3 Ways to Use Digital Communication Channels for Collections

Machine learning, a subset of artificial intelligence, shifts that paradigm radically. Now, mortgage servicers have access to predictive and prescriptive analytics powered by machine learning that can help them predict which accounts are showing early warning signs of distress and will need attention, as well as the probable outcome of that attention.

Advanced analytics can also help mortgage servicers understand the right channels to use for customer outreach and the best time to contact customers. For example, if customers have demonstrated a preference for digital communications in the past, collections can also be handled via digital communications, provided that the communications platform used is compliant with regulations and secure.