{"id":613,"date":"2022-10-06T22:14:00","date_gmt":"2022-10-06T22:14:00","guid":{"rendered":"https:\/\/creditclear.com.au\/?p=613"},"modified":"2025-03-26T09:03:34","modified_gmt":"2025-03-26T09:03:34","slug":"award-winning-ai-could-boost-credit-clears-share-price","status":"publish","type":"post","link":"https:\/\/creditclear.com.au\/award-winning-ai-could-boost-credit-clears-share-price\/","title":{"rendered":"Award-winning AI could boost Credit Clear\u2019s share price"},"content":{"rendered":"\n

ASX-listed fintech company Credit Clear could see its share price rise on the development of award-winning artificial intelligence (AI) technology for the payments collection sector.<\/p>\n\n\n\n

The company also saw monthly revenues rise to record levels in August after achieving four consecutive months of operational profitability.<\/p>\n\n\n\n

Credit Clear grabs Australian fintech award<\/h3>\n\n\n\n

Credit Clear won the award for ‘Best Use of AI’ at the 7th Annual Fintech Awards for software that helps to increase collection rates for toll roads. This year marks <\/a>the second consecutive year that Credit Clear has grabbed this honour from the Australian Fintech Awards.<\/p>\n\n\n\n

According to Credit Clear, its software helped one of Australia’s biggest toll road operators to raise collections by 35% in May and June of this year.<\/p>\n\n\n\n

The case study for the award found that the Credit Clear platform achieved this increase via AI that optimises the likelihood of customers making payments.<\/p>\n\n\n\n

Credit Clear’s software has analysed millions of interactions to determine which actions have the greatest impact on the probability of customer payments.<\/p>\n\n\n\n

Chief product and technology officer (CPTO) Jason Serafino said this huge volume of data was the key to the effectiveness of the software.<\/p>\n\n\n\n

“We’ve trained the AI on tens of millions of interactions, to understand the best treatment for a customer on a day-by-day basis, looking at the kind of customer that it is, the kind of debt that it is,” Serafino said to Stockhead<\/a>.<\/p>\n\n\n\n

“It might decide that today the first action might be to send an SMS while for another customer it might say the first action is to make a phone call or send an email, because it’s a different profile of customer.”<\/p>\n\n\n\n

Credit Clear said that as a result of the case study, the client has made its AI software the primary method of collection for the first six weeks of their collection lifecycle.<\/p>\n\n\n\n

Serafino said that a 35% increase in collection levels was far greater than the standard rates of improvement achieved using AI processes.<\/p>\n\n\n\n

“In a space like AI we’re often looking for 1-2% difference and we get excited about that, so to hit an uplift of 35%, with more money in the bank because of the use of the AI, that’s really exciting.”<\/p>\n\n\n\n

August revenues hit record high<\/h3>\n\n\n\n

According to an ASX announcement<\/a>, in August Credit Clear achieved record-high monthly revenue of $3.28 million and its fourth consecutive month of operational profitability.<\/p>\n\n\n\n

Key drivers of revenue growth that month included the recent onboarding of large new clients and growth in debt referrals from existing clients.<\/p>\n\n\n\n

Record-monthly revenue in August coincided with a record for payments collected via the digital platform.<\/p>\n\n\n\n

Credit Clear facilitated the collection of $5.64 million in payments in August, marking the first month that the figure exceeded $5 million and the fourth consecutive record-breaking month.<\/p>\n\n\n\n

New clients to boost revenue<\/h3>\n\n\n\n

Credit Clear forecasts further strong growth in revenue on the back of the onboarding of new clients.<\/p>\n\n\n\n

The total expected addition to annual revenue from clients onboarded since the start of 2022 is $10.77 million.<\/p>\n\n\n\n

The month of August alone saw Credit Clear sign 38 new clients, who are expected to collectively add $418,00 in revenue over the upcoming 12 months.<\/p>\n\n\n\n

Credit Clear’s leading clients hail from a range of sectors, including consumer finance, education, energy and water supply.<\/p>\n\n\n\n

Recognition as leading Insurtech Start-up<\/h3>\n\n\n\n

In addition to its fintech honours, Credit Clear\u2019s digital third-party insurance claims system also won the company recognition for being one of Australia’s top insurtech start-ups.<\/p>\n\n\n\n

The digital platform was a finalist for Insurtech Start-up of the Year at the 2022 Australian and New Zealand Institute of Insurance and Finance (ANZIFF) industry awards.<\/p>\n\n\n\n

Take your position on over 13,000 local and international shares via CFDs or share trading \u2013 all at your fingertips on our award-winning platform.* Learn more about share CFDs<\/a> or shares<\/a> trading with us, or open an account<\/a> to get started today.<\/p>\n\n\n\n

Winner of \u2018Best Multi-Platform Provider\u2019 at ADVFN International Finance Awards 2022<\/p>\n\n\n\n

This article was first published on www.ig.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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