AI in Debt Collection: Understanding the Technology Behind Modern Receivables Management
Artificial intelligence has transformed the receivables industry, but the rapid pace of change has created confusion around terminology. Are we even using the right language when evaluating AI tools? Large language models like ChatGPT aren’t thinking brains – they’re sophisticated statistical systems predicting likely word sequences based on training data. This distinction matters when choosing […]
The Delinquency Surge: A Boon and a Bane for Collection Agencies
The financial landscape is undergoing significant changes, with consumer debt on the rise and the resumption of student loan payments approaching. Total household debt climbed to a new record of $16.15 trillion in the second quarter of 2023, according to the Federal Reserve Bank of New York. This was an increase of $312 billion from […]