The future of workflow automation and compliance

It seems that lately, you can’t move for news about the Artificial Intelligence (A)) revolution, which is taking place all over the world, and which has resulted in many business sectors looking at how they may deploy AI in a way that adds value to their business and customer experience. As Head of Strategy for the Zinc Group, I am currently looking at ways in which AI can assist in the overall improvements and management of two key areas.

1) Workflow Automation
One of the most significant challenges facing the UK consumer debt collection industry is the sheer volume of work involved. Debt collection agencies and creditors are constantly having to review processes due to ever-increasing volumes of new accounts moving into collections, and they need to be able to process them efficiently. AI technology can assist with many of the tasks involved in debt collection such as:

• Identifying and prioritising cases.
• Sending out reminders and notifications, via multiple channels.
• Negotiating repayment plans using preset rules which remain compliant and in the best interest of the customer.
• Logging and tracking progress, creating usable and intelligent pre and post-campaign MI.

AI will no doubt improve automation for a number of tasks and workflow management, but the key thing to consider before going down this path is data quality. To ensure that you get the best possible outcomes you need to start with a data audit. By ensuring that your data is fit for whatever tasks you wish to automate, you can be confident that the Intelligence element of AI is high, rather than low, as whether human or artificial, intelligence works on many different levels. It’s also critical to ensure that data security and integrity remains a high priority, and that consultation with clients is a key factor in ensuring customers’ data remains safe.

2) Improved Compliance
Another challenge facing the UK consumer debt collection industry is the need to comply with a complex web of regulations. The Financial Conduct Authority (FCA) regulates debt collection agencies, and there are many different regulatory requirements to consider to ensure good customer outcomes. AI technology can help debt collection agencies to improve their compliance with these regulations by:

• Identifying potential compliance risks.
• Providing guidance on how to mitigate these risks.
• Monitoring compliance across the entire debt collection process.

By using AI, debt collection agencies can reduce the risk of making mistakes and can improve their overall compliance with Consumer Duty. AI is still a relatively recent technology in the UK consumer debt collection industry, but it will have the potential to transform the way that debt is collected and managed. By automating workflows and improving compliance, AI will help debt collection agencies to become more efficient, more effective, and more compliant. But the key point to bear in mind, isn’t just where you want AI to take your business, it’s where your starting position is to ensure the best possible outcomes. I believe that you start with the basics, which means taking a good look at your data, and then determining what your objectives should be longer term.

Ed Simpson is the Head of Strategy at The Zinc Group