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AI provides collections businesses with a range of tools and capabilities to both humanize the process for customers and enhance collection performance for credit issuers.
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Data management in traditional collections processes is time consuming. Teams need to procure information from different sources (specific departments, third parties, storage locations) and then perform manual analysis to inform their engagement with each customer.
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Debt Manager, C&R Software’s industry-leading platform for debt collections and recovery, has a wide range of powerful AI- and ML-enhanced features. In this guide, we review these features, examining their use cases and benefits.
When treatment paths are solely left up to AI and Machine Learning (ML), customers may be sent down an ineffective repayment plan. Audio analysis humanizes collections and recovery by identifying customers facing difficulty in ways that are invisible to data, ML and segmentation.
Factors including the pandemic, rise of short-term payment plans and increasing cost of living has catalyzed the global rise of household debt. More customers have entered collections than ever before, highlighting the inadequacy of traditional collections processes to meet the challenges today’s consumers present.
Modernization of the collections and recovery industry is moving at lightning-fast pace. Legislative changes have made companies rethink their processes, customer centricity has become a primary focus, and AI is is more widely adopted.
Centralized data is a form of data management that collates all the information an organization has
Getting the customer journey right is one of the most important things...
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