CAN AI MAKE DEBT COLLECTION SMARTER? -- Lateral

AI works to overcome the limitations of existing, antiquated database systems, through increasing automation and providing compliance management to its users. Furthermore, AI applications focus on productivity and efficiency; they determine the most effective communication method for each debtor, and use machine learning tools to predict and analyse customer behaviour (more on machine learning below). The overall impact is debt recovery and collection is streamlined as a process. The traditional process of debt collection via a human workforce can be incredibly labour intensive, and therefore expensive. Company's collection departments place calls, send emails manually, and manage accounts by updating databases by hand.