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AI integral to improve collections, finds survey

AI integralArtificial intelligence (AI) is becoming more integral in improving collections, according to banks in Asia Pacific (APAC). This is one of the findings during a survey conducted at the FutureCollect event in March. According to the survey, 7 out of ten senior collections managers revealed they plan to implement and integrate AI into their collections systems within the next two years, and 24% said they will do it next year. Almost half (48%) of banks believe that the use of AI will help them optimize their collection decisions, while 41% feel it will enable them to accurately predict consumer behavior. AI-powered analytics can improve automation in collections in many areas, from optimizing contact strategy settings to ensuring human agents make sophisticated decisions when restructuring debts or even calculating provision rates at an account level for IFRS 9 compliance, the survey found.

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