More than 25% of individuals who interact with TrueAccord‘s automated collections platform do so outside of the communications window allowed by the Fair Debt Collection Practices Act, and 95% of those using the platform have resolved their debts online, according to data provided by the company. About 70% make their payment decisions via a mobile device or tablet.
By customizing how and when consumers want to be contacted, and by removing some of the “friction” inherent in the collections process, TrueAccord is “empowering” individuals and treats them the way they would like to be treated, as customers, said Ohad Samet, the company’s CEO.
TrueAccord has released an on-demand webinar that details how its platform has helped achieve recovery rates that are between 50% and 500% higher than traditional agencies, why so many consumers are resolving their debts via the company’s online platform and shares insights into digital debt collection. Free access to the webinar is available here.
The technology used by TrueAccord learns from consumers about how and when they want to be contacted and then applies that knowledge to subsequent conversations.
“We engage with consumers via their preferred channel, with the right content at the right time using behavioral data from millions of similar interactions to tailor the experience to their needs,” Samet said. “We empower them with personalized, consumer-centric experiences that motivate them to pay off their debt with plans that fit their needs. We’re humanizing debt collection with technology and taking the friction out of the process, and that ultimately benefits creditors and debtors.”
That source of friction can be a phone call or the requirement to interact with another human on the other end of the phone, which can be intimidating or embarrassing. By giving individuals the opportunity to resolve their debts online, without needing to answer the phone and without needing to speak to anyone, TrueAccord’s platform offers privacy and the ability for consumers to take care of the situation when the timing is most opportune for them. Consumers can still talk to a human if they choose, but most choose not to.
About half of the paying consumers on TrueAccord’s platform are making payments via payment plans, Samet said.
“We help consumers stay on their plan and motivate them to finish it continuous personalized communication,” Samet said. “For example, they may receive an email saying ‘you’re only a few payments away from paying off your debt’, or ‘great job on making your first payment’. The positive interactions and motivation, combined with highly customized payment arrangements, are helping influence consumer behavior and reinforce positive actions and continuous engagement.”