Last week I descended into the rabbit hole of Generative AI, with ChatGPT. It really is very compelling and impressive.

Need an essay on predictive dialling… no problem… how about an article on why predictive dialling is being replaced by SMS contact…. in the style of Shakespeare… it is all there…

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Shakespeare: Dialers vs SMS

Ah, predictive diallers, once the beacons of communication
But now, alas, they face obsolescence and their downfall’s culmination
For SMS, the newer technology, doth reign supreme
Leaving the old diallers to gather dust, a forgotten dream

Gone are the days of endless ringing, a pestilence to the ear
Now, a simple notification doth bring the message clear
No longer doth one have to wait for a call that may come late
SMS doth allow for replies at one’s own pace, a trait most great

But why doth SMS surpass the predictive diallers of yore?
Perhaps it is the speed, or the ease of use, or something more?
Surely it is all of these and more, for SMS doth reign
Leaving the diallers in the past, a fading memory, a mere refrain

So farewell, predictive diallers, we bid you adieu
SMS doth rule the communication world, a newer way that’s true
Gone are the days of endless ringing, a thing of the past
SMS doth reign supreme, a technology that’s built to last.

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It feels as if all of this has huge implications for media and content. Suddenly it becomes easy to fill the page, generate content, compose music or write lyrics… and content that by everyday standards is perfectly acceptable and created at speed.

It is plausible that we are very near to interacting with computers in a much more human way, on a regular basis and at massive scale, without even realising it… this could be a watershed moment…. and mixed with the metaverse, VR suddenly it becomes much more realistic and accessible.

Computer small talk

But, looking more carefully and as clever as it is, it is also generative.

For example, I can ask it to write why diallers are better than SMS, or SMS are better than diallers and it will give me an answer every time.

No opinion or recommendation, no smart turn of phrase or juxtaposition or ideas, just content perfectly generated from the starting conditions.

And, whilst the output is competent, it can easily also be banal, following accepted patterns. The computer equivalent of small talk if you will.

This is good news… we humans are still needed… providing the spark of creativity, deciding topics, and how they are linked together.

Creativity is also hard

And, the fact we find this content so readily acceptable, could actually be a comment on much of what we see today… and with the internet we are awash with it, so much we have termed the phrase, information overload.

To meet this demand, how much of our time, today is spent filling the page, churning the handle vs generating really new and creative ideas? Does it really add value, and where it does not, maybe we should let the computer take the strain.

So this could be a watershed moment in another sense.

It could be an opportunity, freeing us from generating content and allowing us to create content instead? Quality rather than volume… less really could be more.

Have a good week and happy holidays, everyone.

With the nights drawing in a new TV season is upon us. There have been some great new series released; The Crown, Andor and of course, the finale of I’m A Celebrity, Get Me Out of Here (don’t ask… ).

Yet with this new raft of entertainment also comes the specter of binge-watching TV.

Getting sucked in

It is all too easy to lose an evening watching a TV series. They seem to have really mastered the formula for compelling viewing… just one more episode, you say, only to turn around at 12:30 am to wonder just where the evening has gone and what exactly has been achieved (apart from learning more about N-S9 Starpath Units!).

It is a problem.

On sitting down you are of course looking forward to the episode, wondering what will happen and how will they resolve the situation from the end of the last episode… for it to be only set up again with a new cliffhanger… you are compelled to keep watching… go on just one more.. this is how you lose an entire evening!

A solution

But, I have a strategy! It is my 50-50 watching strategy, a solution to regain back control.

The realization was that you really do not have to watch an entire episode to the end… I can actually stop halfway through… it will be there tomorrow as it is not live TV (yes, it was a real thing, pre-VHS in the ’70s and ’80s and clearly engrained in my brain)!

By watching midpoint to midpoint, I found I can break the cycle. It means you get to watch both story cliffhanger and resolution each time, finish satisfied and avoid the next episode setup. If they have very episodic stories, for the most part, it works a treat.

Story arcs – for TV

All of this got me thinking about series, plots, and in particular their story arcs. Most series, it seems, are written with multiple arcs;

• One within the episode itself – it has a start, an end, fulfilling in itself
• One across multiple episodes – this is what compels us to watch the next episode
• One across the season – An underlying story that keeps us engaged across the season
• One across the entire series – a wider story arc tying it all together into a bigger narrative.

We all know of shows which have been wildly popular, yet run out of road, yet others just keep on going.

