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Synopsis
By training the algorithms to mine the data, the big data analytics can now predict which customers will most likely resume paying after missing a couple of installments, and who will probably default.
“The best way for a bank or a financial institution to lose a customer is to give the account to a collection agency,” says Sumeet Srivastava, the chief executive of a five-year-old startup that aims to boost collections without human contact.
A 2021 remake of Get Shorty might not have much use for John Travolta’s Miami mobster character. The debt collector role could go to a bot.
Why Use Muscle? Big Data Can Collect Debt
Apr 19 2021, 6:05 AM
April 19 2021, 4:00 AM
April 19 2021, 6:05 AM
(Bloomberg Opinion) A 2021 remake of Get Shorty might not have much use for John Travoltaâs Miami mobster character. The debt collector role could go to a bot.
(Bloomberg Opinion) A 2021Â remake of
Get Shorty might not have much use for John Travoltaâs Miami mobster character. The debt collector role could go to a bot.
You can test this hypothesis in a most unlikely place to roll out a new technology: the Indian countryside. The setting is perhaps not as odd as it seems, with about 5% to 10% of the countryâs farmers not repaying their tractor loans on time. The explanations for tardiness range from failed crops to medical emergencies and strategic defaults in anticipation of state-mandated debt waivers, a regular feature of the political economy.
Why use muscle? Let a bot be the debt collector and never lose a customer business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.