This type of software typically provides tools to automate and streamline credit and collections activities, such as:
Any good credit and collections software will integrate with a company's accounting and CRM systems to ensure data transfer between various systems. It helps businesses reduce their financial risk by providing real-time credit monitoring and reporting, identifying high-risk customers, and automating the collections process.
With the growth in new credit and collections technologies, collections teams are moving to using automated technologies to drive their customer engagement. The focus is on conversational AI with chatbots deployed across multiple channels to connect with customers in a digital-first approach.
Well-designed AI chatbots take the lead in dealing with customers and they can handle about 75% of queries and especially thrive in transactional and straightforward activities. However, it is important to still have live agents available to step in if a more in-depth conversation is needed.
Overall, credit and collections software helps businesses optimise their cash flow and minimise losses by providing real-time visibility into their collections activities, improving the accuracy of their reporting, and reducing the burden off collection agents and administrators.
To learn more about credit and collections software, see: