APAC Banks Plan to Integrate AI in Collection and Recovery within 2 Years
According to a survey conducted by FICO, more than 70% of the Asia Pacific (APAC) banks plan to integrate Artificial Intelligence (AI) for collections and recovery in the coming years. Majority of these banks believe that by utilizing Artificial Intelligence, it is easy and feasible to recovery outstanding dues without hassles.
Reasons to Use Artificial Intelligence for Recovery
One of the main reasons to use Artificial Intelligence (AI) is that it ensures automated collections of dues in several areas.
Faster bill payments
Automated collections also pave the way to faster bill payments according to the surveys conducted by the banks.
Reduced time for collection
Integration of Artificial Intelligence for collections and recovery reduced the time taken to collect outstanding dues. With the use of AI, payments could be recovered quickly.
Enhanced customer satisfaction
As banks implement the use of Artificial Intelligence, there is higher customer satisfaction as now there are no inconveniences. Customers are no longer contacted in-person which can be quite cumbersome.
Improves business decisions
Most of the lenders feel that AI has the ability to improve business decisions to a great extent. Businesses no longer need to rely on obsolete methods for recovery and collections. Apart from improving business decisions, it also enhances customer satisfaction.
Early intervention for collection
Another reason to integrate AI is that it helps to contact customers who have lagged in repayment at an early stage so that they remain customers and creditors can benefit from the business.
A recent survey was conducted by FICO in Tokyo, Japan, and this survey was attended by the majority of the financial institutions and banks across Japan and the Asia Pacific. Now companies will focus on integrating Artificial Intelligence by the end of 2018.
Conclusion: It seems that the APAC banks are getting on board with Artificial Intelligence (AI) for collections and recovery. The main reasons to use AI is because it automates the process of collecting dues, which means less hassle. If you're interested in learning more about how these banks plan to integrate AI into their processes, or if you want help implementing this technology at your company, click here!