The growth of AI has played a major role in chat functions, creating workflows and automations that can guide a customer without any manual activity on the finance company’s end, based on pre-determined triggers. Customers can get an instant response that has the genuine feel of a human interaction.

Here is why companies are keeping an eye on live chat functions in the collections process:

Suited to the younger population
WhatsApp is most popular with 26-35-year-olds, closely followed by 15-25-year-olds. Using a channel that customers are comfortable with helps build trust and familiarity.

Secure messaging
End-to-end encryption is essential for finance customers. WhatsApp provides extensive security that ensures customer data is safe.

Option to personalise messaging
With the possibility of multiple workflows and conversations, adding personalisation can be a great way to build a human feel. WhatsApp provides the option to personalise, provided you can integrate the software with your CRM.

Increased efficiency and cost savings
The ability to create multiple workflows and conversations helps save time and money. Gone are the days of manual inputs; live chat can do it all for you. Save on cost and time, ensuring customers quickly get answers to their questions.

A comfortable space for customers
Traditional methods like phone calls can put customers in uncomfortable positions, making them feel rushed to answer or complete tasks. Live chat takes all of this away. Customers can dictate the speed of the conversation, and instant replies via bots ensure that no time is wasted awaiting a reply. In an evolving space that looks to give more power back to customers, live chat allows them to go at their own pace.

AI has already transcended the industry, and live chat is just another example of machine-powered potential. For finance companies looking to increase efficiency and save on costs without compromising the customer journey, WhatsApp and other live chat functions are a no-brainer.

The ability to process conversations and give instant replies without human interaction, plus tailored paths that customers can control, makes live chat a solid tool to transform the collections process.