AsiaCollect Talks AI-Powered Debt Collection in the Jakarta Post
Guillermo Martin, AsiaCollect’s Country Manager for Indonesia and Head of Global Sales, has an article in the Jakarta Post this month explaining how AI-powered debt collection can help avoid another P2P lending crisis. Excerpt below and click on the link for the full article in the Jakarta Post:
AI-Powered Debt Collection Can Help Avoid Another P2P Lending Crisis
BY : GUILLERMO MARTIN
AUGUST 14, 2019
Peer-to-peer, or P2P, lending should have been the long-awaited answer to a complicated financial inclusion problem: how do we help the poor escape the poverty cycle?
Finally, there is a commercially viable way to lend money to the “riskier” segments of the market thanks to high mobile internet penetration and the elimination of expensive middlemen.
Sixty-six percent of Indonesia’s population was unbanked in 2018 and cash was king. P2P lending platforms, which typically match hopeful borrowers with private lenders, offered the perfect solution to the problem. Regular Indonesians gained much-needed access to credit, while lenders had an opportunity to gain returns higher than many other investment opportunities at the time.
Then, everything went wrong. Continue reading here.