The Expanding Role of Artificial Intelligence in the Collection Industry

Gain insight into the technology that is likely to revolutionize the collection industry in the next few years.

Lower fees, complex compliance rules, high volumes and the challenges in hiring and retaining agents - how many of these problems do you face today? Almost every challenge that different industries have faced in the last few years, from manufacturing through booking an airline ticket or hailing a taxi, has been addressed by technology-based solutions and applications. Mobile technology has revolutionized the way we communicate, and millennials are changing the landscape of jobs and many business processes. The collection industry is arguably lagging in terms of the deployment of modern technology including artificial intelligence. With the increasing demand for innovative options to manage high account volumes under trying circumstances, we must look to today's spectacular computing power to lead us into a new generation of collection technology. To leverage this emerging technology, it is important to understand its background and potential, the strengths and weaknesses of artificial intelligence. This topic will strive to provide background and a practical insight into technology that is likely to revolutionize the collection industry in the next few years.