Melbourne – [September 16, 2024] – SmartMeasures, a leading provider of AI-powered customer engagement solutions, is thrilled to announce the launch of its pioneering Debt Reduction solution in the US energy market. This groundbreaking technology harnesses the power of artificial intelligence (AI) and behavioural science to predict customer debt risk and proactively engage customers before their debt escalates.
"Each customer has a unique financial situation, energy usage patterns, and communication preferences. The solution provided by SmartMeasures, not only provides early identification of customers likely to fall into debt in the future, but it also determines the best behavioural strategy and treatment plan to assist each customer based on their individual circumstances". said Libby Dale, Co-Founder of SmartMeasures.
Helping customers in tough times
The key problem to be solved is initiating conversations early enough with vulnerable customers to provide support to help them. Without early prediction, it's difficult to provide the right support, have conversations, and engage customers at the right time.
Traditional debt collection methods miss the chance to intervene early. By the time collectors get involved, debts have already ballooned, and bad payment habits are hard to shake. Instead of helping customers get back on track, it's all about pressure and disconnection warnings, which just make things worse. This whole cycle leads to more missed payments and longer delays, which hurts both the customer and the company in the long run.
When a customer is under financial strain, the energy bill is often the first missed payment (according to a NAB survey https://www.theaustralian.com.au/nation/more-than-one-in-10-unable-to-pay-power-bills-nab-survey-reveals/news-story) which means energy retailers cannot safely rely on credit reporting agencies to alert them early. Rather than rely on credit reporting agencies, SmartMeasures helps energy retailers leverage their wealth of internal and non-financial data to intervene early. This proactive approach fosters stronger customer relationships and prevents missed payments, all while avoiding the stress associated with traditional late-stage collection tactics.
Acknowledging the inherent risks in deploying AI software, SmartMeasures offers its Debt Reduction solution as a managed service, which does not require software implementation. Thus, SmartMeasures minimises risk while maximising effectiveness and value for its clients.
You can read a Case Study on how a large Australian Energy Retailer is using this solution on our website https://smartmeasures.ai/case-studies/debt-case-study
Key Facts:
On September 16, 2024, Melbourne, SmartMeasures introduces its AI-powered Debt Reduction solution in the US, utilizing AI and behavioural science to proactively manage customer debt risk. Emphasising early intervention, co-founder Libby Dale highlights leveraging internal data over traditional credit reporting agencies for predicting early debt signs, particularly in the energy sector. The platform categorises at-risk customers for tailored communication, offering the solution as a managed service to enhance value and minimise risk.
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