17 Sep 2023
by CICM East of England Branch

A Dive into the Future of Credit Management and AI Innovations

The world of credit management and cutting-edge AI innovations.

Risk Scoring

Ope Farinloye from Allianz Trade unfolded the fascinating world of risk assessment, unveiling the five scoring pillars used to evaluate risk. Not only did he provide insights into how these scoring pillars are applied by country, sector, and business, but he also shed light on the financial data, concerns, and other factors that should be continuously updated.

Using the power of data science, Ope highlighted how these tools enhance predictive capabilities, supporting the debtor "de-risk process." It's a journey into the future where data drives decision-making and minimises risk.

Decoding the Survival Game

Ope then took the reins for an engaging workshop. Delegates, working in teams, were tasked with assessing the financial health of two companies to determine which would sink and which would swim. The outcome was nothing short of remarkable, with nearly every team arriving at the correct answer. This exercise showcased the power of informed decision-making in the world of credit management.

Paula Swain's Glimpse into the AI Revolution

Up next was Paula Swain from Shoosmiths, who offered a thought-provoking view of the future of collections, litigation, and enforcement. Paula shared how AI, armed with the ability to analyse historical data and customer behaviour, can predict which accounts are more likely to default or become delinquent. AI is progressing at "warp" speed, opening up new frontiers in the credit management landscape.

Paula touched upon key concepts like sandbox risk, "hallucination," and regulatory challenges. By incorporating AI into their litigation strategy, credit managers can streamline their processes, make data-driven decisions, prioritise collection efforts, manage costs, and increase the chances of successful outcomes.

Navigating E-commerce and Digitisation with Ozlem Ozuner

Allianz Trade's Ozlem Ozuner took the stage to explore the thriving realm of e-commerce and the optimal use of digitisation and AI in credit management. She introduced Allianz's groundbreaking e-commerce B2B offering and predicted that a staggering 80% of transactions would be digital by 2025.

With businesses demanding flexible payment terms and the e-commerce sphere booming, Ozlem emphasised the imperative need to embrace the benefits of digitisation and digitalisation.

A Grand Finale and Gratitude

The event concluded on a high note with a scrumptious buffet lunch and ample opportunities for networking. The feedback regarding the content, speakers, venue, and organisation was exceptionally positive, underscoring the success of this gathering.

The branch extends its heartfelt gratitude to our esteemed speakers and Hays for their hospitality. We've embarked on a transformative journey into the future of credit management, and the road ahead is filled with exciting possibilities. Stay tuned for more thought-provoking discussions and innovations in the world of AI and credit management.