A series can survive episode to episode, or even for a season, without a longer story arc. But to be really successful all elements are needed, to keep you engaged and coming back for more.

Story arcs – for life and work

And, much of this is an analogy for our own lives, careers and businesses too. We all have our narratives and story arcs ourselves…

• Short ones: the mystery of what’s for lunch, taking a break and how to relax
• Medium ones: looking forward to events and conferences, holidays, striving to meet your annual goals or targets
• Long-term: Completing qualifications, buying a house, building a family, owning a business, international expansion
• Longest term: Lifetime achievements

And, we all play leading, A-lister, roles in these stories too.

Why this is important

Yet with the end of the pandemic, changes to the economy, the energy market, and international unrest, it does feel as if we are at a moment where multi-story arcs are finishing.

Of course, there are still things to look forward to, but they are short or medium-term, long term is seemingly harder at the moment, in such an uncertain world.

Yet, as we have seen from the world of TV, having those longer-term plans is so important. They keep us engaged, interested and motivated, striving to do more. We need to create a compelling series for our lives and businesses, not just to survive for another season, but to thrive to the end of the entire series.

So, despite the uncertainty, it feels like maybe it is time to put pen to paper to create some new storylines, plot new ways of doing things and refresh the longer-term outlook… after all what is the wider story you want to tell and your business achieve?

And, the good news… this is something you can do in front of TV…!

Have a good week everyone.

Last week was the Credit Connect Think Tank, now live again in Manchester.

It is always great to be at these events and is especially refreshing when there are new topics to cover.

This year was no different and being the day of the autumn statement there was definitely some nervous anticipation about what it may bring.

In the end, the chancellor’s statement was well-briefed and largely as expected. Both the market and industry reaction, therefore, seemed relatively calm… and somewhat predictable… it was all very reassuring I thought, which was positive (especially in comparison to what happened last time in the mini-budget).

It’s not raining, but economic clouds are building

Industry-wise there was however not much reassurance mind you.

Everyone still seems to be expecting hard times ahead… energy prices, mortgage payment increases, inflation and food inflation… it is all doom and gloom… with the odd shaft of light such as low unemployment rates.

However, and this is the surprise, across the sector we are still not seeing increased levels of arrears…and reportedly no-one is really seeing these to any great degree yet. Banking, Credit Cards, Motor Finance and also in areas such as debt collections and utilities, are all seeing a similar pattern.

Customers are clearly worried thought (and calling providers in customer care), but, by and large it appears we are still waiting for this to hit the collections process… The question now is whether pressure building, like pressure behind a damn and pressure that can break at once… a scary thought indeed… something we need to get ready for…

Where will we see impacts?

Obviously, there is already focus on those that are struggling, younger and older alike. However much of the discussion on the day focused on what is expected to be a new cohort of customers entering collections.

Many of these customers may have been managing just fine last year, but now with energy, mortgage, car payments, and food prices all increasing will be starting to find it hard to stay ahead financially, and this will be a new experience… many will never have been in Collections before.

Engaging these customers need to be a priority too.

With many still habouring preconceptions of the collections industry, this group, in particular, may need special attention (strategies) to help them get comfortable with getting support when they need it. (there is also a wider discussion around a wider branding and marketing for the collections sector… but for another time). Something to think through.

Pre-arrears

One solution proposed was to focus on pre-arrears volumes. Building relationships with customers now will be invaluable for all parties should they fall into arrears later.

To do this borrowing strategies from marketing can be effective. Contact priming, testing and learning can all be helpful in getting in contact.

And, once in contact… what you say then is also important… to help them take action to make things better.

Make sure any message is relatable, in language and terms the customer understands can be critica and ensuring you have a diverse workforce, with backgrounds that reflect your customer base was a really good suggestion to help here.

New ways of working coming up?

So with 2023 expecting to be a troubled year, we also wanted to look forward, more optimistically, to the future and what comes next.

Of course, in any adversity also comes the need for new ways of working, and with that need comes opportunity and new solutions. It is likely that this will happen too, so eyes and ears open.

Looking forward

In the short term – Data, segmentation, Open Banking were new technologies and methodologies that are around today and can be leveraged more to help now.

Longer term the discussion was around the meta-verse. Now, to date, this has been largely dismissed in common discussion and it was interesting to now see this start to gain some traction… it may be one to watch.!

All in all a great event last week, lots to think about.

Many thanks to Colin White and the team at Credit Connect for the privilege to chair the event again this year… thanks to all who took part, attended, and got involved

Enjoy the rest of this week everyone.