I am thrilled to share that Chaser has been shortlisted for the AI in FinTech Award at The Global FinTech Awards 2024. In their inaugural ceremony, the Global FinTech Awards 2024 will be recognizing and celebrating innovative solutions in the financial services and fintech industries, honoring organizations that demonstrate exceptional creativity, technologically advancements, and industry leadership.
Being recognized as a finalist for the AI in FinTech Award is a testament to Chaser's use of artificial intelligence technology to improve the accounts receivable process, and financial outcomes for businesses worldwide. The shortlisting recognizes three key pieces of AI technology released by Chaser: Recommended chasing times, Payer rating, and the Late payment predictor.
Finalist for the AI in FinTech Award
Research shows late payments are only getting worse for SMEs, and dealing with them is putting a significant time burden on their already-stretched finance teams.
Chaser conducted research with SME credit-controllers and found one of the biggest pain points for them today is struggling to prioritize their limited time and resources.
In response, Chaser looked at ways cutting-edge technology and advancements in artificial-intelligence could support them to reduce late payments and improve efficiency, at a low cost. Chaser released 3 AI-driven features to improve efficiency and reduce late-payments:
- Recommended chasing times
- Payer rating
- Late payment predictor
For Chaser users who have adopted all AI functionality, there’s been a 55.7% reduction in time between payment reminders being sent and payment being received. These features are helping cash-strapped SMEs protect and bring revenue in faster, in our challenging economic environment.
Payer ratings
Payer ratings use data on customers’ previous payment behavior and compare trends seen across Chaser, assigning every payer an AI-generated ‘rating’.
Ratings are ‘Good’, ‘Average’, and ‘Bad'; they predict how likely a customer is to pay their future invoices on time.
This lets SMEs who are often strapped-for-time see at a glance how their customers are paying.
Payer ratings let SMEs prioritize effectively and instantly see who problem payers are, assess at-a-glance who to extend credit to, and optimise their follow up approach for different payer groups, so they can protect and bring their revenue in faster.
Late payment predictor
The late payment predictor gives instant AI-generated predictions on how likely an invoice is to be paid late, assigning a percentage score out of 100. Giving visibility on whether to expect cash on time, and whether to pursue debt collections.
Recommended chasing times
Recommended chasing times analyze data on thousands of B2B payments to suggest a custom, optimal time and day to send payment-reminders to customers, to maximize the chance of payment.
This new feature uses AI to let SMEs reach customers precisely when they’re most likely to pay, automatically.
These three pioneering AI-algorithms revolutionize SMEs' financial decision-making and credit-management, safeguarding their revenue streams like never before. Chaser is committed to democratizing AI access for SMEs, making cutting-edge FinTech tools more affordable and equitable to smaller businesses. Chaser's active participation in discussions on equality and bias in AI underscores our dedication to fostering ethical AI practices and shaping industry norms. For example, Chaser’s CEO recently spoke on the Credit-Strategy panel ‘Does your AI discriminate?’, offering solutions to mitigate the risk of discrimination in AI tools businesses implement. Rigorous monitoring of Chaser's AI systems ensures consistent accuracy, reliability, and ethical integrity, reinforcing our commitment to responsible AI-driven solutions.
The Global FinTech Awards 2024
The Chaser team is honored to be recognized as a finalist in the FinTech Awards, and look forward to celebrating alongside other leading fintech businesses at the awards ceremony. Taking place in London, Bishopsgate on 22nd October, you can join Chaser and others at the ceremony or explore sponsorship options on the fintech awards website.
