During times of change, it’s more critical than ever for companies to embrace an innovation strategy to continuously deliver on changing customer needs.
This has long been a guiding principle for technology startups. But it hasn’t always been a common practice in the debt collections space, where incumbents have historically lagged in adopting new approaches.
That was one of the takeaways of a recent webinar we hosted with Laura Marino (Chief Product Officer), Roger Lai (Director of Product), and Tim Yu (Product Manager). These three product leaders made the case for why, now more than ever, debt collections providers must function like high-tech startups in order to thrive.
Read on to get an overview of the key insights shared, or check out the full recording of the webinar here.
The Innovation “Flywheel”
Laura began by introducing TrueAccord’s philosophy of innovation. She observed that tech companies rarely wait for inspiration (like the next big flash of genius around a new feature or service) to strike. Rather, they use a repeatable, data-driven methodology to ensure that they’re always exploring new opportunities.
TrueAccord organizes its efforts using an innovation “flywheel”: a repeatable cycle that ensures continuous improvement. At any given time, the product team is engaged in one of these steps across a portfolio of different features and initiatives:
• Define the problem: Analyze data to identify an area for improvement
• Generate a hypothesis: Conduct user research to generate ideas for how to solve the problem
• Test the hypothesis: Implement a controlled, randomized experiment to test the idea
• Go live: Roll out the winning idea or improvement
• Monitor and optimize: Continue to track performance and identify opportunities for improvement
At TrueAccord, the flywheel is designed to work alongside our built-in compliance system designed to meet and exceed the requirements of debt collection laws and regulation.
Three Ways TrueAccord is Propelling the Industry Forward
The flywheel isn’t just a theoretical model. Particularly over the past few months—a time of unprecedented change in consumer behavior and needs—it’s a tool that has helped the team rapidly deliver new features to market.
To demonstrate how the flywheel is used in practice, the TrueAccord product team walked through a series of case studies that demonstrated the value of an innovation methodology:
The future of digital debt collections is one of superior results for creditors enabled through relevant, personalized, and empowering experiences at scale for consumers.
Forging that future requires a true innovation strategy: one that blends data analytics, deep consumer empathy, industry expertise, and continuous focus on compliance. TrueAccord has long been fortunate to be on the frontier of the possible, creating new ways to add value for both consumers and creditors.
Ultimately, the debt collections companies that embrace the “constant innovation” mindset of a tech startup are the ones best positioned to lead the industry forward.