Increase Collections by Knowing Your Customers Better

Organizations in the ARM industry have embraced the use of digital channels to not only communicate with customers, but to also improve the collections process. But that is just the first step. Organizations must also leverage artificial intelligence to identify and contact the highest-potential accounts at the most opportune time by leveraging machine learning algorithms.

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CFPB Warns About Risks of Chatbot Use in Consumer Finance

On June 6 2023, the Consumer Financial Protection Bureau (CFPB) issued a report analyzing the use of chatbots in consumer finance and the impact on customer service. The report notes that financial institutions are increasingly using chatbots to reduce the costs of human customer service agents, and moving away from simple, rules-based chatbots toward more sophisticated technologies, such as large language models and generative chatbots and others marketed as artificial intelligence (AI).

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Women in Consumer Finance Announces Keynote by Sallie Krawcheck, Co-Founder and CEO of Ellevest

POTOMAC, Md. – Women in Consumer Finance (WCF) is proud to announce that the opening keynote session for this year’s leadership summit (December 11-13, 2023 in Palm Springs, CA) will be presented by Sallie Krawcheck, Co-Founder and CEO of Ellevest, an investment and wealth management platform built by women, for women.

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Legal Advisory Board Members Discuss Current Litigation Trends, State Issues, and Standing

Navigating the debt collection industry can be challenging as legal trends as well as state and federal regulations continue to evolve. Despite the challenge, staying up to date on these critical issues is crucial to maintaining a compliant operation and reducing financial risk.

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Transfinancial Companies, LLC. Capitalize on Skit.ai to Modernize Debt Collection Processes while Enhancing Consumer Experience

NEW YORK, N.Y. -- Skit.ai the leading Conversational Voice AI solution provider in the Account Receivable Management (ARM) sector, announced its partnership with Transfinancial Companies LLC. This strategic collaboration empowers Transfinancial, a Louisiana-based collection agency that has over 30 years of experience in the healthcare sector, to overcome prevalent challenges in debt collection by streamlining their process and accelerating revenue recovery.

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CFPB Report Shows Nearly 50% Decline in Overdraft/NSF Fee Revenues From Pre-Pandemic Levels

The CFPB has issued a data spotlight that shows bank overdraft/non-sufficient funds (NSF) fee revenues have declined significantly from their pre-pandemic levels.

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How the Call Center Has to Evolve

29 June 2023 at 02:00 p.m.

Regulation F drove collections companies to integrate text messages and emails into their collections strategies. But even with the addition of those outbound strategies, there will always be consumers who prefer using telephone calls to communicate about their debt, and the collections call center has had to adjust to become more efficient in collecting via telephone.

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Featured Resources and Webinars

from insideARM.com

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