Technology has already transformed the collections landscape by enabling the following functionalities:

• Automated Correspondence
• Centralized Data Repository
• Reporting and Analytics
• Integrated Dispute Management
• Prioritized Collections Worklist
• Email Templates
• Centralized Collaboration History
• Cash Flow Projection

Moreover, with trending technologies such as Machine Learning and Artificial Intelligence, collections teams could leverage proactive collections approach to enable faster collections. Advanced features such as invoice-level payment date prediction and segmentation based on dynamic customer behavior enable the collectors to have a microscopic view into customer payment behavior. Impact on Collections Calls AI could potentially transform collection calls by helping the collector with communication, understanding the customer sentiments, determining the probability of customer keeping the payment commitment and differentiating between false excuses and genuine issues. Here are a few use-cases:

1. Conversation Type for Successful Call

AI system could provide insights on the type of communication a customer is more receptive to ? short, to-the-point communication versus longer conversations with small-talk.

2. Collections Approach Guidance

Managers could leverage AI to figure out which collection approach (aggressive, defensive, consultative, collaborative) works for which type of customers by analyzing a multitude of successful collection calls.

3. Customer Satisfaction Alerts

AI could leverage sentiment analysis to advise and alert collectors about customer satisfaction levels while the call is in progress.

4. Collector Profiling

AI could advise managers on which collector would be suited best for which customers by understanding individual skillsets and strengths.