Risk and reward: How AI is driving the US debt collection industry
Collection Industry News
MARCH 30, 2024
The use of AI in the sector only looks set to grow; even though just over 10% of collections firms currently employ AI-driven tools in the US, around 60% are considering implementing them. The benefits are clear: AI tools can predict which debtors are likely to pay; they can negotiate payments virtually, and segment and profile customers. This is good news for financial services providers, experts say, because systems can spot who’s going to pay their debt and who’s less able to honour demands.
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