In the dynamic landscape of financial services, TrueAccord emerges as a digital marvel, wielding an unparalleled debt collection system that transcends traditional methods. Draped in the superhero cape of technological prowess, TrueAccord tackles overdue invoices with a masterful stroke through challenges that once plagued the manual approaches to debt collection.

The age-old pursuit of customers who evade their unpaid bills often feels like an endless game of hide-and-seek. Traditional debt collections, reliant on manual processes, faced hurdles that hindered efficiency and effectiveness. The evolution of debt collections from a mere back-office function to a critical operation impacting CFOs brought forth challenges in optimizing working capital and mitigating bad debt. This necessitated a transformative approach to proactive collections, paving the way for innovative strategies capable of driving substantial business growth.

TrueAccord stands at the forefront of this transformative wave, setting industry standards with its innovative approach to digital collections. At the heart of their methodology is a commitment to delivering exceptional user experiences. TrueAccord's cutting-edge machine learning platform is a testament to their dedication, designed to adapt to consumer behavior and deliver personalized, empathetic communications. This approach ensures the presentation of the most suitable payment options at precisely the right time and place.

Impact and Expertise

The impact of TrueAccord extends far and wide, collaborating with leading financial institutions, large-scale enterprises, and emerging businesses. The company has played a pivotal role in the recovery of billions in lost revenue, positively impacting the lives of over 20 million consumers. From major banks and issuers to eCommerce entities and direct lenders, TrueAccord's expertise has been instrumental. Hundreds of thousands of individuals have successfully navigated debt resolution, benefiting from the convenience of personalized payment plans, tailored billing schedules, and straightforward documentation processes.

What sets TrueAccord apart is its unique approach to debt collections, leveraging its patented machine learning engine known as HeartBeat. This engine crafts personalized journeys for each consumer, continually optimizing messaging, outreach timing, and communication frequency. The result is a highly effective process, where an impressive 96% of consumers who resolve their debts do so entirely through self-service, without the need for human interaction. This speaks volumes about the efficiency and user-friendly nature of TrueAccord's approach.

Scalability and Enduring Commitments

TrueAccord's platform is not only efficient but also scalable, handling collections of any volume with ease. Its resilience is noteworthy, capable of navigating collections of any size at any time of the year, even in the face of external events or unforeseen circumstances. This adaptability ensures enduring commitments, creating a positive and lasting impact on both consumers and businesses.

The TrueAccord Difference

• Industry-Defining AI: TrueAccord's solutions are powered by HeartBeat, a patented machine learning platform that dynamically optimizes the next best touchpoint for every consumer in real-time.
• Plug and Play: The first-party solution comes pre-configured with everything needed to start collecting at scale, including deliverability, a self-optimizing machine learning engine, code-based compliance, and digital expertise to drive engagement and commitment. No model building or tuning required.
• Integration Ease: TrueAccord's platform integrates seamlessly with all agent tools and workflows, eliminating the need for painful migrations or a "rip and replace" strategy.

Dynamically personalizing every step of the consumer journey across digital channels, TrueAccord ensures that consumers have the tools to self-serve and succeed once they commit to plans. Impressively, 96% of TrueAccord consumers who resolve their debts do so entirely through self-service, emphasizing the effectiveness of their approach. The code-based compliance approach protects the brand, lowers legal and reputational risk, and fosters collaboration with consumers genuinely seeking to resolve their debts.

TrueAccord's solution is not only a technological advancement but represents a modern paradigm in debt collections. Its flexibility and scalability allow it to adapt to any debt volume, monetizing any type of debt with insights derived from engaging millions of consumers. The solution is not just a tool; it's a comprehensive approach that facilitates a seamless onboarding process, regardless of an organization's technical requirements.

Collections Compliance

TrueAccord takes compliance seriously, positioning itself as a licensed, bonded, and insured collection agency in all jurisdictions where they operate. Their legal team stays vigilant, monitoring developments in regulations and case law to ensure policies and procedures remain aligned with constant changes. The digital collections process is controlled by code, offering complete compliance control, auditability, and the ability to quickly adjust to new rules and case law.

In the realm of debt collections, TrueAccord's digital marvel goes beyond conventional boundaries, offering a futuristic, consumer-centric approach that not only enhances user experiences but also delivers unparalleled results with compliance at its core.

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. Mr. Ravanesi attended the Arizona State University.

“TrueAccord uses patented machine learning and digital technology to deliver a personalized, self-serve experience that drives consumer engagement and industry-leading results.”