Artificial Intelligence (AI) is the ability for machines to learn and to perform tasks normally requiring human intelligence. Now AI can vastly improve debt collection processes by delivering previously unattainable effectiveness and efficiently levels.
AI and machine learning software can now automatically adjust collection strategies based on changes in a customer’s behaviour and their responses. By leveraging a full process automation solution with embedded AI, businesses can free up their collections team, saving time and labour costs, and empowering their business to drive for better results.
AI can be utilised in many different ways when pursuing debt collection. Firstly, software engineered by LATERAL can harness predictive data and analytics to pre-empt debt delinquency by generating actions based on a customer’s previous behaviour. Businesses can rely on AI to monitor, provide alerts and even automate responses when there are changes to any key data elements that constitute a customer’s risk profile.
Using statistical analysis of the historical data of those owing debt, AI can predict the most effective way to ensure a future response from those customers and contact them accordingly – may it be by SMS, WhatsApp, email or Chat. Actions are simplified, automated and personalised. By initiating and maintaining debt collection communication digitally, you’re demonstrating greater respect for the customer’s privacy and their convenience, which generally fosters smoother communication and a more positive experience for both parties, ensuring that debt settlements are reached more promptly.
AI undoubtedly has a critical role to play in maximizing debt collection performance. Learn how LATERAL can help you digitise your collection processes and significantly increase the success rate of your debt settlements.