coeo relies on generative AI in debt collection – but the AI Act poses new challenges
The coeo Group is increasingly relying on generative artificial intelligence (AI) to make its debt collection processes more efficient and strengthen its competitive position. With the use of cAI, a voice agent developed in-house, coeo is already automating a large part of the verification process for incoming calls – around 80% of callers are already handled by AI. Email communication is also increasingly being controlled by AI, which means enormous time savings for employees.
CEO Sebastian Ludwig sees the use of AI as a revolution for the industry and speaks of a significant efficiency gain. However, the introduction of generative AI is not without challenges, especially in view of the EU's AI Act, which will come into force in 2024. This regulates the use of AI in Europe and divides systems into categories with varying degrees of risk management, data quality, and human oversight requirements.
Ludwig is uncertain about the specific impact the AI Act will have on coeo and its AI systems. In particular, the processing of personal data could be subject to strict regulations. However, coeo is taking a cautious approach by anonymizing sensitive data to meet the requirements.
The AI euphoria in debt collection could therefore be slowed down by the AI Act – at the same time, coeo's generative AI offers potential for further optimizing processes and increasing customer satisfaction through faster and more precise communication.
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About the coeo Group
The coeo Group is the leading technology-based debt collection company in Europe.With a clear focus on combining pioneering AI and first-class customer service, coeo is setting new standards in the industry and continuously driving the optimization and further development of receivables management and all other business processes.
Press contact:
Julia Bernhard,
Senior Marketing & Public Relations Manager DACH