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BCFP Sets Advisory Committee Meeting on Artificial Intelligence


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The Dec. 6 conference call meeting will focus on AI in consumer financial services, among other topics.

11/29/2018 9:00

The Bureau of Consumer Financial Protection along with its Advisory Committee will discuss emerging issues related to artificial intelligence in consumer financial services during a call at 1 p.m. Eastern Dec. 6. Other topics on the agenda include consumer access to financial records.

Increasingly, accounts receivable management agencies have started implementing artificial intelligence technology that manages the most tedious tasks by thinking for the collector. AI systems are programmed to mimic human intelligence, making decisions based on established rules and carrying out tasks as a human would, Collector magazine editor Anne Rosso May reports in the June 2018 issue.

AI technology can help employers save time and money by streamlining certain tasks that unnecessarily absorb staff resources. For example, each night an AI-powered collection system can crawl through every account on an agency’s system to determine the next day’s collection strategy, create dialer queues, run consolidations for accounts and automate reports, Rosso May reports.

ACA International will be following next week’s BCFP meeting. Subscribe to ACA Daily for updates and read more on AI in Debt Collections in Collector magazine.

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