Scotiabank improves payment collections of credit card customers using deep learning

Solution:

Scotia Bank uses AI to analyze customer behavior for eg: figure out the best way to interact with customers who may have simply forgotten to pay versus those less likely to pay at all. A simple nudge via text message might be more effective than call. The DeepLearning tool predicts possible delinquencies faster and suggests collection options based on the type of customer such as a forgetful payer. It analyzes individual customer behavior, looks for patterns and correlates it with other data pulled from the bank’s enterprise data lake. It then suggests the best time and method, such as email or text message, to reach credit card customers about payments.