The accounts receivable management industry is already using artificial intelligence and innovation to offer products and services that help consumers that federal agencies should continue to support.
Artificial intelligence-based technologies can help ACA International members and other financial services providers better understand their customers’ preferences and adapt their communications approaches, Vice President and Senior Counsel of Federal Advocacy Leah Dempsey said in recent comments on five federal agencies’ request for information (RFI) on artificial intelligence.
The Federal Reserve Board, Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency announced RFI to gain input from financial institutions, trade associations, consumer groups and other stakeholders on the growing use of artificial intelligence by financial institutions, ACA previously reported. More specifically, the agencies sought comments to better understand the use of artificial intelligence, including machine learning, by financial institutions; appropriate governance, risk management and controls over artificial intelligence; challenges in developing, adopting and managing artificial intelligence; and whether any clarification would be helpful.
Overall, ACA appreciates the agencies’ recognition that artificial intelligence technologies, including voice recognition and natural language processing, can enhance consumer experiences and provide other benefits.
“They can also help financial institutions provide products and services that are more customized for consumers and reveal patterns in consumer preferences,” Dempsey said. “In fact, some ACA members are already using AI in innovative ways to benefit consumers, including to support consumers faced with increased economic pressures or other hardships as a result of the COVID-19 crisis.”
Artificial intelligence can also help ACA members and other financial service providers to better identify when and how customers prefer to receive outreach, such as via phone, letters, or email, and pause or adjust outreach in geographic areas when disasters or other disruptive events arise, formulate flexible repayment plans, Dempsey added.
“It is our mission to find solutions that serve consumers and help keep small businesses afloat. ACA members are committed to using all available tools, especially cost-effective and time-efficient AI-driven technologies, to help consumers and creditors in this endeavor,” she said. ACA International appreciates the agencies’ efforts to gather information on the challenges and benefits of using AI effectively in the financial sector and encourages the agencies to continue to support innovative AI efforts in the financial sector.”
A long-term rule on artificial intelligence is part of the CFPB’s latest rulemaking agenda, ACA previously reported.
Read ACA’s complete comments on the RFI here.