Artificial Intelligence To turn data into Intelligence Brian Morgan - - PowerPoint PPT Presentation

Artificial Intelligence

Brian Morgan FCICM Business Growth & Partner Director

To turn data into Intelligence

We exist to simplify the complex Software that finance people love

Rigid Unintelligent Difficult to change process Performance Management Reporting Visibility of Cash Activity Customer Relationships Reactive, not Proactive Not Real Time Cash Flow Forecasting

Challenges

Phone: +44 (0) 1527 872 123 enquiries@rimilia.com | www.rimilia.com

Typical Cash Allocation Process

30%

• f Manual Effort

40%

• f Manual Effort

Receive & File Matching Keying

Remittances & Cheques Bank Statement/File File Remittances in Order Value Purge Unmatched Remittances

30%

• f Manual Effort

Unmatched receipts to customer account or suspense

Phone: +44 (0) 1527 872 123 enquiries@rimilia.com | www.rimilia.com

Typical Cash Allocation Process

Remittances & Cheques

30%

• f Manual Effort

(not all remits require scanning)

10%

• f Manual Effort

(automated matching)

Receive & Scan Matching Keying

File Uploaded to Sales Ledger

0%

• f Manual Effort

(Auto upload)

Cheques & remits scanned and data extracted Automated Matching Software Electronic Bank Statement Data

Industry-leading utilization of AI for faster, quicker, better decision-making

What is the impact of implementing Collect?

Collections is a complex process, a balance between managing debt effectively and handling customers sensitively

Cost Containment

Utilising scarce resources to produce the best

• utcome for all in the collections process.

Maximize recoveries

Increasing the amount of cash collected by creating more effective processes and treatment strategies. Identify the non-compliant customers from the vulnerable segments

Customer Insight

Use data to develop more personalised interactions and billing cycles influencing behaviors to improve results.

Economic Conditions

The unsettled economic climate is leading to increased financial stress on SME Businesses.

Regulatory Compliance

Greater focus on the fair treatment of Consumers and Businesses with a holistic view of ALL customers.

Customer Experience

Customers expect personalised & relevant digital

• journeys. Consumers and Businesses now look to nurture

their own credit score.

Increased Competition

Open Water has enabled customers to easily switch providers increasing the importance of your brand.

External Internal

Multiple data items – One location.

Standalone Scorecards

Affordability Scores Fraud Indicators Risk Scores Vulnerability Scores

Data Assets

Companies House Data Adverse Data CATO Data Voters Roll

Improved Customer Insight Enhanced Strategies Regulatory Compliance Advanced Reporting

41% 59%

DEBTOR PREDICTABILITY

Preditable Unpredictable

How does this impact on your collections?

Impact of Predictability

With some rules and some automation you can predict Only 4% of debtors with 70% Accuracy or more

Rimilia AI Engine

With utilisation of AI and ML, you can predict at least 48% - %50 of debtors with 70% Accuracy or more

Customers who pay on receipt

• f bill statement

Customers who pay on receipt

• f reminder

Customers who pay on verbal contact Customers who always pay on the same date No reminder until unpaid trigger date Reminder letter with X days No reminder letter – Outbound call No reminder until unpaid trigger date Outbound DD conversion campaign

Defining Automated Treatment Paths

Information never changed anything Application brings transformation

Turning Information into Intelligence into Wisdom

Our Customers

Finance pioneers who want to make a significant difference because they know “we have always done it this way” is the wrong answer

Extract from South Staffs Water PR19

“Our openness to innovation has continued with our new debt management system. We have carried out an extensive review of the systems currently available because we wanted something that truly broke new ground. So, in another first for the sector, we are currently implementing a debt management solution that embeds artificial intelligence (AI) to create highly-tailored, individual customer journeys for debt management. More importantly, the AI will identify early changes in customer behaviours, which can be an indication of more wide-ranging financial problems and enable us to proactively support these customers before they fall into debt. Our new debt management system will allow us to develop real-time collection strategies, using a number of customer behaviour traits. The management information we will have access to will give us a detailed picture of debt management reported, for example, by strategy, age or vulnerability. And because it will enable real-time, constant monitoring, it means we will be able to proactively tailor our responses to individual customer circumstances”

Why Rimilia Collect?

1. Need for Cash 2. Reduce Bad Debt 3. Treat Customers fairly

• Strategies for each type of Customer
• Sub-Strategy for every change to a Customer
• Communication path and method to suit customer

4. Measure activity – use AI to be smart and increase Productivity 5. Functionality

• Payment plans
• Reporting - including cash flow
• Dynamic Diary

Why Rimilia Collect?

Proven up to:

• 89% reduction in 60 day aged Debt.
• 70% reduction in 6 months+ in aged Debt.
• 160% Increase in amount Collected per call.
• 60% Increase in Average Collections per day.
• 51% of those forecasted customers accurately predicted

within 3 days either side of the forecast date.

Why Rimilia Collect?

• Significant reductions in bad debt provision.
• Cash collection targets set from working day one.
• Estimated Head count reduction = 25% overall FTE count.
• Multiple Collection strategies and workflows will allow improved

collection activities.

• Ability to import CRA data to enhance collection strategies.
• Multiple contact strategies – Print, E-mail, SMS.
• Dynamic Diary system automating collection paths.
• Integration of Cash and Collect – Resulting in automatic allocation
• f payments, allowing collectors to only contact those that have

not paid.

• Credit Controllers do the right thing at the right time.

email brian.morgan@rimilia.com tel 07470 453 177 | rimilia.com

Software finance people love