CIO Bulletin

Transforming the Debt Collection Industry and Helping Consumers Reach Financial Health: TrueAccord

In order to keep your business afloat, you must collect payment for the products or services you render. Unfortunately, not all customers are reliable. If you’re a business owner, you likely have very little time on your hands. You may not have the time to make frequent telephone calls or to write letters in an effort to collect delinquent debts. The older the debt gets, the harder it is to collect. If your demands for payment have been unsuccessful, hiring a debt collection agency can be extremely beneficial for your business. Many business owners have a picture in their mind about debt collectors – and for a good reason. In the past, anyone could set up a debt collection agency without being registered or regulated in any way. Today, there are rules and regulations that govern debt collection agencies. Hiring a debt collection agency is one of the easiest ways for you to put the focus back on your business, while someone else handles the debt collection process.

TrueAccord is one such licensed, bonded, and insured collection agency in all jurisdictions. Its legal team follows developments in regulations and case law to develop policies and procedures according to their constant changes. It uses robust machine learning, behavioral economics, and a humanistic approach to change the entire debt collection process. It ensures complete compliance control, auditability, and real-time updates for changing rules and regulations. Its 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. The company broadens the consumer experience by offering compliant multi-channel communications. Its data security and IT policies are built to satisfy the requirements of the most security-sensitive financial institutions.

Mission and Values

TrueAccord’s mission is to reinvent debt collection. By delivering a great user experience, the company empowers consumers to regain control of their financial future. It makes debt collection empathetic and customer-focused. Being in debt is stressful, and the current debt collection process doesn’t help. A collection process that focuses on formal-sounding language, letters, and phone calls is stressful and confusing. It doesn’t have to be that way. With customer care as their motivation, the firm leverage technology to serve people in a way that fits their lifestyle, through their channel of choice, tailored payment arrangements, and an easy-to-use online portal.

Diversity and Inclusion

TrueAccord is a mission-driven team that values collaboration, transparency, accountability, and a drive for results. They believe that the best work environments are filled with people with different backgrounds, ideas, and beliefs. Therefore, they support this value by maintaining a diverse workforce, promoting individuality, and ensuring an inclusive work environment. The company is proud to share that its team consists of an almost equal gender divide and a 60 percent multicultural population. They are committed to advancing diversity and inclusion in their workspace.

Cutting-Edge Debt Collection Products and Services Offered

Collections Compliance: TrueAccord is a licensed, bonded, and insured collection agency in all jurisdictions where they collect. Its legal team follows developments in regulations and case law to develop policies and procedures according to their constant changes. Ensure complete compliance control, auditability and real-time updates for changing rules and regulations. Its 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 Retain: It is a fully client-branded solution that enables you to harness the power of machine learning and digital technology to boost early-stage collections. Reduce roll rates with intelligent, digital-first code-based collections – powered by TrueAccord’s patented machine learning platform and self-serve digital approach. Reduce call center costs, improve efficiency, maintain compliance and boost employee retention with a self-serve digital-first collections strategy. Retain is powered by HeartBeat – TrueAccord’s patented machine learning platform – to dynamically optimize the next best touchpoint for every consumer in real time. Retain 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. Retain quickly and easily integrates with all of your agent tools and workflows – no painful migrations or “rip and replace” to get up and running.

TrueAccord Recover: It is a late-stage collections solution that uses machine learning and digital technology to deliver a new kind of consumer experience – driving dramatically higher commitment and resolution. It dynamically personalizes every step of the consumer journey across digital channels (like email, SMS, voicemail drops, and Facebook), give consumers tools to self-serve, and ensure that they’re successful once they commit to plans. 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. 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. Drive consumer trust and engagement with TrueAccord’s brand – and a self-serve digital experience grounded in code-based compliance, inspired by consumer research and the world’s most innovative ecommerce leaders.

Licensing Compliance and Credit Card Processing: Diverse credit card portfolios require elaborate segmentation and placement strategies. To address your unique needs, it’s time you worked with a solution that goes beyond the call-center model. TrueAccord provides dynamically adaptive collection programs that increase penetration and recovery rates. Its system allows you to recover balances previously deemed “unrecoverable.” The adaptive engine learns from customer behavior and creates a customized collection experience for every account. It learns from consumer behavior and from historical data from similar issuers. Since more than 30 percent of chargebacks are from customers who sign up for a service and change their mind, or forget to cancel the subscription, the firm can help you re-engage with these valuable potential customers. By working with TrueAccord, you’ll maintain a brand-positive user experience during recovery and reconciliation.

The Leader Upfront

Ohad Samet serves as the Chief Executive Officer of TrueAccord. He is analytically sharp, well aware of the business environment. He engages himself in building an excellent team talented people from scratch for TrueAccord.