[PODCAST]: Acquired.com: Boosting Collection Rates How AI and Open Banking can Supercharge Customer Engagement

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Link: Acquired.com

This episode discusses various topics related to open banking, AI, customer engagement, and payment processing in the lending and collections industry. It explores the benefits of using AI to enhance the customer journey, the role of open banking in accessing real-time data, and the potential of Variable Recurring Payments (VRP) in transforming payment processing. The importance of utilizing account data to update card details automatically is highlighted, along with the potential for AI to analyze individual transactions and detect signs of vulnerability. The text also emphasizes the need for a balanced approach, with AI serving as a guide rather than a complete replacement for human agents in financial services.

Key Points

The increasing trend of people falling into arrears due to rising disposable income is a concern.Inflation rates and reducing energy costs are crucial factors to improve the financ...

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