Costs for banking and financial organizations have been increasing steadily over the past 20 years, and this has significantly hindered corporate profits. Debt collection bot, is an innovation that helps businesses optimize costs and be faster than competitors.
Even the best-trained workforce cannot fill the ever-growing demand for process automation on debts that need to be collected. It can be a time-consuming and tedious process that costs financial companies a lot of money. Sometimes even collection agencies, lawyers, the IRS, or law enforcement need to get involved. And with workforces costing more than ever, robotics and software must fill the gaps.
The good news is that an innovative company, Tovie AI, has developed a unique accounts receivable collection bot for the banking and financial services industry. Their new financial product is a bot based on artificial intelligence that can not only significantly reduce the cost of the company, but also increase the level of conversion. And this is a key metric is innovation.
Each of us remembers the lessons of history, when the world's first cars had a super advantage over horses and wagons, because in every way they were superior to them, and business immediately noticed it, and what it did? Yes, yes, they switched to cars! And those who didn't made the switch suffered losses or went bankrupt. You have to adapt and evolve to survive and thrive in business, especially as a lender.
Now back to the innovative technology of bot for accounts receivable collection, this technology can increase the efficiency and effectiveness of the entire company in a short time.
Create a constant flow of executing plans and achieving results. Bot using artificial intelligence, does not get sick, does not know fatigue, can work around the clock. And most importantly, he saves a lot of financial costs in his work of collecting loan debts.
Who is this solution good for? Which companies and industries will it improve?
Financial and banking organizations, insurance companies, brokers and advertising operators, software companies, large corporations will all benefit big time from these incredible innovations. Companies of all types struggle to get their accounts payable to pay up or their borrowers to pay back the money they got loans approved for. Whole departments of businesses are dedicated to getting money back that is rightfully theirs.
Simplification and optimization of any processes in the company is a step forward to new profits.
Such words, said Mark Zuckerberg back several years ago, when Facebook introduced a number of innovations based on artificial intelligence. It is thanks to this, the performance, and as a consequence, the net profit, increased by 27% in the first quarter of that year.
While their financials have been less successful into 2022, AI tech and chatbots have still played a positive role and will probably be one of the methods that the company will rise from the ashes.
Modern business is a constant search for new technologies that will expand opportunities and most importantly reduce costs in 2023 and beyond. This fintech development is the solution that banks and lenders have been waiting for to improve results while cutting costs!
