Over the past two years, artificial intelligence has established itself as a significant driver of innovation. The potential applications of AI range from the optimization of internal processes and the automation of customer interactions to tailor-made offers and services. But how is AI actually changing existing business models and what developments are in store for us? We’ll provide insights into current trends and the role of AI as a transformative force in the corporate world.

Automation as the key to efficiency

A key advantage of artificial intelligence lies in its ability to automate manual processes, thereby enabling significant increases in efficiency. Automated AI solutions optimize customer communication in debt collection, for example, by suggesting individually tailored payment plans and proactively responding to customer needs. The effectiveness of these systems is particularly evident in the reduction of payment defaults and the relief of customer service.

Niels von Hase, Group CFO at coeo, talks about the use of AI in the company in our interview:

“AI is specifically used in our debt collection process to improve the efficiency of individual work steps by implementing intelligent automation of work steps and customer interactions at a previously unavailable level.”

According to a recent study by Deloitte, AI-based automation solutions lead to an increase in productivity of up to 40 percent in many industries.

One pioneering development is predictive analytics, in which historical data is analyzed to predict future patterns of behavior. For example, a debt collection company can use machine learning to determine which customers are at an increased risk of late payment. These predictions enable proactive action that both reduces costs and improves the customer experience.

Personalization and improved customer experience through AI

Understanding and responding to the needs of customers is critical to the success of any business. AI plays a crucial role in this by processing huge amounts of customer data in real time and gaining actionable insights from it. This personalized approach is a real added value, especially in finance and debt collection, as the relationship between customer and company is often perceived as sensitive.

One prominent example is the use of chatbots and virtual assistants that can process customer inquiries around the clock. These AI-controlled assistants learn continuously, recognize moods and can respond to complaints or inquiries accordingly. McKinsey reports that companies achieve a 20 percent increase in customer satisfaction through the use of AI in customer service. This shows that the right use of AI not only creates efficiency, but also strengthens customer trust.

Innovation through data-driven decision-making

The innovation potential of AI also extends to the area of data-driven decision-making. Machine learning algorithms that learn from past events provide decision-makers with valuable insights into business strategies and risk management. Companies that make data-based decisions with the support of AI have a competitive advantage in a volatile market environment. E-commerce expert Josefine Burkhardt underlines this in our interview:

“In the long term, companies that are willing to actively utilize the potential of AI and embrace experimentation will prevail – a mentality that is already being lived in international markets such as the US and China.”

In debt collection, for example, AI-supported analyses can help to create risk profiles of debtors in order to better assess the likelihood of payment arrears. This reduces the financial risk and enables a more targeted approach to receivables processing. According to a survey by PwC, 54 percent of managers state that AI will play an even greater role in their decision-making processes in the future.

The future: AI as a driver for sustainable business models

Artificial intelligence is constantly evolving and opening up completely new business areas and models. Companies that integrate AI into their structures at an early stage can operate more sustainably in the long term. One example of the sustainable use of AI is the minimization of wasted resources and better planning of material usage. This not only protects the environment, but also brings financial benefits for companies. In the area of financial and debt collection services, this means that AI solutions can ensure more precise, fair and at the same time more sustainable processing of receivables.

A transformative force that affects us all

AI is developing at a rapid pace and holds enormous potential for innovation. Companies that make clever use of this technology not only benefit from greater efficiency and cost savings, but can also strengthen customer loyalty and open up new, sustainable business areas. Especially for industries that rely heavily on data-based processes, such as debt collection, AI is becoming an indispensable partner in the transformation of traditional business models.

In our interview, Frank Kollack, Head of Contact Center at coeo, provides insights into how efficient working with AI works in the company:

“Rapid testing in practice and further development with the inclusion of feedback has proven to be the optimal way for coeo to make the best possible use of the innovation potential of AI.”

It remains exciting to see what further developments await us in the coming years and how companies will continue to adapt their strategies in order to exploit the full potential of artificial intelligence.

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