Dear Global Risk Community member,
With today’s economy impacting so many businesses and consumers, collection volume will increase exponentially in the future, making it difficult for organizations to reach the optimal point of operation for their business and portfolio. Strategies that are created from gut instinct will only work for a short amount of time before becoming sub-optimal due to changing conditions. In order to address this, it’s important to balance regulations, costs, demand, and capacity by using analytics and mathematical optimization techniques.
This blog post by Chris Smith, FICO collections analytics expert, outlines three real-life examples of how mathematical optimization can be used to improve collections performance:
- Optimizing the use of resources in internal collections units
- Identifying optimal commission rates with third-party collectors
- Selecting accounts suitable for sale under changing conditions
AI is coming, but mathematical optimization is already here, and can answer both big and small questions across collections and recovery.
Click here to read the blog post on the FICO Community to see how mathematical optimization can enhance your collections operation. Also, be sure to visit the Collections and Recovery Group on the FICO Community to access more resources.
FICO’s data-driven intelligence transforms how organizations make complex decisions and engage with their customers at every touchpoint—helping people make better decisions every day. For more information about FICO’s collections and recovery solutions, please contact us at info@fico.comor 888.342.6336.
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