View: Why use muscle? Big data can collect debt without harassment
Synopsis By training the algorithms to mine the data, the big data analytics can now predict which customers will most likely resume paying after missing a couple of installments, and who will probably default. “The best way for a bank or a financial institution to lose a customer is to give the account to a collection agency,” says Sumeet Srivastava, the chief executive of a five-year-old startup that aims to boost collections without human contact. A 2021 remake of Get Shorty might not have much use for John Travolta’s Miami mobster character. The debt collector role could go to a bo...