DEBTox July 2024: Chatbots Are the Future
Everybody seems to love Bank of America’s virtual assistant, Erica. Ninety-eight percent (98%) of the bank’s customers reportedly get the answers they need from the chatbot, which was launched in 2018 and has dealt with over 50 million client requests ever since. In this month’s newsletter issue, we are featuring two articles on the financial services industry’s adoption of artificial intelligence. Additionally, we cover the Biden administration’s quest to ban medical debt from consumers’ credit reports and loan decisions.
This Month’s Featured Reads
Financial Services Deliberate Approach to AI
Executives from financial services firms discuss the early adoption of AI in the industry, reasons for caution, and the benefits of partnering with fintechs. Read the latest takes of industry executives from the 2024 MIT FinTech conference in a report published by the MIT Management Sloan School.
Biden Administration Seeks To Wipe Consumer Medical Debt Off Most Credit Reports
The CFPB is planning a rule that would remove medical bills from credit reports and prevent lenders from making decisions based on medical information. The proposed rule also would prevent lenders from repossessing medical devices like wheelchairs if people cannot repay a loan.
A Majority of Americans Favor Forgiving Medical Debt, Says Poll
According to a new poll from the University of Chicago and the Associated Press, more than half of Americans say it’s very important for the U.S. government to provide debt relief for those who have yet to pay off medical treatments. Since the pandemic, an increasing number of cities and states have been implementing their own versions of medical debt forgiveness.
领英推荐
Due to high delinquencies and charge-offs, creditors and collection agencies need help with the high cost of human resources, as well as issues of agent attrition, training, hiring, and staffing costs. To address these challenges, the collections industry needs a scalable, cost-effective solution that can be deployed at various stages of the borrowing and recovery cycles.
Webinars and Events
Artificial Intelligence is playing a growing role in improving compliance and operational efficiency across the accounts receivable management industry. But we are still in the crawl phase of its development. Understanding the capacity and opportunity that AI offers, especially in the area of compliance, is incredibly beneficial.
?In this webinar, a panel of experts discusses AI and compliance in collections, breaking down the results of an industry-wide survey, and shares their insights to help you chart your own way forward in this important area of development.
Below, you’ll see the events we are attending in the coming weeks. Let us know if you’re coming to any of these; we’ll be happy to connect with you!
Are you interested in learning more about how Conversational AI can benefit your business? Request a demo!