TrueAccord – Transforming the debt collection industry and helping consumers reach financial health
The Silicon Review
Having customers who delay payments has become a common and difficult barrier in today’s business world. Unpaid bills or bad debt is an unavoidable problem which invites restricted cash flows. Restricted cash flows negatively affect the business growth. Debt collection companies are key players in settling differences between the creditors and debtors. They act as solution providers at both ends. Debt collection companies offer services to creditors and ensure that their debts are collected within the shortest time possible. Collecting debts is tedious and time-consuming. Debt collection agencies offer professional services to handle this task efficiently. The business is bound to well and enjoy good customer relationship, if the debts are reduced.
TrueAccord is the leader in digital collections. By focusing on great user experiences, TrueAccord provides businesses with superior debt collection results. Its machine learning platform adapts to consumer behavior with personalized and empathetic communications to deliver the right payment option at the right time and channel. The company works with top financial institutions, enterprise companies and upcoming businesses to recover billions in lost revenue. TrueAccord has worked with more than 20 million consumers of major banks, issuers, eCommerce companies and direct lenders. Hundreds of thousands have resolved their debts with convenient payment plans, customized billing schedules, and easy documentation.
Q. Why TrueAccord?
TrueAccord uses machine learning and digital technology to deliver a personalized, self-serve experience that drives consumer engagement and industry-leading results. TrueAccord’s digital platform can efficiently and compliantly scale to any collection volume. With compliant, pre-built content libraries, best practices, and data science models, their solution is tailor-made to be consistent and effective. They designed TrueAccord as a modern approach to debt collections—one that uses technology to engage with consumers at the right time, place, and channel—resulting in happier consumers and better results. Whatever your organization’s technical needs, they have the tools and experts to onboard you today.
No more one-size-fits-all outreach or call-based collections campaigns. TrueAccord’s patented machine learning engine, HeartBeat, creates a personalized journey for each consumer – and keeps optimizing for the right message, outreach time, and communication cadence to optimize performance. A flexible, intuitive digital portal puts consumers in control and leads to commitments that stick. 96% of TrueAccord consumers who resolve their debts do so in a totally self-serve fashion, without interacting with a human being. TrueAccord’s digital platform can efficiently and compliantly scale to any collections volume, at any time of the year and despite external events or circumstances.
The TrueAccord Difference
Harness industry-defining AI: TrueAccord solutions are powered by Heartbeat — a patented machine learning platform — to dynamically optimize the next best touchpoint for every consumer in real-time.
Plug and play: TrueAccord’s first-party solution comes pre-configured with everything you need to start collecting at scale: deliverability, a self-optimizing machine learning engine, code-based compliance, and digital expertise to drive engagement and commitment. No model building or tuning required.
Don’t change a thing: TrueAccord’s platform quickly and easily integrates with all of your agent tools and workflows – no painful migrations or “rip and replace” to get up and running.
Boost liquidation rates: Dynamically personalize every step of the consumer journey across digital channels (like email, SMS, voicemail drops, and Facebook), giving consumers tools to self-serve, and ensure that they’re successful once they commit to plans.
Make consumer experience your competitive edge: Harness TrueAccord’s consumer-centric, code-based compliance approach and reputation to protect your brand, lower legal and reputational risk, and work with consumers who want to resolve their debts.
Stay one step ahead: Flexibly scale across any debt volume and monetize any type of debt with a solution built on engagement insights from millions of consumers – and powered by code-based compliance.
Collections Compliance
TrueAccord is a licensed, bonded, and insured collection agency in all jurisdictions where they collect. Their legal team follows developments in regulations and case law to develop policies and procedures according to their constant changes. They ensure complete compliance control, auditability and real-time updates for changing rules and regulations. Their digital collections process is controlled by code, ensuring that all regulatory requirements are met, while still being flexible to quickly adjust to new rules and case law.
TrueAccord’s data security and IT policies are built to satisfy the requirements of the most security-sensitive financial institutions. Their infrastructure is designed to provide the highest level of protection for your customers’ personal data. Their system’s security and performance is constantly monitored by an extensive network of surveillance systems. Changes to the infrastructure, software and data are monitored, logged and reviewed.
About | Mark Ravanesi
Mark Ravanesi is the Chief Executive Officer of TrueAccord. He prior has worked as Director at Bridgeforce LLC; Collections Strategy, Reporting, and Analytics Leader at GE Capital; and Director of Collections Strategy at Discover Financial Services. Mark attended Arizona State University.