Machine learning helps you approach your customer even better

What is machine learning?

Machine learning uses data to learn and thus perform better. It therefore enables platforms to learn and improve automatically without explicit programming and without human intervention. Machine learning is a valuable tool for monitoring and collecting outstanding invoices. Every contact moment provides valuable information (data!) to personalize the experience for customers, connect effectively, and ultimately help them pay the outstanding invoice.

Don't confuse machine learning with AI

Artificial intelligence, also known as AI (artificial intelligence), is currently a hot topic. Many organizations pretend that they can or do something with AI. But the term AI is often misused and confused with machine learning. AI is actually the imitation of human intelligence through software. It means that software builds knowledge about a specific topic. This intelligence includes learning, reasoning, and self-correction. However, AI is still only within reach of companies with enormous (computing) capabilities, such as Google, IBM and Amazon.

Machine learning in credit management

The role of machine learning in credit management is becoming increasingly important. Being able to predict payment and customer behavior based on previous payment and customer behavior offers organizations and their customers significant benefits. An organization can now accurately determine when and with which payment method the customer can best be contacted. This allows customers to easily pay the invoice in the ideal way for them.

How is machine learning applied by POM

With POM, you can use machine learning throughout the entire process, from the first moment of contact to payment. By adding machine learning to your flows, you are driving a digital-first experience. Whether this is an email with a payment button, push message or letter with a QR code, machine learning always sends the message with the highest success rate. This can drastically increase the collection result.

The use of data offers major advantages

In POM machine learning, organizations can use their own data or that of all payment transactions and actions in POM's history. The big advantage of using the POM data is the enormous amount! Every month, POM sends millions of emails, hundreds of thousands of letters with QR codes and tens of thousands of text messages. Machine learning learns from every interaction. This includes opening, clicking, actions on the payment page and interactions with POM's software. This gives POM machine learning an unprecedented advantage, because all this data is used to give the customer the best possible payment experience.

Payment request with the highest probability of payment

Machine learning is used to personalize and optimize every step in the customer journey. To effectively connect with the customer, POM machine learning uses thousands of options to arrive at an accurate forecast, such as the type of message, the time, the tone of voice and, for example, the weather. In addition, the variables of the payment request and the customer profile are considered. All this information results in a payment request with the highest probability of payment. For example, machine learning creates a unique onboarding process, also known as microsegmentation, for each customer.