Verc CEO: AI Addresses Resource Shortage in Loan Servicing and Collections
Verc CEO Thalita Berpan discusses how the company is using artificial intelligence to tackle the global loan servicing and collections market, estimated at $250 billion.
Verc is employing artificial intelligence (AI) to address a significant resource shortage in the global loan servicing and collections market. The total addressable market (TAM) for this sector is estimated at $250 billion, according to the company's CEO, Thalita Berpan.
Berpan highlighted the limited human resources available for managing delinquent loans and educating consumers as the primary challenge. "There simply isn't enough human power to address this," she stated in an interview with CB Insights.
The company positions its AI solutions as the answer to this problem, aiming to streamline processes that traditionally require substantial human intervention.
During the interview, Berpan elaborated on Verc's market perspective, customer needs, and the company's role within the industry. Verc aims to enhance the efficiency of loan servicing and collections through its AI-driven approach.