As companies look for a productivity lever to pull to enhance marketing and sales post-Covid-19, a solution is emerging in AI.
Wouldn’t it be great if you could predict with AI which customers actually want your products & services? Instead of sending out telemarketers, emailers, social media prompters, in a shotgun approach, you could instead only target those customers that AI has predicted with high accuracy, the customers who are very likely to want your services. Imagine, all the wasted budget, time, and effort companies could save, using AI to optimize sales and marketing.
Critical Future, the specialist AI development house, trusted by some of the world’s biggest brands, has developed an AI system which can predict ideal customers for the invoice finance and fintech business. Optimum Finance, a leading invoice finance fintech firm, has announced its collaboration with Critical Future as part of its mission to use technology and automation to revolutionise the sector and benefit its SME customers.
Critical Future’s new AI System developed for Optimum Finance is a first-in-sector machine learning capability which can identify companies which will need invoice finance services within a couple of months.
Using data from a range of public and third-party sources, the proprietary system, which took three months to develop, uses a set of rules and criteria to identify businesses which will need cash flow support in the form of invoice finance. The system can predict with over 80% accuracy the businesses which need support, based on a defined set of demographics, characteristics of sectors and previous invoice finance usage.
Optimum Finance started its investment programme in new and emerging technologies in 2019 and since then has created a number of tools to enhance automation. This is allowing the sales and account handline teams to reduce manual processes and focus on developing and adding value to a growing number of business owner customers.
Commenting on the new capability, Optimum Finance CTO, James Beck said: “This is a game changer for us. We are already ahead of the market when it comes to the automation of our applications process, instant offers and onboarding procedures.
“This latest technology means we can be really targeted about who we speak to. So often when an SME needs access to funds time is of the essence and knowing the profile of the type of business which can benefit from working with us ultimately means we can help more companies in a shorter space of time. This is even more critical now when businesses are struggling on a number of fronts as a result of the impact of the pandemic on the economy.”
Critical Future CEO, Adam Riccoboni, and author of the “The AI Age” says: “When we first spoke to the Optimum Finance team we quickly realised that our expertise could be put to good use. We have a world-leading PhD qualified team such as Thomas Pernet who developed this AI system, as well as other colleagues from leading institutions including Harvard and The University of Cambridge and they soon got to work in developing this pioneering AI technology for the invoice finance sector.
“Using Machine Learning, companies can focus on only those customers which the machine has identified as being ideal for their products and services. Optimum Finance is combining its deep domain expertise with Critical Future’s AI solutions to increase productivity in UK financial services.
“During the coronavirus pandemic, I was asked to give evidence to British Parliamentarians about how AI can fight Covid-19. As we come out of the lockdown, AI has just as big a role to play in raising productivity of the UK economy, and Optimum Finance is leading the way in the invoice financing sector.”