BIRMINGHAM, 6 August 2020 – Cerebreon, an award-winning technology platform for the insolvency and debt recovery industry, launch their affordable new automated Income and Expenditure (I&E) tool, enabling insolvency practitioner and debt management firms to complete fully compliant I&E reports in less than 5 minutes.

The new product launch comes at a time of increased need in the debt industry as personal and corporate debt companies are reporting increases in insolvencies as a result of the COVID-19 pandemic. Despite this increased demand, business growth is being held back by a lack of digital productivity tools that take advantage of open banking, consumer applications and secure cloud-based AI.

Manual processes prolong the time required to work through complex data and complete regulatory reports within cost parameters. With higher case volumes and pressure to complete cases efficiently, there is an increased risk of unintended errors that may lead to fines.

Using Machine Learning to Banish Manual I&E Processes

Cerebreon I&E uses pioneering machine learning technology to automate I&E production and reporting processes for insolvency practitioner firms.

Gillian Doyle, CEO Cerebreon said, “Cerebreon’s digital Income and Expenditure tool processes paper documents such as bank statements, payslips and P60s, using artificial intelligence to automatically categorise transactions, highlight unusual behaviours and remove a substantial amount of resource involved. This radically streamlines the I&E process at both the Nominee and Annual Review stage. We have also integrated Open Banking data feeds through an exciting new collaboration with Ducit.ai.” 

She went on to say “our I&E tool has all the power of our comprehensive insolvency platform that has now processed over 15 million debt documents. It’s our mission to support the debt industry for IPs, debt management firms and consumers alike with the powerful benefits of automation to speed up processes and reduce costs.”

With a simple drag and drop option for consumers or IP staff to upload documents, as well as the open banking option to link multiple bank accounts at once, long gone are the days of sifting through piles of paperwork.

Built With Consumer In Mind

Cerebreon have developed  a comprehensive consumer portal to accelerate direct upload of key documents required by case managers. The app provides consumers greater control of debt management, whilst simultaneously cutting the paperwork challenges IPs face.

Increasing the efficiency of creating fully compliant I&E reports is enabling debt companies to increase profits while building better relationships with consumers and creditors. Through open communication and early predictions, insolvency practitioners will be able to better prevent unnecessary insolvency arrangement failures.

Product Launch Limited-time Special Offer

Cerebreon’s core mission is to have a positive impact on the lives of consumers by increasing the success rates of insolvency arrangements, while revolutionising the debt industry and providing all stakeholders maximum returns using data and machine intelligence.

To celebrate the launch, Cerebreon are offering 3 free income and expenditure reports for all trials throughout August 2020. Available with both annual and pay-as-you-go options, Cerebreon I&E is now available to the debt industry. To see more of the features head to the new Cerebreon I&E page, or to view the tool book a demo call today.