Podcast ¦ Credit Shift: From SMS to Rich Conversations Exploring RBM in Debt Collection

Key Takeaways

1. The shift from SMS to Rich Business Messaging (RBM) represents a significant evolution in communication channels, particularly for debt collections.

2. RBM introduces a branded messaging experience, enhancing trust and engagement in payment conversations.

3. Users no longer need separate apps to access RBM, as it operates within existing messaging interfaces on smartphones.

4. The built-in fallback to SMS ensures that messages reach customers even on older devices or systems that do not support RBM.

5. Engagement rates are expected to increase significantly due to the cleared branding and recognizable identifiers associated with RBM messages.

6. RBM offers enhanced security through end-to-end encryption, reducing the risks associated with unsecured SMS communications.

7. The implementation timeline for RBM approval is relatively short, typically taking about 10 days to two weeks.

8. It provides a versatile communication platform that can handle various messaging formats, including one-way notifications and two-way conversations.

9. RBM’s pricing model is favorable, as the cost for a 1000-character RBM message is comparable to just two SMS messages.

10. The compliance process for utilizing RBM is more streamlined compared to platforms like WhatsApp, allowing for quicker adoption.

11. RBM is anticipated to experience high adoption rates, particularly as organizations seek to improve customer experience and communication efficacy.

12. All existing functionalities available for SMS and WhatsApp through the Webio platform will remain intact with RBM integration.

Key Statistics

• About 30-35% of all web searches on mobile are performed using voice AI tools like Siri.

• The RBM message can reach up to 1000 characters, significantly more than the 160-character limit of SMS.

• RBM provides a read receipt, which is not available in standard SMS messaging.

Key Discussion Points

1. The evolution from SMS to RBM represents a major shift in how businesses interact with customers.

2. The ability for businesses to send messages under a registered name enhances trust and recognition for recipients.

3. RBM aims to solve the issue of consumer reluctance to engage with unknown numbers, especially in sensitive situations like debt collection.

4. Engagement doubles or triples when branding is included in communications, emphasizing the importance of recognizable messaging.

5. RBM’s multi-channel functionality simplifies the communication process without the need for additional downloads.

6. The fallback to SMS ensures communication continuity, capturing a wider audience despite technological limitations.

7. Brand logos can enhance the credibility of messages sent via RBM, further increasing the likelihood of engagement.

8. Security features, such as end-to-end encryption, mitigate non-compliance risks and protect customer data.

9. The messaging cost for RBM is competitive with SMS, creating an economic incentive for organizations to adopt the new service.

10. The quicker implementation and less stringent compliance hurdles facilitate faster rollout of RBM compared to competing platforms.

11. Organizations are encouraged to explore RBM as an opportunity to enhance operational efficiencies in customer communication.

12. The podcast anticipates a significant rise in the utilization of RBM by the year 2025, driven by consumer behaviors and technological advancements.

Podcast Description

This episode of Credit Shift focuses on the transition from traditional SMS to Rich Business Messaging (RBM) and its implications for debt collection and customer communication. Hosts Mark Opperman and Graham Bragg delve into the features, benefits, and strategic advantages of RBM, highlighting how this innovative messaging channel enhances engagement, trust, and security in financial communications. With a look at the shift in consumer behavior and technology, the discussion underscores the potential for high adoption rates in the near future. The podcast serves as a resource for financial services executives looking to leverage new messaging technologies for improved customer experiences.