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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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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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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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