CollectEdge is an over the top data-driven application that generates precise predictions and suggestions in order to help automate the decision making and ease bottle necks in business processes
EdgeVerve Systems, a fully owned subsidiary of software major Infosys, announced the launch of an artificial intelligence (AI)-powered product – CollectEdge. The new product is designed to support the lending organisations in reducing delinquency rates, enhance operational efficiencies, boost recoveries and improve customer experience.
With native AI and cutting-edge machine learning (ML) capabilities, the new product will redefine the collection process by enhancing the accuracy of risk segmentation models and suitable collection strategies, the company said in a statement.
Enhancing customer experience
Commenting on the development, Atul Soneja, Senior Vice President and Global Head – EdgeVerve and NIA, said, “CollectEdge brings true digital disruption to the collections function by balancing risk mitigation and enhancing customer experience. Harnessing the power of ‘explainable AI’, CollectEdge is a plug and play product that makes the adoption of artificial intelligence easy for the lender and offers faster time to value.”
“I am confident that the product will reduce provision liabilities and also enhance the customer experience,” he added.
Julie Signorille, Executive Vice President and Consumer Banking Chief Operating Officer, Citizens Bank, said, “Citizens Bank makes continuous investments in innovation to improve end-to-end customer experience, from origination to servicing and collections.”
Modernising collection process
“In partnership with EdgeVerve Systems, we are modernising our collection processes with real-time insights into delinquency rates, better risk segmentations and customized contact & calling strategies,” Signorille added.
CollectEdge is an over the top data-driven application that generates precise predictions and suggestions in order to help automate the decision making and ease bottle necks in business processes.
CollectEdge offers several benefits including real time decision making, reduced charge-offs and optimised collections outreach, which result in tangible business outcomes.