Collections on the path to financial wellness

Collections is now a CX channel

Today's customers expect more from their banks, especially when it comes to collections. In this podcast, C&R Software's Nags Odedra and Jeremy Russell give a quick taste of how banks are using AI to deliver personalized service at scale. Dave Wasik, Partner at 2nd Order Solutions, and Ed Wallen, CEO of C&R Software, will unpack how this works in practice at CBA Live. Join them on Monday, March 30 at 12:30 PM for their session on Collections as a CX Channel.

The EU AI Act, compliance, and digital first collections

This episode of Collecting Thoughts explores the intricate balance between rapid AI advancement and strict EU regulatory requirements including the EU AI Act. Banks face growing pressure to modernize and innovate, but managing risk is a top priority. That's especially true in collections, which falls under the "high risk" category and therefore is subject to increased scrutiny from regulators. Find out why legacy software can't keep up with rising regulatory demands and how an AI native solution supports responsible, explainable, and transparent innovation in collections.

Why telcos need data driven collections

This episode of Collecting Thoughts explores why telecommunications companies must embrace data-driven collections. With churn rates keeping telco executives up at night, the focus shifts from price to customer experience as the key differentiator. We explore the concept of "customer-obsessed collections," where humanization and personalization transform collections into loyalty-building opportunities. Discover how a "digital first, human always" strategy can improve recovery rates, reduce churn, and enhance brand reputation.

A guide to digital transformation in collections

This episode of Collecting Thoughts dives into the complexities of digital transformation in collections. Facing the challenge of upgrading systems while maintaining operational resilience, we explore four major headwinds: rising household debt, increased regulatory scrutiny, outdated legacy infrastructure, and the personalization gap in AI. This episode discusses how central orchestration can help banks navigate these challenges without compromising security or efficiency. By leveraging AI for hyper-personalization and ensuring a seamless customer experience, banks can transform collections from a cost center into a customer retention engine.

Collections on the path to financial wellness

In this episode of Collecting Thoughts, we explore the transformation of collections from a system of enforcement to a driver of financial wellness. We dive into how AI-native collections can predict financial struggles before they occur, offering proactive solutions to customers in real time. We discuss the pitfalls of DIY AI systems, including data inaccuracies, compliance issues, and bias, and highlight the benefits of an ecosystem approach. By integrating specialized digital agents, we enhance both customer experience and recovery rates. Join us as we uncover how technology can redefine the future of collections, turning a historically adversarial process into a partnership for financial health.