Credit Clear

Credit Clear has been selected as an ABA100® Winner for Digital Transformation in The Australian Business Awards 2023. The Australian Business Award for Digital Transformation [DTR] recognises organisations that have successfully implemented initiatives that demonstrate excellence in digital transformation. 

Credit Clear Limited is an ASX-listed technology company within the debt collection industry with a digitally-led approach to collections and an AI-driven software platform. The Company provides the debt collection industry with an unmatched “hybrid collections” offering (digitally led and supported by traditional collections) deployed across thousands of clients. Credit Clear has a diverse client base, from energy providers, water utilities, telco operators, and state and local government, to toll road operators, health and fitness providers, banks, and other credit providers.

Credit Clear is a technology-enabled communications platform helping businesses drive smarter, faster and more innovative financial outcomes by changing how people manage their repayments. The aim of Credit Clear’s hybrid approach is the enhance the customer’s experience by bringing a digital transformation to the industry, where customers can engage with digital communication channels at a time and place that suits them and provides flexibility and options to resolve overdue accounts or speak with skilled, empathetic and experienced collections agent. Having created a digital workflow utilised at scale and across large clients and capturing vast amounts of data, Credit Clear is uniquely positioned to use that data and apply more sophisticated software engineering and data analytics as part of its products and services. The Company now uses adaptive workflows with over 110,000 possible variations where Machine Learning and Artificial Intelligence are used to create an automated and individualised strategy for individual customers.

Credit Clear’s digital transformation initiative involved several years of attempting to digitise the debt collections industry by selling the digital platform directly to potential clients that would use the platform internally. The first step of Credit Clear’s initiative was to digitise the debt collection process by acquiring traditional debt collection agencies, deploying the technology across their client base and converting traditional collection activities (letters, phone calls) into digital activities (SMS, email and social media). In February 2022, Credit Clear acquired ARMA Group Holdings, a modern and fast-growing debt collection agency, for $46m. Within two weeks of deploying the digital platform, the ARMA team began using it to engage with its clients’ customers regarding their overdue accounts. The results were instantaneous and material, with a 32% uplift in customer engagement, a 22% uplift in collections, a 16% improvement in customer experience (measured by NPS scores) and a 20% reduction in the time taken to collect. Digital transactions nearly doubled during the year from ~3,000 to nearly ~6,000 transactions processed. Importantly, with each transaction, Credit Clear’s data becomes more valuable, its AI more intelligent, and its collections results further improved, creating a sustainable competitive advantage for the business. Moreover, the customer experience, as measured by NPS scores of +42, is significantly improved by adopting a digitally-led approach to collections.

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