At LendIt Fintech USA 2019, EdgeVerve Systems, a wholly-owned subsidiary of Infosys, has launched CollectEdge, an Artificial Intelligence-enabled product, to assist lending organizations to cut down delinquency rates, boost recoveries, advance operational efficiencies and improve customer experience. CollectEdge, with native AI and advanced Machine Learning capabilities, redefines collections by enhancing the exactness of risk segmentation models and proper collection strategies. The AI-powered product creates precise predictions and recommendations to support automating decision making and ease bottlenecks in business procedures.
CollectEdge has some advantages in reducing charge-offs, real-time decision making and optimized collections outreach, resulting in tangible business outcomes. Ahead of the announcement, partner of EdgeVerve Systems, Citizens Bank’s Executive Vice President and Consumer Banking Chief Operating Officer, Julie Signorille said that Citizens Bank makes continuous investments in innovation to improve end-to-end customer experience, from origination to servicing and collections. Signorille further added that in partnership with EdgeVerve Systems, we are modernizing our collection processes with real-time insights into delinquency rates, better risk, and customized contact & calling strategies.
In keeping the same line, Senior Vice President and Global Head at EdgeVerve and NIA, Atul Soneja said that 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 a faster time to value. Additionally, he noted that he is confident that the product will reduce provision liabilities and also enhance the customer experience.