Third-party collections companies like United Solutions Company (USC) face the ongoing challenge of maximizing productivity and efficiency when it comes to collection efforts. USC services credit unions across the United States. Utilizing cutting-edge technologies such as Power BI, automation, and artificial intelligence (AI) can significantly transform our collections process for USC and our clients. Here's how these tools can drive substantial improvements:
Power BI is a powerful business analytics tool by Microsoft. It allows organizations to efficiently visualize and analyze information with real-time dashboards and interactive data. Power BI makes it easy to monitor key performance indicators (KPI’s) such as recovery rates and delinquency trends so management can make informed decisions. At United Solutions, we can ingest information into Power BI through a core system interface, or as easily as running an SQL Report and pulling in the .CSV data.
Power BI's ability to easily integrate data provides a holistic view of the credit union’s delinquency, identifying patterns and insights often missed when data is siloed. Some of the KPI’s USC tracks through PowerBI include, right party contact, workflows completed, delinquency performance, and promise to pay (PTP) success rates.
Automation plays a crucial role in enhancing efficiency by reducing manual efforts and minimizing errors. At USC, automating routine tasks in the collections process leads to substantial productivity gains. Automation tools allow us to schedule and send payment reminders and follow-up notifications to debtors, ensuring consistent and timely communication via text and email. Automation tools can be job scheduler systems that run reports at regular intervals, or Power Shell Scripting that completes deeper tasks. Automating workflows and electronic communication has saved USC a significant amount of time and reduced human error.
Artificial Intelligence is another powerful tool for our collections department. USC currently utilizes an AI model from Ring Central phone system that allows for scoring metrics. This tool ensures quality control and provides coaching opportunities to improve our collection techniques. USC has also created our own internal AI assistant called OnCore AI. This AI assistant allows USC to ingest policies and procedures manuals across multiple organizations. USC collectors can quickly find answers and resolutions to core related issues. Eventually, USC would like to use AI’s predictive modeling so we can analyze historical data to forecast the likelihood of debt recovery for individual accounts, helping us prioritize efforts on accounts with higher recovery potential.
Incorporating Power BI, automation, and AI into the collections process at USC holds the potential to significantly enhance productivity and efficiency. By employing data-driven insights, streamlining routine tasks, and utilizing automation, we can better serve our clients and achieve higher recovery rates. Embracing these technologies positions us at the forefront of innovation in the collections industry, ensuring we remain competitive and effective.
Technology and collections may seem to be odd bed fellows, but USC prides itself on using technology to reduce costs and improve operational efficiency.
Written by: Chance Wheatley, Collections Implementation Specialist
Originally published in CU Today.