AI and Automation in Credit Management

In this post, we continue our exploration of technology in credit management. Thomas Lundström, Chair of the Board at CapAid, provides his perspective on the potential of AI and other technological innovations in the field. 

Q: Do you think there is a particular innovation or game-changing technology for small companies?

"I would say that in today's world, we have better and better ways to connect different systems and extract information from them. So, to handle this information, you don't necessarily need to do it manually. You can build automated links between systems, which is a significant trend. 

Another trend we've seen for quite a few years now is that data storage has become incredibly cheap. While, of course, it costs something, the cost is so low that it's no longer a limiting factor. You can store large amounts of data about the payment behavior of your customers, and it doesn't cost much. This means companies can now easily track and analyze customer behavior over time without worrying about the cost of data storage. 

And then there's AI. What can AI do in this space? I'm pretty sure that AI can take over part of the work that humans do today, but it's essential to define very clearly what AI does and what should still be done manually. You also need to check all the results that AI provides. The combination of these three trends—cheap data storage, improved system interfaces, and the growing capabilities of AI—creates real opportunities for innovation in credit management." 

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Thomas Lundström

Founder & Chair of the Board, CapAid

Thomas is the founder and driving force behind CapAid. He holds a Master's degree in Economics from Hanken School of Economics in Helsinki and is passionate about value creation and helping others succeed.

He has over 30 years of experience in financial consulting, including areas such as working capital management, corporate financial risk management, and financial steering.