Efficiency, accuracy, and compliance are critical in the fast-paced world of debt collection. TrueAccord, a leader in digital-first debt collection, is leveraging Robotic Process Automation (RPA) bots to transform the industry and improve operational efficiency, compliance efforts, and customer experience.
At TrueAccord, we’re not just collecting debt; we’re revolutionizing the process with this kind of cutting-edge technology. These aren’t your average macros; they’re sophisticated software tools that automate repetitive tasks, freeing up our team to focus on more complex and strategic work. In this blog post, we’ll explore how TrueAccord is utilizing RPA technology, our unique approach to automation, and the benefits that this technology offers to our company and our clients.
What is an RPA Bot?
RPA bots are software tools designed to automate repetitive, rule-based tasks traditionally performed by humans. These bots interact with digital systems in the same way a human would—by clicking buttons, entering data, or reading information from documents. They can handle tasks like customer service inquiries, data entry, invoice processing, and report generation, improving efficiency and accuracy while reducing human error. RPA bots can even be strategically utilized to enhance first line controls and compliance monitoring, which are vital processes for debt collectors. RPA bots can be programmed to work across various applications and systems without needing complex integrations, making them a versatile solution for automating business operations.
RPA is particularly valuable for organizations looking to improve productivity and reduce costs. By automating repetitive and time-consuming tasks, employees can focus on higher-value activities that require a nuanced approach or complex problem-solving. RPA bots can be set up quickly and are scalable, making them ideal for businesses of all sizes. As they operate 24/7 without the need for breaks or downtime, they can significantly enhance operational efficiency while ensuring consistency and speed in completing tasks.
For example, when issues arise, there might be a need to update thousands of accounts. Previously, a human would have to manually go into each account, add a comment, and make necessary updates. With RPA, bots take care of this task in a fraction of the time, updating entire lists of accounts in minutes instead of hours or even days.
How does TrueAccord Use RPA Bots?
At TrueAccord, RPA is a key part of how we ensure compliance, respect consumer preferences, and drive better outcomes across the debt collection lifecycle. By automating previously manual tasks, RPA bots help us maintain accuracy, consistency, and adherence to regulatory requirements. Many of our bots operate through API (Application Programming Interface) calls, which connect directly to backend systems—making the processes faster, more reliable, and less prone to human error than traditional UI-based automation.
What makes RPA even more powerful at TrueAccord is its ability to run continuously, 24/7. Unlike human workers, bots don’t need breaks (both from a stamina aspect and a HR/legal aspect), and they can work around the clock, completing tasks whenever necessary. This constant availability, paired with their ability to handle large volumes of work, turns RPA into a digital workforce capable of handling countless processes simultaneously. For instance, TrueAccord runs 45 different processes through RPA, including posting over 60,000 direct-to-creditor payments each month on behalf of just one client. This would have normally required an army of humans, but with RPA, the task is completed efficiently and accurately without mistakes like “fat-fingering” data.
Enhancing Compliance and Customer Experience
Compliance is a significant focus in the debt collection industry, and TrueAccord takes it seriously. The use of RPA bots helps ensure that processes are executed consistently and in line with legal and regulatory requirements. For example, when a consumer requests to opt-out of a communication channel such as email or text message, the bots automatically process this request, ensuring that the consumer’s preferences are respected in real time. This helps TrueAccord remain compliant with regulations and provides a better experience for the consumer, as they don’t have to wait for a human to process their request.
Beyond compliance, RPA is also improving the consumer experience. For example, when consumers respond to a text message or email communications, RPA bots can automatically pause the account, allowing time for review and ensuring that the consumer’s issue is addressed promptly.
The Future of RPA at TrueAccord
TrueAccord is not stopping at just using RPA for backend processes; we’re exploring new frontiers by combining RPA with Artificial Intelligence (AI). By integrating AI with RPA, TrueAccord aims to create an intelligent, self-sufficient digital workforce. AI acts as the “brain,” interpreting consumer requests and generating responses, while RPA serves as the “muscle,” executing tasks like updating accounts, posting notes, and more.
This combination of AI and RPA has already shown significant results, such as faster response times and better consumer satisfaction. For example, where human agents might take days to respond to emails, AI-powered bots can provide answers in under 90 seconds, ensuring that consumers get quick and accurate responses. Over time, these innovations will continue to evolve, enabling even more intelligent and responsive automation.
TrueAccord’s RPA program is a testament to our commitment to innovation and efficiency. By developing our bots in-house with team members who understand our processes, we’ve created a robust and tailored system that truly makes a difference. We’re not just keeping up with the industry—we’re leading it.