Our “Leveraging AI for Smarter Collections” webinar with Paydit is an in-depth conversation on how modern lending platforms are transforming collections strategies, led by our Chief Marketing Officer, Colton Pond, and Paydit’s Vice President of Growth, Dustin Mena.
Here’s a quick recap on some key insights that were shared by these industry experts:
- Industry landscape shifts: The lending and credit industry is changing rapidly with the rise of household debt and delinquency. It’s important now, more than ever, for lenders and those interested in lending to come up with innovative strategies for collections efforts.
- A Digitized Era: Traditional collection methods have relied heavily on outbound phone calls and letters, increasing manual labor and the likelihood of human error. Not only has a digitized shift in financial services solved these issues, but consumers are also pivoting towards digital offerings with a majority of engagements happening outside business hours and payments increasingly made via smartphones.
- LoanPro + Paydit Integration Benefits: The LoanPro + Paydit integration streamlines the collections process. It enables lenders to move inventory through the platform efficiently, reducing operational expenses and improving collection efforts.
- Partnership Success: Colton and Dustin share success stories where LoanPro + Paydit have helped lenders adapt during challenging times, such as the 2019 pandemic. They emphasize the importance of flexibility, offering options like payment deferrals and hardship programs to keep consumers on track with repayments.
- The Power Duo in Collections: Automation and AI: Automation and AI play pivotal roles in modern collection strategies. Harnessing the power of these two tools along with data, lenders can easily optimize their collection efforts, personalize customer communication, and adapt strategies based on consumer behavior and trends.
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