Artificial Intelligence in Banking – collectAI at the 9th Capital Market Conference of Hamburg’s Chamber of Commerce
On June 7, the Financial Center Hamburg of the Hamburg Chamber of Commerce held the 9th edition of its annual Capital Markets Conference. Our colleague Max Bense was invited to give a talk. In his speech, he illustrated to more than 150 listeners how digitalization and the use of artificial intelligence in receivables management can increase customer satisfaction and improve financial KPIs.
Capital Market Conference of the Hamburg Chamber of Commerce
Since 2010, the Hamburg Chamber of Commerce has been inviting decision-makers and emerging personalities from the world of finance to attend their annual Capital Markets Conference. Keynote speeches and podium discussions shed light on current topics in the industry. This year’s focus happened to be on digital transformation and artificial intelligence in finance. Further topics included the opportunities arising from the cooperation of artificial and human intelligence for receivables management.
Artificial Intelligence in Banking
Our cooperation with Hanseatic Bank exemplifies how banks can optimize their goals in receivables management by joining forces with fintechs. Below you will read the most important points from Max’ talk.
Starting Point: Manual Receivables Management
Self-driving cars, fast internet, and phones with facial recognition – almost normal for us. However, payment reminders, more often than not, are still sent as a standardized letter. Through our software platform, we digitize receivables management and are embedding the payment process in the customer journey. The goal: higher collection rates, lower process costs, and customer loyalty.
The collectAI solution: Smart, AI-based Payment Reminders
Customer needs are diverse. The communication must always take individual contexts into account and integrate seamlessly into the brand experience. Our AI-based software exchanges the standardized letter for the personalized email – or mobile channels such as SMS and WhatsApp. The customer receives a hyperlink to a client-branded payment page. Thanks to digital payment methods, customers are able to pay the open amount in less than a minute. At Hanseatic Bank, our service for intelligent reminders digitized the back office and achieved a significantly higher collection rate at lower costs.
Whitepaper on Digitization in Receivables Management of Banks
Additional insights can be found in our free white paper on smart customer communication in the receivables management of banks. Here you can download the white paper for free: