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Live Webinar

90-minute live streaming program
  • January 9
  • 1:00 - 2:30 pm EST

The Expanding Role of Artificial Intelligence in the Collection Industry

January 9

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.

Learning Objectives

  • You will be able to define artificial intelligence, machine intelligence and expert systems.
  • You will be able to describe ways in which intelligent technology can be used in a collection operation.
  • You will be able to discuss important considerations when AI technology is to be implemented in a company.
  • You will be able to explain differences between conventional collection technology and AI-based systems.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Artificial Intelligence
  • What Is AI?
  • How Do You Test for AI?
  • What Are Expert Systems?
How Can AI Be Applied in the Collection Industry?
  • Examples of Areas Where Machine Thinking Can and Has Been Deployed
  • Examples in Augmenting Management and Agent Roles
  • Winning the Compliance Challenges by Deploying Machine Thinking
It's Not as Simple as Introducing AI - Fundamental Thinking Has to Change
  • Why We Have to Go Back to Basics and Possibly Redesign Our Operational Procedures
  • Regulations and Consumer Behavior That Is Redefining Tomorrow's Collections
  • Why Contact Strategy Has to Change, and How AI Is Absolutely Necessary to Manage the Multiple and Modern Communication Channels
The Future of the Traditional Collection Agent and How It Is Likely to Change
  • Can Traditional Collection Agents Be Replaced by Software? Examples and Demonstrations of Intelligent Chatbots in Collections
  • How Is the Deployment of AI Going to Change Thinking, Perception, Jobs and Compensation Models?
What Is the Bad News? the Challenges Associated With AI-Based Systems and Their Implementation
  • Costs
  • The Need for Knowledge Engineers
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • CPE 1.8 including Information Technology 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Information Technology for 1.8 hours. Prerequisite: basic knowledge of business financials. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     

Who should attend?

This live webinar is designed for attorneys, presidents, vice presidents, collections and credit managers, controllers, vice presidents, CFOs, accountants and loan officers.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Ranjan Dharmaraja

Ranjan Dharmaraja

Quantrax Corporation

  • Founder of Quantrax Corporation
  • Areas of knowledge cover software development, collection industry knowledge, collection technology, AI and intelligent software
  • Presented at major conferences conducted by the American Collector’s Association
  • M.A. degree in information systems, George Washington University; BSc. degree in engineering, University of London (UK)
  • Can be contacted at [email protected]
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405448
Published 2020
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