Credit Clear, the tech platform that streamlines account receivables, has revealed that it will be leveraging Sisense, the AI-powered platform for infusing analytics, in order to harness the power of data to enhance its product offering.
The Coronavirus crisis has led to a considerable rise in debt and debt-related problems, with Canstar figures indicating that the average Australian currently owes around $3,925 on their credit card, along with an additional $21,200 in personal debt (not including property loans).
During the Coronavirus outbreak, many Australia-based organizations, governments, and energy regulators have put a hold on overdue payments because of the significant financial disruption the COVID crisis has caused. The way funds are collected traditionally can be stress inducing, and Credit Clear aims to address this issue by providing an improved experience for the client via a digital route, which gives people the option or ability to make payments as they go.
Lewis Romano, Founder and Executive Director of Credit Clear, stated:
“It’s less threatening, customers prefer to engage on their bills in a digital way, rather than receiving mountains of paper. All of our clients, typically large enterprises with tens of thousands of customers, want to know how their collections campaign is going, but also that it is being conducted with the financial well-being of their customers in mind. They want to see what the data is telling them about their customers, where the segments are, and where the opportunities are for them to drive campaigns, so they can increase the collection.”
Credit Clear’s early market entry strategy had required the acquisition of Credit Solutions, a traditional debt collection firm back in 2019. Credit Clear says it is mainly focused on converting Credit Solutions customers from traditional debt collection to all-digital debt collection. The acquisition has reportedly allowed Credit Clear to gain solid market share in Australia.
But the challenge Credit Clear also inherited was handling several different collection systems. In order to offer basic reporting and analytics to customers, complicated queries had been required to stitch different sources of data together, across digital and traditional channels.
Credit Clear had to unify the data in a single, manageable location in an effort to simplify analytics and reporting, so they decided to work with Sisense in June 2021.
Jason Serafino, Chief Product and Tech Officer at Credit Clear reveals that since leveraging Sisense, Credit Clear has been able to boost the speed and accuracy of accessing data internally in order to ensure that everyone’s “drinking from the same well.”
Jason added:
“The flexibility in integrating Sisense fast-tracked implementation for Credit Clear. We wanted an analytics platform that could be easily integrated into our digital platform. Sisense gave us multiple options for embedding dashboards into our client reporting portal.”
Credit Clear also needed a no-code / low-code solution that freed up Credit Clear’s data scientists and engineers to mainly focus on improving behavioral analytics, which made Sisense an ideal fit, allowing the team to work and implement their data-driven strategy.
Jason continued:
“With a couple of training sessions from Sisense, we could enable 10 client-facing staff in our business to do client reporting and analytics, freeing our data scientists to focus on building advanced analytics and machine learning modules.”
Eyal Mekler, Regional VP of APAC at Sisense, noted that a data-powered approach to frictionless debt repayment is a great inroad into assisting businesses with better managing receivables.
The company’s management also mentioned:
“The business landscape is becoming more complex for businesses in Australia that are now struggling to recover from the pandemic. We’re excited that Credit Clear is infusing data analytics, through the power of Sisense, to empower businesses to take ownership of their receivables holistically.”