A new report from TransUnion, titled Seizing the Opportunity in Uncertain Times: The Collections Industry in 2023, reveals that some debt collection companies (also known as 3PCthird-party collections companies) are already embracing AI-powered solutions to improve their success rates and make their jobs more efficient.
TransUnion's survey of 90 companies that are using the technology revealed that: 58% are using AI to predict payment outcomes (a person's ability or willingness to pay a debt) 56% are using AI to segment and profile customers for various workflows 53% are using AI to act as virtual negotiators with the people who owe the debt 47% are using AI to recommend methods of communication 47% are using AI to analyze the life cycle workflows of accounts 46% are using AI to anticipate the behavior of the consumer 37% were using AI to help customers find the correct communication channels 32% were using AI to monitor the behavior and performance of their workers
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