SourseAI, the leading AI platform for forecasting prediction and scenario planning, has been selected as the Artificial Intelligence (AI) and Machine Learning (ML) platform for Debtrak’s multi-lingual, multi-currency Debt Collection Software System used by hundreds of government agencies, financial institutions and leading corporates around the world.
SourseAI will be applied to segmenting the portfolios, helping Debtrak clients provide higher quality of customer care to the vulnerable as well as optimising workflows. Much of debt collection process is still manual with follow-up calls, emails and other information of reach out done at a client by client level. SourseAI will help improve process efficiencies, productivity and agreement for Debtrak clients through intelligent, dynamic segmentation, personalisation and prioritisation of accounts and optimised timing for reach out.
SourseAI’s proven machine learning models enable internal scoring based on behaviour such as first response, responsiveness, payment, arrangement adherence, arrangement attributes size, frequency and can forecast and predict debt collection probability and treatment.
According to CreditorWatch, “data from CreditorWatch shows credit inquiries are now starting to rise as many of the emergency measures [implemented by the government in response to COVID-19] begin to unwind. JobKeeper and JobSeeker have both eased, and insolvent trading relief has been trimmed and extended to December 31. Some rent and interest relief is also starting to unwind.”
“Credit inquiries increased 7.5 per cent from July to August – the fourth consecutive month this year they have risen. They are now at pre-COVID levels. Late payments in August have also risen across half the sectors monitored by CreditorWatch.”
Director of Debtrak Callum Hoogesteger related that, “Post COVID-19, a number of traditionally good payers may actually be in a default scenario and in that environment software like Debtrak that enables the identification of these otherwise good payers and ensuring successful debt collection outcomes from this cohort will become increasingly important”.
“But to identify these patterns as early as possible its necessary to deploy advanced Machine learning models such as offered by SourseAI, whose techniques enable neural forecasting and anomaly detection against cohorts, earlier. This is all about bringing the latest capability in AI and ML to Debtrak’s substantial client base to drive their efficiencies and client outcomes, we are delighted to be partnering with such an advanced and competent SaaS business in SourseAI”.
According to SourseAI CEO Matt Jones, “SourseAI will assist Debtrak’s clients to predict risk before it becomes a problem, completely personalise the collections experience, maximising empathy and impact and help Debtrak clients be more productive by reducing the cost associated with recovery while ensuring compliance. Automatic segmentation to a portfolio of debt based on data and learning from previous data in the system is key. By applying machine learning to debt recovery ’treatments’ that have been completed in the past, SourseAI can help form hypotheses using causal machine learning on what collection strategies work, and then enable experimentation at scale with A/B testing.
Mr Jones went on to say, “In most standard collection practices, the choice on what improvement or settlement terms to propose to a client was mostly left to the ability and experience of the debt collectors, with often general guidelines in place. SourseAI can bring a methodology and systemised approach to this by leveraging data to distinguish different client profiles: those who are in a temporary state of difficulty but who can and are likely to settle debts later versus those who consider defaulting or have no intention to settle. These tools can also support the right settlement terms to offer to each of these client types”.
Debtrak clients will be enabled with a range of SourseAI capabilities including:
- Neural Forecasting, prediction & scenario planning
- Anomaly detection to detect and be alerted to anomalies relative to forecast, seasonality, vulnerability, and outliers
- Automated dynamic cohort assignment
- Enhanced treatment plans SourseAI brings leading AI tools and techniques to enterprise software as a service businesses and will be available as an add-on module to Debtrak for the direct benefit of Debtrak clients.
SourseAI is a forecasting, prediction and scenario planning platform built specifically for key industries. Sourse ingests competitive market data and a comprehensive set of client data from core systems to provide clients with forecasting, anomaly detection, causal prediction and what if scenario planning tools that support data- savvy businesses to drive their decision-making more effectively. When integrated into client execution systems SourseAI Machine Learning (ML) models can be applied to make processes ‘intelligent’.
Debtrak is used by a wide-range of government, financial institutions and other large enterprises around the world because of its ability to address needs like no other debt collection software. Debtrak delivers for government, agency, outsourcers, utilities, telcos and financial institutions with robust and scalable architecture and an unparalleled support base for redundancy and full customisation. “Follow the sun” support (global level 2) means you’re never left stranded, and low-cost licensing bolsters your bottom line.
Callum Hoogesteger, Director, +61456225455 firstname.lastname@example.org