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AI Delivering Business Resilience with Intelligent Debt Collections

June 5, 2020 - FinXEdge Team


The COVID-19 pandemic has undoubtedly changed how we work and provide our services to customers, compelling us to rethink business strategies. The crisis has affected business-critical processes in ways we’ve never imagined before. In these unprecedented times, it is crucial to have a future proof business resilience strategy that can help organizations manage disruptive situations.

The crisis has significantly impacted the debt collection services in the financial services industry. Banks, credit unions, and financial institutions are leveraging AI for smart debt collections, expediting loan default management.

In the webinar, “AI Delivering Business Resilience with Intelligent Debt Collections,” Praveen Kombial, Vice President & Global Head — Business Applications, EdgeVerve emphasizes the importance of Artificial Intelligence in ensuring business continuity with a robust debt collection strategy without affecting customer experience.

According to Gartner, AI augmentation will generate $2.9 trillion in business value by 2021. Artificial Intelligence is gaining much interest across the world. Only a small percentage of organizations have adopted core practices that would enable them to realize the full potential of AI — from using data effectively to support AI goals and commitment by senior leaders to mapping potential AI opportunities. The good news is that the market and consumers are ready to consider AI as a key lever for digital transformation.

How can banks and financial institutions leverage the power of AI to deliver business resilience in their digital transformation journey?

Let’s consider the complexities in banking, from increasing regulatory compliance to emphasizing on customer protection. What stands out is data — Utilizing near real-time, high velocity, and current data enables better decision-making in the entire ecosystem and transforms banks into data-driven organizations.

Lending enterprises need to move from siloed data sets and point analytics to generating insights across a customer’s journey. As we know, a customer’s journey in a bank is across different value chains: a lending value chain, a card value chain, deposits value chain, and an enterprise’s procurement value chain. Using advanced AI/ML analytics in different parts of the customer’s journey generates near-real-time data that can help drive insights and translate some of those insights into action. This is what truly encompasses Cognitive Connected Value Chain.

Imagine if you could:

How can business resilience help maintain your organization’s ecosystem? How can AI help banks and financial institutions address the current challenges?

The massive shrinkage of GDP and large-scale unemployment rates are disrupting world economies. The lending organizations are responding to the current COVID crisis by offering loan extensions and deferred payment options, addressing increased collection volumes and maintaining customer experience, and providing assistance programs.

This is where FinXEdge Collect comes in. A data-driven intelligence application powered by advanced Machine Learning, it helps various stakeholders in the lending value chain identify at-risk segmentation, reduce delinquency rates and charge-offs, improve operational efficiencies, and enhance customer experience.

In short, AI helps ensure business continuity and resilience in the face of the current crisis, preparing the financial services industry to gear up to a new reality. Combining the power of AI and advanced analytics breaks down siloes and empowers businesses to use data to identify new opportunities. AI-driven solutions help financial institutions manage debt collections by leveraging massive volumes of data, improving efficiencies, and enhancing customer experience.

Listen to our latest webinar with Efma, where Praveen shares insights on how AI can help financial service providers responsibly lend and collect in these unprecedented times.

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