Credit Clear takes out ‘Best use of AI’ at 2021 Australian FinTECH Awards
By deploying AI in its accounts receivable technology, Credit Clear has noted a 151% increase in collections.
Account receivables digital technology developer Credit Clear (ASX: CCR) has taken out the “Best use of AI” category at the sixth annual Australian FinTECH Awards 2021.
The annual FinTECH Awards celebrate Australian fintechs and the dynamic people in the sector. The awards recognise company innovation and the entrepreneurs that live and work in Australia.
In the Best use of AI in Fintech category, Credit Clear beat other finalists Moula and MyMoney to walk away with the award.
Judges were looking for the best use of AI in a fintech service – with AI able to assist fintech companies by providing machine-learning, human-like services at scale.
It can include faster and more accurate decision making, intelligent customer support, fraud detections, financial advice, and claims management.
Credit Clear was in good company with Zip Co (ASX: ZIP) collecting the Best Buy Now Pay Later Platform award, while Novatti Group (ASX: NOV) scooped up Best Fintech Payments Provider and RAIZ Invest (ASX: RZI) collected the Best Fintech Wealth Management Platform.
Best use of AI
In winning the Best use of AI award, Credit Clear demonstrated integrating AI into its accounts receivable technology had resulted in a 151% uplift in collections.
“Choosing how to engage with customers is a delicate matter,” Credit Clear explained.
“Being able to select the optimal content and channel of engagement can lead to significantly better outcomes, while a wrong decision can result in increased costs or worse, permanently lost opportunities.”
In the collections space that Credit Clear operates within, the opportunities and outcomes relate to outstanding debt.
Using its next best action (NBA) model, the company developed its AI technology to optimise recoveries while minimising collection costs.
Credit Clear says its NBA model treats every account in a “distinctly unique way” and has a recurrent neural network to assist with building and identifying patterns in a customer’s engagement history.
It then makes decisions to optimise a recovery and is able to adapt to customer behaviour changes.
Since deploying its NBA AI, Credit Clear has had improved recovery rates while reducing operational overheads.
“We fully expect NBA models to become the primary decisioning system for all collection strategies and our approach to become standard throughout the industry,” Credit Clear stated.