How AI and Automation Are Transforming Debt Collection Practices
Description
In this episode, Christina is joined by Eric Madison, the Director of Billing and AR Services at VSP Vision. With extensive experience spanning over 15 years in the financial services industry, Eric brings a unique perspective drawn from his collegiate and professional sports background.
Eric delves into his journey from being a professional baseball player to leading AR and collections teams at VSP Vision. He highlights the parallels between sports and business, emphasizing the importance of strategy, teamwork, and goal-setting in driving success.
The conversation explores how Eric has witnessed and driven the evolution of the collections space over the past 9 years. He discusses the critical role of data in identifying pain points and enhancing performance, drawing analogies to studying game films in sports to tweak strategies.
Eric explains the implementation of automation and leveraging internal resources to optimize collections processes, enhancing efficiency and customer experience. Further, the discussion touches on the potential of AI and other technologies in revolutionizing the collections industry.
Timestamped Overview:
00:00 Intro
01:04 Athletic leadership experience translates to professional success.
06:32 Complex data analysis, customer segmentation, resource optimization.
08:38 Automated email tool integration improves efficiency.
12:12 Streamlining processes enhances decision-making and efficiency.
15:11 Preparing employees for complex, critical thinking tasks.