Automated Payment Reminders: collectAI’s Artificial Intelligence
The economy is undergoing a digital transformation and the service industry is responding. In the payment reminder process, progress is particularly visible. However, according to a Europe-wide study, only 20 percent of all respondents took the step towards digital invoice and receivables management – in Germany, it is only three percent. One of the main reasons for this is that around one-third doubts the added value of existing solutions, even though there is a general interest.
In view of this pent-up demand collectAI with its Artificial Intelligence shows that the skepticism towards the digital payment reminder system is unfounded.
Addressing demands professionally: enhancing liquidity
Digitization affects all dimensions of life. However, some elements remain constant. This includes the payment reminder process: Ideally, invoices are settled until the specified payment date. In practice, the opposite is much the case. The need for a reminder system, therefore, continues to exist.
As a result, the differences are huge Experience shows that professional receivables management effectively prevents cash flow problems and that has a positive effect on all areas of the company. Today, this is truer than ever, because competitive pressure is increasing and the flow of money thanks to fintech solutions is becoming faster and more limitless.
A highly efficient payment reminder system is a cornerstone of the future viability of the digital corporate culture. We have developed collectAI to make these processes smart and intelligent – driven by an AI-based technology.
Automation: the advantages of digital payment reminders
Claims management is not an invention of the computer era. It is as old as the trade itself. The more dynamic and complex the economy becomes, the more companies are under pressure to keep pace in this area. Artificial intelligence, which is now funded with billions in Germany, is becoming an indispensable component.
The manual workload is barely manageable. The traditional method, executed by humans handling each case individually, reaches its limits at a certain scale. At the same time, it is inefficient and far from customer needs. Technical support is crucial and software solutions such as collectAI bundles skills and creates potential. Artificial intelligence in the fintech sector digitizes processes and automates them and make them smart and customer-oriented.
It is no secret that data-driven decisions lead to better results. In particular, customer-oriented disciplines such as CRM strongly benefit from this because the computer can evaluate the database and optimize measures while monitoring various parameters.
The concept of “claims” has not changed, but the implementation has adapted to the age of digital transformation. The software ensures significantly higher efficiency and lower costs – especially as the manual effort is eliminated. The technology supports the scalability of digital processing. Of course, it works around the clock and knows neither illness nor holidays. Working time is thus no longer a limiting factor and this has a clear impact on the profitability of the company while optimizing its working capital.
This is how collectAI works: a self-employed helper for the big picture
collectAI is a software platform for all accounting and receivables management. In addition to the digital payment reminder process, the system also handles processes such as invoicing or debt collection services, if desired. Digital networking creates a high level of convenience: in the form of payment links, open amounts can be requested digitally from the customer and Business Process Outsourcing enables outsourcing of all these processes so that the workforce can focus on the core business.
This system allows a high degree of flexibility and has proven to be extremely profitable. It is important to know the target audience and to adjust the communication strategy accordingly. Several factors control the success rate:
- Tonality: A young customer responds differently to an approach than for example a retiree, a student reacts differently than an established lawyer. This is not different in receivables management and the system adapts to the situation.
- Timing: The timing is an important aspect. This applies to the time of day and on a larger scale: it is advisable to submit payment reminders in good time before the due date, since this, as experience has shown, increases the chances of a timely settlement.
- Channel: Whether letter, e-mail, text message, telephone or app, today there are a variety of possible channels and here the ideal selection depends on certain parameters. For example, it is well known that millennials barely make phone calls. Who takes into account such developments, creates an immediate competitive advantage.
A professional digital payment reminder process is characterized by the fact that it looks at these points both individually and in the overall picture, in order to derive the most effective strategy from it. Only the observance of the overall equation leads to the best possible result and the more complex it is, the more the superiority of highly developed systems comes to the fore.
Digitized receivables management thus prevents follow-up costs and other problems such as payment difficulties due to overdue invoices.
Automatic self-optimization: this is the specialty of collectAI
There is always room for improvement – the crucial difference between classic computer systems and artificial intelligence. The technology analyzes previous actions taking into account the success rate. This is followed by automated adjustments that further improve the result and methods such as A / B testing help with optimization. This happens quite independently so that the human work is limited only to the device and certain control intervals. The way to get there is in four clearly defined steps: With the sequence of visualization, digitization and optimization, you create the basis on which claim management with AI support is possible.
A high level of transparency of all data is the prerequisite for exploiting the capabilities. The system sees in real-time by tracking if and when a message has been delivered and opened. This results in a clear picture in which errors such as wrong email addresses are directly visible. As a result, a timely response is possible and there are no avoidable idle times.
Comprehensive introduction: Free advice available at any time
collectAI also takes care of optimizing their own abilities – and with it the results. Measurably better results than with classical methods create a factual situation on the basis of which collectAI continues to grow; Cooperation with fintech providers such as Mambu is the consequence, which means that the AI penetrates into other fields of application.
Get to know our software platform – we will show you a free demo and advise you. Winning the Tech Start-Up Award 2018 is a testament to collectAI’s capabilities, which will provide even more features as technology advances.