Debt Management with AI - learn in under 30 minutes NEW SEASON | Curiosity Code 017
29 Aug, 2024
In this episode of the Curiosity Code podcast, Alex sits down with James Hill, CEO of Flexys, a fintech innovator revolutionizing debt management and collection through real-time technology. With over 20 years of leadership experience, James shares how Flexys empowers organizations to improve efficiency and customer experience by automating debt collection processes and enabling self-service digital journeys. He highlights the challenges of integrating modern systems with legacy infrastructure and explains the role of AI in simplifying workflows and enhancing decision-making. The discussion explores Flexys’ growth strategy, including key partnerships and international expansion, and how the company navigates regulatory complexities by offering adaptable tools for clients. James also touches on the importance of customer-driven innovation in fintech and shares practical advice for entrepreneurs, emphasizing networking, mentorship, and decisive action. This episode provides valuable insights into the future of fintech and the transformative potential of automation in debt management.

Alex: Hey everybody and welcome back to another episode of the Curiosity Code. Actually, it's not just another episode. We're starting a whole new season of our podcast where we'll be exploring the cutting edge of fintech technologies, talking to people who are changing the world of fintech. And today I'm pleased to have as a guest James Hill. He is the CEO of Flexys, a fintech company that is revolutionizing debt management and debt collection through innovative world-leading technology. With over two decades of experience in project management, change management, and team leadership, James has led senior roles at Tribal Group and Howick Training, demonstrating his expertise in professional services and business development. Well, we can't wait to start the conversation. Welcome to the show, James.

James Hill: Great, thanks, Alex. Pleasure.

Alex: All right, let's just dive into debt collection and debt management. So this is the core business of Flexys. I'm sure you can talk about ways to automate debt management. Can you share some examples of how Flexys is using automation to transform the industry in this area?

James Hill: Yeah, of course. No problem. At the heart of the Flexys proposition, we’re using real-time technology and software to improve and automate the entire debt management and collection process. Whether it's B2B or B2C, you have an enterprise organization and an end customer—someone owes someone money, and someone is trying to collect it. Traditionally, for many enterprises like banks, utilities, or telcos, it’s been a mix of people and technology handling this process. The opportunity we saw was to enable customers to self-serve. With dynamic, digital journeys and automation, customers can engage 24/7 and achieve real-time outcomes without the delays typical of traditional systems.

Alex: That sounds amazing. Can you highlight key benefits and maybe pitfalls that lenders and borrowers can expect from automated debt management services?

James Hill: If we break it down, the main benefit is that organizations can collect more, faster. Automating the process eliminates delays, ensures real-time updates, and improves efficiencies. It allows businesses to grow faster, reduce risks, and enhance customer satisfaction. However, integrating these systems into existing environments can be a challenge, especially for organizations with legacy systems. Poor data quality or batch-driven systems can hinder the real-time benefits.

Alex: What about the most difficult part of getting up and running with such systems? Why isn’t everyone using them?

James Hill: The challenge often lies in integration and understanding the nuances of different sectors. Many organizations have outdated systems or no digital self-service options at all. Integration with older, batch-driven core systems can complicate things. Additionally, software projects often have a bad reputation for taking too long and running over budget. We aim to implement solutions with a light touch to avoid those pitfalls.

Alex: Fascinating. Let's compare automated debt management strategies to traditional debt settlement approaches. What are the main differences?

James Hill: Traditionally, when a customer falls behind, the first step might be a text or a letter asking them to call in. The process is manual and involves conversations about affordability, often leading to subjective assessments. In contrast, modern platforms allow customers to engage through portals, complete assessments online, and receive real-time decisions. It’s less intrusive, more efficient, and provides a better experience for both the organization and the customer.

Alex: You mentioned AI earlier. How do you incorporate AI into your product?

James Hill: We use AI in our configuration tools to simplify processes for business users, enabling them to build and deploy new strategies without technical expertise. AI also helps with workflow automation, speeding up tasks and improving outcomes. For example, we can codify decisioning logic into the system to provide real-time resolutions for customers.

Alex: Very insightful. James, as we wrap up, could you share some advice for someone starting in fintech or thinking of building a company in this space?

James Hill: Build a strong network around you—peers, mentors, and partners. Don’t be afraid to ask for help or advice. Leverage resources like accelerator programs for support and guidance. Most importantly, don’t dwell too long on decisions. Make thoughtful choices, learn from them, and move forward.

Alex: That was a really insightful conversation. James, thank you for being with us today.

James Hill: No problem. Thanks, Alex. It was an absolute pleasure.

Alex: And for the listeners, don’t forget to subscribe on whatever platform you’re listening or watching this on. See you in the next episode. Bye.