collectAI improves Hanseatic Bank’s receivables management with a 24 percent higher collection rate
collectAI, the digital receivables management company, has announced its collaboration with Hanseatic Bank today at the European fintech conference Money2020. Hanseatic Bank, a 75 percent subsidiary of Société Générale, is one of the first banks to deploy collectAI’s B2B2C white label solution for digital payment reminders in the segments of credit cards and consumer credits. In the first six months of the collaboration, collectAI’s modern customer communication approach improved Hanseatic Bank’s collection rate by 24 percent in total – 14 percent points up from the previous results. It also reduced the bank’s expenses for receivables management by 88.6 percent in this area.
A dynamic landing page in the look and feel of Hanseatic Bank’s design leads to an immediate payment option for the overdue amount. One main advantage of the AI-based technology, a proprietary setup by collectAI, is the possibility to reach the customer at the best timing via flexible digital communication channels.
Michel Billon, CEO of Hanseatic Bank said: “Customer-centric collections are key for our digital transformation strategy. Thanks to collectAI’s solution we have increased the efficiency of our account receivables management and optimised customer retention with a higher satisfaction. Further key results were an overall higher cash flow, a faster execution as well as reduced communication costs.”
Mirko Krauel, CEO collectAI, added: “The collaboration with Hanseatic Bank is particularly motivating as we have seen clear results since day one of the project. With the AI continuously improving its results, we are happy to continue and expand the partnership.”
collectAI plans to add more AI functionalities for even better success rates. The German company collectAI, founded in 2016 as a 100% Otto Group subsidiary, is also operating with first clients in the UK. It today processes 55m EUR in receivables and serves a broad range of industries such as banks, fintechs, PSPs, e-commerce and utility companies.
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collectAI provides AI-based receivables management services, covering the end-to-end process, from e-invoicing to collection to debt collection. The goal is to balance between collection rates, costs and customer retention for the clients. collectAI digitises the entire process through an intelligent combination of automation and self-learning algorithms. This enhances the customer experience by focusing on the needs and behaviour of the user. collectAI was founded in 2016 and is a subsidiary of the Otto Group, Germany’s largest e-commerce retailer. To date, the company has processed EUR 55 million in receivables and employs 40 people in Hamburg.
About Hanseatic Bank
As a private bank headquartered in Hamburg, Hanseatic Bank operates across Germany. Founded in 1969 as a part payment bank to handle the extensive goods financing business for customers of Otto.de, it was converted in 1976 to a full bank. In 2005, the French bank Société Générale acquired 75 percent of the shares in Hanseatic Bank, while the Otto Group continues to own 25 percent. Hanseatic Bank specialises in consumer finance, deposits, insurances and factoring in four business areas. Especially with its innovative credit card products, Hanseatic Bank enables its trading partners flexible financing models for every distribution channel and at the same time an effective means of customer loyalty.