection more effective Traditional debt collection has long struggled with its image. Today, organisations should consider a digital-first approach that centres around communication. Here we explore the key benefits of a modern, omnichannel approach to debt collection.

As the cost of living crisis deepens, debt collection that places customer-outcomes at its core is more vital than ever UK consumers are experiencing the highest inflation rate in 40 years, reaching a staggering 9% in June 2022. With the price of consumer goods continuing to rise and utility bills soaring amongst an unstable global climate, how are Brits really feeling about the future of their financial wellbeing?

Debt collection partner, or debt collection software? Deciding on whether to partner with a debt collection agency or use collection software depends on a few things. Read what’s essential to know when making the right choice for your business.

Navigating the debt collection software tipping point Operating expenses, recovery rates, and optimising your collections strategy

Unpacking the limitations of debt collection software Overdue accounts can quickly build, but at what point do you engage a debt collection agency or use a collections software? Before making the right decision for your business, consider the limitations of software and how the oversights can fast impact recovery potential.

How Reg F is an opportunity for businesses to improve customer experience Use Reg F as an opportunity to transform your collections and maximise recovery rates, with a customer-centric collections experience

3 tips for evaluating a Reg F compliant debt collection vendor Now that the rules have changed with the introduction of Regulation F, it’s essential to ensure your partner in debt recovery is modern, reputable, and perhaps most importantly, Reg F compliant.

Debt collection predictions for 2023 How to maximise collections and improve customer experience in a challenging economic environment

Debt collection software or debt collection agency? How to choose Not sure how to manage overdue accounts? Decide what’s best for your business.

Why business should care about their customers’ financial fitness Unfortunately, not all customers pay their debts on time and those that fall behind with one company, are often likely to be behind with others. But it’s in an organisation’s best interests to help get their customers back on track.

How InDebted offers a simple and seamless onboarding experience When you decide to partner with a debt collection agency, it's just the beginning of the relationship. Before you can begin referring accounts and outsourcing your debt collection, onboarding is the gateway. With intelligent debt collection, we keep the onboarding process simple and seamless.

Worry-free collections compliance driven by digital Meeting debt collection compliance requirements is less likely to be on the top of your organisation’s priority list, which is why most businesses outsource their collections. But, how do you make sure your collections partner has built-in compliance mechanisms, to protect your business and your customers?

Debt collection that puts customers first to drive commercial outcomes Focus on creating a positive collections experience to increase recoveries

How InDebted helps BNPLs fulfil domestic and global ambitions The buy now, pay later sector has expanded exponentially around the world. But this rapid growth has brought its own challenges, especially around how to deal with overdue accounts – and this is where intelligent debt collection comes in.

Why digital debt collection works at all stages of accounts Digital-first debt collection works of all stages of accounts, and consistently outperforms traditional approaches. Here’s why.

What is digital debt collection and why it works Digital debt collection is becoming more and more prevalent, but how is it different from traditional collections and how does it improve performance?

Why traditional debt collection doesn’t work Digital communication is the number one choice for the majority of customers. Debt collection should be no different, yet there are organisations who still use traditional collection methods. So, what are they missing?

Benefits of a seamless, digital approach to debt collection While businesses understand the importance of having a customer-centric approach, how many apply this to their debt collection processes - whether this is an initial internal process or one that is outsourced? Here we sum up the benefits of a digital-first approach to debt collection, and why it’s the only viable solution for today’s organisations.

Hanging up on traditional debt collection: How Reg F can improve communication in debt collection See how Regulation F is an opportunity for businesses to improve customer experience through better means of communication in the debt collection process.

Why debt collection needs to be a positive, supportive, human experience Customers and businesses struggling to meet their financial commitments are more likely to respond to debt collectors who provide a positive experience – which is why the future of debt collection is intelligent.

Digital debt collection: Returns without the risk The long-held stigma around debt collection has meant organisations often write off overdue debts rather than risk damaging their brand. But a digital-first model offers the potential for commercial returns without the risk.

Why the future of debt collection is digital-first and customer-led The relationship organisations have with their customers these days is very much a digital one – which is why a digital approach is vital also to successful collections.

Benefits of resolving with InDebted Finances aren’t always easy, but it’s easy to fall behind. Resolving your debt with InDebted is designed to be simple, seamless and supportive. Here are the benefits of working with us to get back on track.

Read about our results generated as the collections backbone for leading businesses

How Klarna integrates with InDebted as their preferred collections agency in multiple markets

How Klarna integrates with InDebted as their preferred collections agency in multiple markets How Klarna integrates with InDebted in Australia, Canada, New Zealand and the United States to support their customers with a better way to shop globally.

How InDebted’s intelligent collections outperformed a traditional agency by 40%

How InDebted’s intelligent collections outperformed a traditional agency by 40% How Cash Converters increased their liquidation rates by 40% using intelligent debt collection

Stay up to date with product releases, new developments, and future plans

How we use machine learning to create 20% higher email payment conversion rates Read about our latest machine learning model, the email scheduler and how it makes sure emails land at the perfect time Last updated July 17, 2023

We asked real people in debt what they wanted from a debt collector Read what real customers want from debt collectors and how we’re taking it forward Last updated July 17, 2023

Access visibility into your customers accounts’ performance with our new Portal feature Read about our latest client feature and how it enables real-time access into how accounts are performing, and more Last updated July 17, 2023

View InDebted’s commitment to security with our Vanta trust report Access InDebted’s Vanta trust report to see how we keep your business and customers safe Last updated July 17, 2023

Stay on top of our big news, announcements and recent media coverage

InDebted launches into the UK, finding that 2 in 3 Brits dealing with existing debt collectors experience “stressful” treatment

InDebted launches into the UK, finding that 2 in 3 Brits dealing with existing debt collectors experience “stressful” treatment Read findings from new research that highlights the impact of the broken debt collection industry in the UK on consumers

InDebted Secures $25M in Series B Funding

InDebted Secures $25M in Series B Funding Read how InDebted hit a funding milestone, to continue changing the world of consumer debt recovery for good

Consumer finance fintech InDebted named Australia’s best place to work

Consumer finance fintech InDebted named Australia’s best place to work Debt collector named as Australia’s best place to work

Digital debt collection agency InDebted arrives in the UK aiming to improve sector image

Digital debt collection agency InDebted arrives in the UK aiming to improve sector image Intelligent debt collector launches in the UK to create positive collection experiences for UK consumers

Disrupting debt collection in the UK with CSO Lachlan Heussler on the 11:FS podcast

Disrupting debt collection in the UK with CSO Lachlan Heussler on the 11:FS podcast Australian debt collector launches in the UK features on 11:FS podcast

Global Fintech Interview with Tim Collins, Chief Customer Officer at InDebted

Global Fintech Interview with Tim Collins, Chief Customer Officer at InDebted Debt collection trends and how technology can be used to improve the customer experience in collections

Two in three consumers find debt collections ‘stressful’

Two in three consumers find debt collections ‘stressful’ New UK debt collection research finds that 2 in 3 find debt collectors stressful

Why InDebted is Australia’s best place to work

Why InDebted is Australia’s best place to work InDebted named as Australia’s best place to work by Australian Financial Review

We've been different from the start. Read why, directly from our people

Changing the debt collection industry for good, one positive experience at a time

Changing the debt collection industry for good, one positive experience at a time Read why 2,000 customers rate InDebted as the top collections agency in the world

Reflecting on 20 years in the collections industry and embracing a new chapter

Reflecting on 20 years in the collections industry and embracing a new chapter With almost two decades of experience, read Tracy Glen’s reflections on her time in collections and where the industry is headed

Taking the shame out of debt and putting the human back in

Taking the shame out of debt and putting the human back in Read why 2,000 customers rate InDebted as the top collections agency in the world

How Josh Stephens champions climate change action in the workplace

How Josh Stephens champions climate change action in the workplace Read how Josh brought his passion for the environment into InDebted