The digital evolution of accounts receivable management has always been exciting from an operations standpoint, as it streamlines processes and cuts down on labor hours. But as fintech CCO Laurie Nelson outlines in a recent InsideARM article, the value of making firms more profitable and compliant is exponential.
One of Pairity’s primary purposes is to help make ARM firms more efficient across all operations, including front office. Pairity’s AI knows what your consumers want. It learns from every consumer interaction to generate behavior profiles that elicit a consumer response. Is your consumer more open to email than phone, or vice versa? Pairity’s Machine Learning is modeled on behavior and efficacy, reducing the need for mass calls and allowing firms to work smarter and more efficiently.
The end result of a Pairity integration to your collections process is a lean team with a streamlined workflow that delivers more results in less time.
Since Pairity’s AI reaches consumers by using methods they’re most likely to respond to, consumers will be more encouraged to pay their debt. Online platforms like Pairity are available 24/7, so if consumers have a question about their debt or need support outside of general business hours, they’ll have a resource at the ready. In addition, consumers can simply pay their debt online through Pairity’s white-labeled platform, instead of mailing in payments. By making the process of paying debt easier for the consumer, they’re more likely to follow through on their settlement, which increases revenue. It also reduces the risk of agents going off-script over the course of communicating with a consumer.
And now for compliance: All the time and money spent adopting digital tools, machine learning and building an artificially intelligent enterprise can lose its ROI if you can’t clearly explain your processes and decisions to regulators. To make sure your profits aren’t undercut by fines, Pairity makes it easy to translate its complex algorithms for non-expert reviewers (i.e., most people). Clear reports are generated with helpful graphics to illustrate strategy, and our data science team can monitor and tweak your processes over the long term to make sure they don’t step into territory that’s problematic for regulators.