Amid a globally uncertain business environment and heightened regulatory scrutiny, banks, FinTechs, and other lenders are facing relentless pressure to improve debt collections, without escalating recovery costs and time. AI and automation have a powerful benefit for both FinTechs and their customers.

1. Intelligent Automation helps
FinTech debt collection
WAYS
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2. 66% of
contacts with
delinquent
customers are
still initiated
via traditional
channels.
94% unknown
calls went
unanswered,
according to
Hiya’s 2021
State of the
Call report.
Debt recovery
solutions are
still largely
manual
processes.

3. FinTechs, are facing relentless pressure
to improve debt collections, without
escalating recovery costs and time.

4. Intelligent Automation is changing this
equation for both FinTechs and their
customers.
Paving the way to financial fitness and
enabling people to maintain a healthy
credit profile.

5. 01
Data-driven insights can identify potential
instances of default and initiate action before
it actually occurs. AI tools can alert collectors
to proactively reach out to at-risk customers
and offer credit counseling support,
restructured payment plans, etc.
Mitigate risk

6. Automation enables associates to timely
respond to customer queries through
outbound calling and live chatbots.
Enhance responsiveness
02
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7. Intelligent Automation tools help identify and
direct associates to situations that are more
complex and need conversations while
automating operations where customers
are more likely to self-address.
Optimize resource allocation
03
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8. Automation is making mass personalization a
reality in the debt recovery space. AI tools help
with accurate prediction of the best possible
collection methods to reduce avoidance and
improve collection productivity.
Improve collections
04
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9. Automated tools can collect data on users’
preferences related to channel of contact,
time, tone of voice, etc., to create customized
messaging.
Customers also gain a sense of empowerment
when they can select the contact channel, their
own solutions, and the timing and pace of their
repayments.
Drive greater
customer centricity
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10. Automation of debt collection procedures helps
limit liabilities under the Fair Debt Collection
Practices Act, Telephone Consumer Protection
Act, GDPR, and other regulations.
Amid an ever-tightening regulatory landscape,
it can significantly help FinTechs to manage
compliance risks on a national level and within
each state.
Future proof
legal collections
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11. A success story about Intelligent
Automation improving Collections
A leading BNPL
company lowered its
cost of collections
through speedy
resolution of past
due credit balances.
generated in collections
within four months
$3.6M
reduction in cost to collect
20%
of placed balances resolved
within six months
24%

12. Check out the complete POV
Six ways automation helps FinTech
debt collection
https://www.firstsource.com/blog/six-ways-automation-helps-fintechs-debt-collection