CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Award-winning AI could boost Credit Clear’s share price

Credit Clear has won leading fintech and insurtech honours for its AI-driven payments collection technology. The ASX-listed fintech company also saw record revenues and collections in August.

Source: Bloomberg

ASX-listed fintech company Credit Clear could see its share price rise on the development of award-winning artificial intelligence (AI) technology for the payments collection sector.

The company also saw monthly revenues rise to record levels in August after achieving four consecutive months of operational profitability.

Credit Clear grabs Australian fintech award

Credit Clear won the award for 'Best Use of AI' at the 7th Annual Fintech Awards for software that helps to increase collection rates for toll roads. This year marks the second consecutive year that Credit Clear has grabbed this honour from the Australian Fintech Awards.

According to Credit Clear, its software helped one of Australia's biggest toll road operators to raise collections by 35% in May and June of this year.

The case study for the award found that the Credit Clear platform achieved this increase via AI that optimises the likelihood of customers making payments.

Credit Clear's software has analysed millions of interactions to determine which actions have the greatest impact on the probability of customer payments.

Chief product and technology officer (CPTO) Jason Serafino said this huge volume of data was the key to the effectiveness of the software.

"We've trained the AI on tens of millions of interactions, to understand the best treatment for a customer on a day-by-day basis, looking at the kind of customer that it is, the kind of debt that it is," Serafino said to Stockhead.

"It might decide that today the first action might be to send an SMS while for another customer it might say the first action is to make a phone call or send an email, because it's a different profile of customer."

Credit Clear said that as a result of the case study, the client has made its AI software the primary method of collection for the first six weeks of their collection lifecycle.

Serafino said that a 35% increase in collection levels was far greater than the standard rates of improvement achieved using AI processes.

"In a space like AI we're often looking for 1-2% difference and we get excited about that, so to hit an uplift of 35%, with more money in the bank because of the use of the AI, that's really exciting."

August revenues hit record high

According to an ASX announcement, in August Credit Clear achieved record-high monthly revenue of $3.28 million and its fourth consecutive month of operational profitability.

Key drivers of revenue growth that month included the recent onboarding of large new clients and growth in debt referrals from existing clients.

Record-monthly revenue in August coincided with a record for payments collected via the digital platform.

Credit Clear facilitated the collection of $5.64 million in payments in August, marking the first month that the figure exceeded $5 million and the fourth consecutive record-breaking month.

New clients to boost revenue

Credit Clear forecasts further strong growth in revenue on the back of the onboarding of new clients.

The total expected addition to annual revenue from clients onboarded since the start of 2022 is $10.77 million.

The month of August alone saw Credit Clear sign 38 new clients, who are expected to collectively add $418,00 in revenue over the upcoming 12 months.

Credit Clear's leading clients hail from a range of sectors, including consumer finance, education, energy and water supply.

Recognition as leading Insurtech Start-up

In addition to its fintech honours, Credit Clear’s digital third-party insurance claims system also won the company recognition for being one of Australia's top insurtech start-ups.

The digital platform was a finalist for Insurtech Start-up of the Year at the 2022 Australian and New Zealand Institute of Insurance and Finance (ANZIFF) industry awards.

Take your position on over 13,000 local and international shares via CFDs or share trading – all at your fingertips on our award-winning platform.* Learn more about share CFDs or shares trading with us, or open an account to get started today.

* Winner of ‘Best Multi-Platform Provider’ at ADVFN International Finance Awards 2022

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.

Act on share opportunities today

Go long or short on thousands of international stocks with CFDs.

  • Get full exposure for a comparatively small deposit
  • Trade on spreads from just 0.1%
  • Get greater order book visibility with direct market access

See opportunity on a stock?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See opportunity on a stock?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Trade a huge range of popular stocks
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See opportunity on a stock?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.