CIO Magazine dedicates a cover story to the new Collenda credit and receivables management software suite in its latest issue of Fintech Special! The use of Artificial Intelligence is the trend of the moment across all industries. With our new credit management solutions, Collenda is one of the pioneers in European competition. The trade magazine awarded Collenda's achievements in the field of AI with an award:
We are among the 10 best Fintech Solution Providers 2019.
For thirty years now, Collenda has been providing innovative solutions for customers in the financial and industrial sectors. We claim to be one of the pioneers in the use of new technologies. Accordingly, it is a matter of course for us to make the most spectacular technology trend, artificial intelligence, available to our customers in the receivables and credit sector. In spring 2019, our software suite reached market maturity and is now available to our customers. This makes Collenda a European pioneer in the use of artificial intelligence in this field - and thus a great step ahead of the competition.
Our new solution suite focuses on both efficiency and effectiveness. Last but not least, our solution also offers new standards in the area of customer experience. The CIO Magazine experts were impressed by the diverse new use cases of the technology. Among other things, Collenda offers a comprehensive self-service concept. Defaulting debtors can register and receive advice in an online portal. Thanks to AI-based procedures, we are able to develop a tailor-made repayment plan for each individual case. On basis of historical as well as personal data an ideal repayment rate can be agreed upon. The significant improvement in recovery speaks for itself!
The contact in the new portal can already be handled to a large extent by fully automated intelligent chatbots. Positive side effect: The user feels no shame in the dialogue with smart algorithms. The unpleasant problem can be solved on the basis of rational components. Communication instead of confrontation is the order of the day in the new digital age.
Even today, the user of the new solution can also selectively segment defaulting debtors. Accordingly, a target-group-specific approach can be guaranteed. For example, it is possible to determine quite precisely whether the payment has merely been forgotten or whether financial problems have actually occurred. In addition, depending on the target group, a specific channel can automatically be selected for addressing. For example, older target groups tend to react more to formal letters, while younger users sometimes react more quickly to reminders via SMS or WhatsApp.
"Megatrends such as the use of artificial intelligence, cloud computing, and API banking will massively change the financial industry. Collenda is making the benefits of these new technologies available to our customers. The latest award underlines our competence in this area. Our aim is to remain one of the pioneers in the future. We will therefore continue to tap new potential in the future, for example in the area of artificial intelligence," emphasizes Collenda CEO Christian U. Haas.
Further information about the award and the latest developments of Collenda can be found in the original text of the CIO Magazine.