From analytics to security tools: The tech highlights of the EOS Group.
Year after year, EOS invests in new technological trends. Four examples show how EOS clients, and consumers, can now benefit from these technologies.
- Machine learning and data models for more efficient processing of outstanding receivables
- Chatbots improve service quality and allow consumers to communicate anonymously
- Security monitoring tools protect sensitive client and consumer data.
Around 600 people at EOS worldwide are working on transposing the full spectrum of technological progress to the receivables management sector. In this context, technologies are used in very diverse ways to help with automation, forecasting, information transfer and data security. The goal is always the same: to change the financial situations of all clients and consumers for the better. The following examples show exactly how this works.
Center of Analytics: A data platform for all.
The business operations of EOS are highly data-driven. The data models used, along with many other developments in the area of artificial intelligence, come from our Center of Analytics (CoA), where a 14-strong team is working on improving and extending the analytical expertise of the entire EOS Group. To this end they have created a cloud platform that all EOS national subsidiaries will be able to access in the future to train their machine learning models and make predictions in the debt collection process. To identify the debt collection step that has the greatest likelihood of resulting in payment, the platform scours through similar cases from the past. In 2021, for a single client alone, EOS France initiated around half a million model queries to find the ideal solutions to ensure a willingness to pay on the part of consumers.
Alongside the predictive models, the Center is also working on a central reporting system for all activities relating to the purchasing of secured receivables. In this case all data from completed receivables purchases is being collected and evaluated. The aim is to exploit synergies within the Group and improve processes even more, so as to be able to offer clients fair prices. So far, four EOS countries are connected to the system.
Low level of receivables thanks to machine learning.
Which next step in the collection process is most likely to succeed? The German collection system FX provides the answer to this question. On the basis of historical data, artificial intelligence (AI) takes millions of analytical decisions a month and thus automatically creates a tailor-made solution for each individual consumer. The solution will include, for example, the communication channel and timing of the contact as well as clarification of the point in time and tone of the approach to the consumer. The probability of achieving payment is increased by this targeted form of communication. At the same time, cost-intensive, economically inappropriate steps are avoided, which is in the interests of all parties.
Each passing day sees an increase in the number of datasets connected to FX. This also increases the data volume and thus the accuracy of the predictions. In this way, the handling of collection cases at EOS becomes more customized and more efficient day by day, which results in fair prices.
Chatbots improve service.
Did you know that two-thirds of companies in Europe are already using chatbots? This was the result of the EOS Chatbot Survey 2021. For some years now, EOS has also been exploiting the benefits of this trending technology. For example, consumers with questions about their outstanding payments no longer necessarily have to pick up the telephone. Instead, they can also deal with a lot of matters conveniently via a chatbot. This not only improves the service and offers consumers anonymity, but also reduces the workload on EOS customer service personnel, who can then devote themselves to more complex matters as a result. So far, the digital assistants are being used at EOS companies in France, Belgium and Croatia. Other countries are set to follow.
Instead, they can also deal with a lot of matters conveniently via a chatbot. This not only improves the service and offers consumers anonymity, but also reduces the workload on EOS customer service personnel, who can then devote themselves to more complex matters as a result. So far, the digital assistants are being used at EOS companies in France, Belgium and Croatia. Other countries are set to follow.
EOS Chatbot Survey 2021: How do companies use chatbots?
What opportunities and challenges does chatbot technology represent when used for communication? We asked 2,800 companies in 14 European countries about their experiences with these digital assistants. You will find all the results in our EOS Chatbot Survey 2021.
Modern monitoring tools track down security loopholes.
In receivables management, handling sensitive data is part of the day-to-day routine. Protecting this data is a top priority, but an ever greater challenge in the light of increasing digitalization. To protect itself and its clients from cyber attacks, EOS employs more than 25 security experts. Since 2022, these specialists have been supported by two vendor-neutral IT security monitoring tools, because “a second pair of eyes sees more”.
Unlike the traditional penetration tests, the two vendor-neutral tools continually monitor the IT infrastructure in the entire EOS Group for potential security loopholes. They do this by means of very precise analysis of the digital footprint of EOS, including cloud assets, from the outside. This allows any vulnerabilities to be identified in good time before potential attackers notice them. The tools also constantly update newly published vulnerabilities in their databases so that they can be found.
To date, these tools have been able to help improve security at more than 200 system locations. As a result, the data of the many EOS clients and consumers are safe from unauthorized access. In particularly critical areas like the EOS customer portals, we also conduct dedicated penetrations tests to ensure the highest level of information security possible.