doValue expects AI use to cut cost and improve recovery rate

doValue, Italy’s leading debt recovery firm, has announced plans to leverage artificial intelligence (AI) to streamline its non-performing loans (NPLs) repayment business.
Dollar spending on technologyThe integration of AI is projected to reduce servicing costs by an impressive 8 percent to 11 percent from the upcoming year, doValue said.

The implementation of AI is also expected to yield a remarkable 4 percent increase in the annual NPL recovery rate per asset manager, significantly improving the company’s overall debt recovery efficiency, doValue said.

DoValue disclosed that its new AI-powered solution will be initially introduced in Spain during the third quarter of this year. Subsequently, the technology will be rolled out to other branches within the group, with full integration expected to be completed by the end of 2023. The firm aims to realize the efficiency targets by the year 2024, doValue said in an email comment to Reuters.

Furthermore, doValue has deployed a search engine based on text mining in Italy. This innovation is already providing substantial benefits, enabling the firm to save approximately 35-40 percent of the time typically required to recover soured loans.

doValue oversees a vast portfolio, managing about 120 billion euros of assets under management across various countries, including Italy, Spain, Portugal, Greece, and Cyprus.

The integration of AI technology into doValue’s debt recovery operations is a clear testament to the firm’s commitment to embrace cutting-edge solutions to optimize its performance and drive financial growth.

With the potential to achieve significant cost reductions and improve NPL recovery rates, the company is poised to remain at the forefront of the debt recovery industry. Investors and stakeholders alike are closely monitoring the developments, eager to witness the tangible impact of this AI-driven transformation on doValue’s bottom line.

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