(Alliance News) - doValue Spa announced Thursday the achievement of significant milestones in several key projects developed by its innovation lab and the start of the next phase of the doTransformation program, a major initiative unveiled at the last Capital Market Day 2022.

"The promise of AI has always been clear to us at doValue, and we are now proud to communicate the concrete results this technology is delivering across all of our businesses, with tangible effects on our KPIs and financials," said George Kalogeropoulos, group COO.

"These advances are the result of the decision to streamline IT operations with a 'glocal' approach aimed at creating centralized IT capabilities in different geographies to support transformation plans in a cross-country cross-fertilization logic." The Transformation, IT & Ops teams in the five countries where doValue operates have been collaborating intensively over the past few months, sharing business ideas and new use cases that quickly moved from a brainstorming phase to concrete Proof of Concept and, in a short time, to live tools used by the entire organization."

In detail, after several tests, doValue is ready to introduce artificial intelligence-based bad debt repayment prediction models. These models-for NPLs, UTPs, and REOs-are intended to strengthen the capabilities of servicing teams and increase the recoverability of the portfolio by preemptively identifying positions with the highest probability of reaching an out-of-court settlement or generating collections within a given time frame.

Following the success of a very promising pilot project in 2022, doValue has completed the implementation in Italy of a search engine based on text mining. This tool will significantly increase the productivity of asset managers who often use old scans of PDF documents to process credit files. The text mining platform can perform text searches on any type of file, automatically recognize and classify documents, and extract key data from credit files.

"The platform has already analyzed 11 million documents in Italy and is now a key tool for our asset managers who take advantage of its features on a daily basis with an average saving of 35-40% in terms of time spent searching for key information needed for NPL recovery practices," the company explained.

Improving digital offerings and self-service functionalities, particularly for early arrears and probable defaults services, is the company's priority.

"We are well advanced in the implementation of an AI chatbot that can provide a better and personalized customer experience. This tool will be one of the main points of contact for debtors afferent to consumer credit products, will be available 24 hours a day, seven days a week, and will be ready to answer questions, provide real-time information, and guide users through the various processes of recovery according to their needs."

"The introduction of the AI Chatbot into our recovery operations has two main purposes: first, it significantly improves our customers' engagement by providing immediate and personalized self-service capabilities that not only save them time, but also allow them to interact with doValue according to their needs, increasing their overall satisfaction. In addition, the Chatbot strengthens our operational efficiency by managing both inbound and outbound communications, saving our asset managers valuable time by allowing them to focus on more complex tasks, thus contributing more significantly to our debt collection efforts."

Other new features include process automation and ChatGPT intergration.

DoValue's stock is up 4.9 percent to EUR4.36 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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