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WHAT LEADERS ARE DOING
The Readiness Leaders – are growing 2x as fast by taking a different approach to emerging tech, talent and culture to support new business models.
ARE YOU LEVERAGING AI
TO PRIORITIZE COLLECTIONS?
of companies have seen an increase in collection volume.
lack complete visibility into their risk portfolio.
OUR INSIGHTS SHOW
Best-in-class organizations are leveraging the latest automation technology embedded with Artificial Intelligence (AI) to help manage growth. AI can help adjust strategic collections based on learned behavior to help improve collections prioritization for lowering days sales outstanding (DSO) and reducing past-due A/R.
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OUTCOMES FROM AI
31% of leaders are targeting AI investment on enhancing the customer experience vs. 18% of nonleaders.
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INNOVATION CULTURE
Leaders’ top strategy to develop digital skillsets is to upskill existing staff: 48% prioritize this vs. 30% of non-leaders. Only 12% say culture is a barrier to digital innovation vs. 26% of nonleaders.
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CUSTOMIZED SERVICES
Leaders are using data to personalize their services. For example, 81% of retail banking leaders are sophisticated at using data to personalize their customers’ banking experience vs. 46% of non-leaders.
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TALENT STRATEGY
Leaders are putting greater emphasis on strengthening AI skills (34% vs. 28% of nonleaders) and cyber security skills (48% vs. 41%).
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RISK INSIGHT
78% of have enabled their risk teams to readily access organizational data in a timely manner vs. 48% of non-leaders.
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OUTSOURCING
Leaders are moving faster to outsource non-value adding activities: 72% will hand over non-competing functions to tech vendors over the next 12 months vs. 55% of others.
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THE RIGHT PACE FOR YOUR BUSINESS
Consumer Banking:
Stop Talking Digital, Start Experience.
online -only banks jump in satisfaction
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18-37
years old
the biggest users of mobile and most likely to use traditional channels
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increase in mobile or digital bank interactions compared to 2018
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banked consumers who were victims of fraud in the prior 12 months
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ARE YOU SEGREGATING DISPUTES
WITH AUTOMATIONS AND WORKFLOW TECHNOLOGY?
Modernizing with the Latest Automation and Workflow Technology
Segregating the disputed portion from invoices is a good step in reducing dispute cycles and volume. However, when a dispute is identified and segmented from the non-disputed portion of the invoice.
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have segregated the disputed portion from the invoice.
Are you using the Cloud to lower costs and mitigate risk?
Modernizing with Cloud-based Technology
Credit and collections departments are modernizing credit and collections by moving it to the cloud combined with managed services, which reduces the total cost of ownership (TCO) by decreasing and securing direct and indirect IT.
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have switched or are likely to move credit and collections to the cloud.