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Artificial Intelligence in the industry of Debt Collection

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Artificial intelligence is a class of technology that is improving many economic sectors, especially those related to the digital world.

 

Other sectors still use less innovative tools to proceed with their activities and certainly among these we find the credit recovery sector.

 

For those who work in Credit Management it is essential to have an in-depth knowledge of their loan portfolio, only in this way will they be able to identify the correct actions to be taken, optimizing resources and recovery times.

 

If we take for example a portfolio of first-time credits just acquired by a company, we can already assume the presence of a good percentage of “spontaneous” within it and it is extremely important to identify them.

Who are the “spontaneous” and how do they identify themselves?

 

“Spontaneous” positions are defined as those which will repay their debt without any type of action on the part of debt collection operators.

 

This makes it immediately clear what the business advantage is in identifying these positions before they are assigned to the operators: if the objective of a credit recovery action is to bring the debtor to repay his debt, the spontaneous creditors can directly compensate your debt even without the company having to face the costs of a contact.

 

Artificial intelligence is an essential tool for this operation, in fact, by processing patterns on the data of your debt collection campaign, it is able to predict which positions are more likely to spontaneously repay their debt. In this way, a credit collection company can avoid investing resources in contacting debtors who will repay their debt spontaneously.

 

 

Do you want to learn more about the advantages of this strategy? Book a free demo of BigProfiles, the artificial intelligence designed for the world of debt collection.

 

BigProfiles artificial intelligence can allow you to apply different strategies to reduce the costs of your campaigns and speed up credit recovery times, even for the most difficult positions.

 

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