Collector- June 2018 - 25

THE
RISE
OF AI
IN DEBT
COLLECTION
COLLECTOR 06.18

Artificial intelligence is
making inroads in the
collection industry, adding
value in ways basic
automation simply can't. What
can AI do for your business
today-and what can we
expect to see in the future?
By Anne Rosso May

T

he majority of a debt collector's
day is spent making decisions:
When should I call this consumer?
Is this person implying that the debt I'm
calling about is not his? How should I
negotiate this payment arrangement? Each
of these questions requires the collector to
consider multiple factors before proceeding,
and the wrong move can have enormous
consequences for your business.
But increasingly, debt collection agencies
have started implementing artificial
intelligence technology that manages the
most tedious tasks by thinking for the
collector. This technology can answer
consumers' basic questions, take down
information, send communications and
automate processes that would otherwise
have taken up most of your collectors'
morning.
The AI undercurrent in our personal
lives is pervasive, even if we're only barely
aware of it. It's filtering spam in our
inboxes, flagging fraudulent transactions
on our credit cards, moderating comments
on websites and helping us not only locate
a store we've never been to before-but
telling us what the traffic will be like on

25



Table of Contents for the Digital Edition of Collector- June 2018

Collector- June 2018 - Cover1
Collector- June 2018 - Cover2
Collector- June 2018 - 1
Collector- June 2018 - 2
Collector- June 2018 - 3
Collector- June 2018 - 4
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Collector- June 2018 - Cover3
Collector- June 2018 - Cover4
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