The House Committee on Financial Services Working Group on Artificial Intelligence yesterday released a bipartisan report that summarized six different roundtable meetings that were had with different companies — including one from the accounts receivable management industry.
InDebted was one of the companies that participated in the roundtable discussions. The focus of the 12 members of the Working Group, which included Rep. Patrick McHenry [R-N.C.], the chair of the House Financial Services Committee, and Rep. Maxine Waters [D-Calif.], the committee’s Ranking Member, was to learn about specific use cases, technological developments, and the regulatory implications of deploying artificial intelligence technology.
With respect to what InDebted shared during the roundtable discussion, here is what was published in the report on the topic of debt collection:
One panelist described their use of LLMs to communicate with individuals whose debt is being collected. This panelist uses Gen AI produced text prompts, which are then reviewed by a human for legal compliance and sent to customers. These text prompts are refined through engagement analytics and can be tailored to specific collection scenarios. Statistics provided by the panelist indicate a 25% increase in payment in full when using AI generated text compared to human generated text. These text prompts are refined through analytics and can be tailored to specific collection scenarios, including if a customer has already accessed their payment portal, how many times they have been communicated with before, and how far along an individual is in the debt collection process. This panelist also described the varying global legal landscape, with many of their new functionalities tested in foreign jurisdictions before being used in the U.S.
