How we work with AI

Artificial intelligence, big data, small data, AI have become popular buzzwords among Danish companies - and especially talking about their use. At Collectia, we have been using AI for over 6 years - and as a debt collection company, we are among the market leaders in the Nordic region in the active use of artificial intelligence in our debt collection work.

But how do we work with artificial intelligence? And how does it benefit our customers and clients?

Read this post to learn more about how our advanced intelligence and systems can help you achieve a better debt collection case.

What is AI anyway?

AI stands for Artificial intelligence. Unlike more classic IT solutions, where a user feeds a system with inputs to receive a result, AI basically involves a much greater processing of data based on something the system has learned - and it gives a better result for the user.

Today, AI is best known for advanced weather forecasting, modeling - but also for something as mundane as facial recognition on your mobile phone.

AI is not just a buzzword at Collectia

While AI, artificial intelligence, machine learning, big data and small data have today become a buzzword among many companies and industries - and how to describe how AI can shift entire sectors and industries.

At Collectia, AI is not something we just talk about - we have been working with AI, machine learning and big data for over 10 years.

Collectia is today as much a modern IT company as we are a debt collection company. This benefits both our clients and their customers who have an unpaid bill. We have our own software developers and IT department who work hard every day to make it easier, faster and more intuitive to create, follow and close your debt collection cases.

Our AI technology is called CAI

CAI is the name of our artificial intelligence, which stands for 'Collectia Artificial Intelligence'. CAI is developed, adapted and improved by our own software developers who continuously improve the way we work, report and collect.

But what can CAI, and therefore AI, do for your business? CAI continuously uses its knowledge of debt collection cases, invoices, due dates, demographics, financial situation, previous payment history, geography, behavioral patterns and a wide range of metrics for our customers to adapt, improve and refine the way we work with debt collection.

Most debt collection companies use a traditional record-keeping system that simply stores data. We also have such a system, but by activating CAI, we can process the huge amounts of data that we continuously collect. We use this data to create dynamic recovery processes based on the individual customer and case types. In this way, we deliver an effective recovery process every time - a process that reaches the customer on their preferred communication channel/media. For us, this means that all our debt collection cases are run more efficiently - adapted to the individual customer. This results in shorter case processing and ultimately, that our clients get their money back faster - than if all cases were treated the same.