COVID-19: A Catalyst for AI and Technology in Credit Management
In this post, I want to take you through a remarkable discussion facilitated by our very own Andy Moylan and Lyn Commons. Our guest of honour, Matthew White, the General Manager of EMEA at Cforia Software, unveiled a fascinating perspective on how the COVID-19 pandemic has accelerated the adoption of AI and technology, making almost all previous research obsolete and creating a new frontier of possibilities in credit management.
Credit Management in the Age of Technology
Matt's insights shed light on how the pandemic has propelled AI and technology several years into the future in the context of credit management. The evolution in payment request methods and the emergence of open banking have revolutionised the collections process, serving as a game-changer for the industry. Matt also provided valuable examples to illustrate the positive impact of these innovations on credit management.
For a more in-depth look at how technology is shaping credit management, consider exploring our blog on Finding the Right Technology Innovation for Credit Management.
The Workforce of Tomorrow
An important nugget of wisdom that Matt shared is that by 2029, Generation X and Millennials will constitute a significant 72% of the workforce. This tech-savvy group aspires to conduct transactions worldwide, mirroring the convenience they experience on their smartphones. The demand for "buy now, pay later" options is surging, emphasising the need to understand your customer thoroughly—especially in the B2B arena, where the right person, message, timing, and channel are critical in the realm of credit management. For more insights into this changing landscape, read our blog on The Shift from Excel Sheets to Concise Credit Management.
The Importance of Employee Well-being
Furthermore, Matt underscored the significance of understanding your employees, including their emotional and mental health, post-COVID. With the work-from-home age group holding a wealth of knowledge, it is paramount to share and leverage that insight throughout the business, especially in the context of credit management. This perspective highlights the shifting dynamics in the modern workforce. Now, more than ever, it has been essential to exercise empathy and communication for effective collections in credit management.
Addressing Credit Management Challenges Creatively
During the initial transition to remote work, challenges arose, including the inability to process credit card payments. However, these issues were quickly resolved through the implementation of cost-effective virtual portal terminals. This exemplifies the resilience and adaptability of businesses in the face of adversity in credit management.
A Hunger for Knowledge
The discussions sparked by Matt's insights revealed an insatiable appetite for more information than the initial discussion could accommodate in credit management. It became evident that there's a keen interest in further exploring the latest industry trends, possibly through breakout groups or roundtables. These sessions could delve deeper into various aspects of automation, offering credit professionals invaluable insights in these uncertain times.
In conclusion, Matthew White's discourse provided a panoramic view of the accelerating AI and technology landscape, transforming the credit management industry. It's a dynamic era of change and innovation, and this discussion was just the tip of the iceberg. Stay tuned for more in-depth explorations and expert insights to come in the world of credit management.