Credit Eco to Go: Machine Learning—The Results are In: Consumers Really Do Respond Better to Digital Communications

http://www.insidearm.com/news/00047405-credit-eco-go-machine-learning-results-ar/

Editor's note: This podcast episode is provided through an exclusive industry partnership between insideARM and Clark Hill, PLC. Podcast host Joann Needleman, a leading financial services attorney and member of the iA Legal Advisory Board, provides bite-sized hot topics in the consumer finance space. ClarkHIll content—and all insideARM articles—are protected by copyright. All rights are reserved.

Show Notes:

Since the start of the pandemic, the financial services industry, including the accounts receivable management (ARM) industry, has predicted that the use of technology to contact consumers will grow exponentially. That prediction came true, but Firstsource Solutions, a leading provider of business process solutions to more than 100 global businesses, has been using email and text to contact consumers since 2017. Arjun Mitra, President of Global Collections, stops by CreditEcoToGo to discuss the success of his company’s platform. The results show that consumers are far better off in resolving their financial issues on their own terms.

Arjun reports that RPC or open engagement rates from consumers in a response to an email or text are far superior than any response to a traditional telephone call. Additionally, the platform can fully adapt to a consumer’s response allowing users to constantly adjust and tailor the messaging in order to continue the successful consumer engagement.

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