Moeen Khan is the founder and CEO of First Solution Management Services, a debt management company. In his opinion, AI has “given the financial industry a way to meet business demands”
“People and businesses need more than ever a trusted partner to ensure economic stability and to deal with the current adverse social consequences. Certainly, overdue payments are a sensitive issue, which needs to be handled with firm professionalism and social responsibility.
“First Solution has been one of the first UAE companies to implement AI in all of our products and services. We are particular about improving cash flow with increased efficiency when it comes to relationship management working with financial institutions.
“Our artificial intelligence model has the capacity to help us make smarter choices on when to contact customers and how based on their behaviours. The algorithm is designed with predictive models using the information attained through data and machine learning as well as with the help of speech analytic tools. As a result basing the findings on demographic, social and economic data, we set up the debt collections strategies to prioritised and applied built on the data associated with each debt.
“For example, Artificial intelligence allows collecting large amounts of data from different sources and analysing them automatically. Through machine learning and algorithms that recognise patterns of behaviour and statistics and cross-referencing them with information from our Debt Collection CRM in order to predict future events based on them.
“In this way, we personalised debt recovery strategies that were established for each debtor, studying their profile, ability to pay, amount of debt and the best time of day to try an effective contact. Besides as consumer preferences shift more towards digital channels, machine learning tools help us to optimise Omnichannel communications, as emails, texts, and voice calls, those are being used to extend and optimise the outreach of the collections process.