This article was written by Jeffery Hartman and originally published on Forbes Dec 26, 2019 Financial Council , about the Collection Automation in the receivables management industry.
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In the debt collection industry, collectors are a company’s front-line offense and defense. They bring in revenue and are the first point of contact for debtors. The higher the productivity of your agents, the higher the income of your company.
Debt collection has traditionally been a call-and-respond industry. Collectors would attempt to locate and contact a debtor directly, and any automated processes still involved a human element making decisions or performing a task at every level. Now, more automated tools are available to improve the process and remove the potential for human error.
Artificial intelligence (AI) tools, such as automated chatbots, interactive voice response systems, opt-in short message service (texts) and website portal negotiators, have grown exponentially in the debt collection industry. However, human agents are still necessary in the decision-making processes of collections. It’s up to leaders to determine where automated AI tools can be used to improve their agency’s offensive and defensive strategies to produce the most effective and profitable outcomes. Read More
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