Debt Collection Simplified With Document Agnostic Automation

Automation the lives up to the hype

According to industry reporting, consumer debt grew to almost $14 trillion in 2019, an increase of nearly $2.3 trillion since 2009. With organizations facing increasing types of debt collection documents, it’s never been more important to have access to the proper tools to manage these efficiently.

Applica is a versatile, self-service platform that automates 50+ types of debt/court/legal documents and is the only tool that enables interpretation, classification, and extraction of information from unstructured, semi-structured, and fully structured documents.

Debt collection

Situation:

A major consumer bank needed to automate the processing of tens of thousands of loan, court, and other debt documents per month. Previously, processing these documents consisted of staff scrutiny, classification into multiple categories, manual extraction of necessary information from each category, and decision-making based on the extracted information. These documents also differ in terms of wording and layout.

Problem:

External factors unexpectedly caused a major workforce dispersion, and the newly remote team was unable to process these documents with the same efficacy – causing delays, increased errors, and monetary losses to the bank.

Solution:

By leveraging Applica, which is compliant with guidelines set by regulatory authorities, the bank can now quickly process these documents with minimal workforce supervision. This provides much needed business continuity and helps offsets disruptions caused by fluctuating market factors.

Results:

Applica was rapidly deployed and only required a small fraction of relevant data to refine its AI models. Turnover time decreased to less than one second per case and 90% straight-through processing was achieved. Additionally, errors decreased by 85% compared to manual processing.

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