Collection software artificial intelligence: analysis, determination of scope and initial implementation

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Consumer spending has been in an upward trend worldwide. Increase in spending often results in accumulatingdebts. Most companies hand over debt collection to agencies. A number of anonymized data sets containingdebt and repayment information used by collection agencies are available through a company that developsdebt management and collection software. These data sets contain demographic information on individuals,financial and repayment history on individual debts, communication event, and other information such asphone number area code, address information including zip or postal codes, financial history of debits andcredits with dates and amounts, an event history recording whether phone calls, letters, SMS or other contactevents have occurred, and even promises to pay are recorded. There is typically a correlation between a contactevent and subsequent payments.The main objective of this project is to determine which contact events that trigger appropriate actions willlead to optimal recovery. Based on the analysis of these events and other key indicators, it is anticipated that asimple proof-of-concept model for decision making can be developed.