Do you have ‘Yorkshire’ AI running your credit management ?

Day by day, it’s becoming the ‘in thing’ for business to incorporate A I (Artificial Intelligence) into their ways of working.

We’re massive advocates of A I and are always looking to integrate A I techniques into the process elements of our business but can A I really work in Credit Management ?

Be honest, how many of you note an important email for later when you’ve got more time to deal with it ?
Then how many of you simply forget the email because it’s then lost in a deluge of new emails that come in ?
Email communication can be great for certain things but it does come with it’s challenges.

A recent Yale University study analysed whether debt recovery outcomes could be improved by implementing A I ?

Their findings were startling, in so much that the study concluded that :

A I debt collection is significantly less effective than traditional human managed methods.

Some useful take-aways from the study were that :

• Human collectors secured 23% more debt repayments compared to A I based systems.
• Debtors were 34% more likely to respond to human outreach.
• Customer satisfaction and retention were significantly lower for accounts managed through A I.

As regular readers know, we’re unashamedly ‘Old Skool’ when it comes to business. We’re all about building real relationships with both Clients and their Customers. As a result, our first impulse is to pick up the phone and chat. Our secondary method is to rely on the computer. We only use emails to supplement the personal work our team undertakes.

Making payments can be tough for some businesses but if they know they’ve got a supportive team around them, this makes clearing a Client’s invoices a whole lot easier.

Faceless AI chasing may be for some but we prefer our own personal A I, done the Yorkshire Way ! !

Our A I mantra reads – Always Interacting, Always Interested. People first, Process second.