TrueAccord launches redesigned website

By on November 12th, 2019 in Company News

TrueAccord is redefining the collections experience. In order to grow as a company and continue to revolutionize the industry, we’ve redesigned our website to better reflect our dedication to a positive user experience!

Designing for the user

Being a leading modern debt collection solution means striving to provide a better experience for consumers in debt and creditors alike. The first step in this design process was revamping the website architecture to reflect our business growth, with industry and role-specific pages, as well as more details around our unique product and superior performance. 

Fig. 1: The new homepage (left) provides an immediate look into who we are, what we do, and (literally) illustrates our value propositions for everyone to see! 

If a user arrives on the site without any knowledge of AI or machine-learning, we still have to be able to explain what we’re capable of! This is why we’ve also included our awesome product showcase video below and directly on the homepage!

Designing for the future

We recognize that the collections industry is often cast in a negative light, and TrueAccord is here to create an empathy-driven collections experience. Right now, not everyone fully understands what that means. Having a platform for our brand’s voice and mission means we can more accurately and effectively reach creditors looking for a collections solution. 

With this improved website redesign, we can ensure that when a creditor is looking for a new collections strategy, they recognize that today’s customers expect a service that considers their experience. We know that the future is digital, and now we can share evidence of that with everyone! By proving that we’re worth listening to and making TrueAccord a collections authority, we will redefine the industry.

The impact of change

I had the chance to sit down and speak with Shannon Brown, TrueAccord’s Head of Design and lead designer on the website rebranding, and Vivian Chau, Senior Manager of Brand and Content Strategy, to discuss the intent behind the redesign, the power of future-proofing our strategy, and what’s next for TrueAccord’s image. 

How do you feel the new site will help us better serve our audiences?

Brown: The first thing, I think, is that we’re a digital-first, technology-driven company in an industry that isn’t always fluent in the language of technology.

Chau: Right, we knew that the website had to showcase what makes us a leading tech and customer-focused collections service, and the next step in drawing attention to that is having a website that helps potential clients learn about how collections fits into their revenue cycle management.

We still want to be able to showcase our modern collections approach and how we leverage machine-learning, but the heart of that is driven by customer empathy.

With dedicated sections on industry-specific information and more details highlighting our product performance, I’m excited to share and build upon TrueAccord’s new digital storefront.

Brown: We also worked closely with our sales and client services teams to understand questions our clients have and included a Solutions section to better address how TrueAccord can help businesses across different industries and roles. 

That leads to the next question, then: are there any features of the new site that you’re especially excited about?

Chau: Yes! I’m particularly excited to have our new website on a standalone Content Management System. Our content team will be able to add and optimize the website without having to ask for Engineering help which gives us a lot of flexibility. I see this project as a jumping off point for our marketing and brand initiatives, as our website, as should our brand, needs to continually evolve and change with the company as it grows. 

Brown: Speaking of growth: we’re working to attract top talent here, so I’m excited about our revamped careers page. It truly reflects the experience of working at TrueAccord and gives prospective employees more information about what it’s like here. Part of that TrueAccord experience is that we’re working to stand out in the industry.

Our new About Us section really highlights our commitment to empowering consumers and delivering great user experiences, and that our mission and company values tie everything together.

You both touched a bit on the impact that a clearly stated mission has on a company’s brand reputation. How did you go about the design process knowing with TrueAccord’s consumer-driven mission in mind?

Brown: We wanted to give consumers a space on the site. A lot of consumers receive an email from us and come to TrueAccord.com to see what we’re all about. The previous website spoke to our partners, but didn’t really give consumers information about how the TrueAccord experience can benefit them!

A big part of that was redirecting our focus to how our technology increases recovery rates and creates great consumer experiences instead of explaining the technology itself.

Chau: It was important too that we created something that was easy for everyone to understand. We still want to be able to showcase our modern collections approach and how we leverage machine-learning, but the heart of that is driven by customer empathy. The redesign articulates that and the hope is that it excites prospective clients and potential job candidates. 

TrueAccord is on a mission to change debt collection for good. With powerful tools in place, we continue to expand and grow and better showcase our product, highlight our performance, and demonstrate our values to clearly illustrate what sets us apart in the collections space.

Want to learn more about TrueAccord? Connect with our team!

TrueAccord Submits Debt Collection NPRM Comments

By on September 19th, 2019 in Company News, Industry Insights
man_signing_document

In an effort to further improve the debt collection experience for consumers, TrueAccord filed comments in response to the Consumer Financial Protection Bureau’s (CFPB) Notice of Proposed Debt Collection Rulemaking. Our experience using mostly email to communicate with consumers about their debts gives us the unique ability to provide detailed feedback to the CFPB on the parts of the Proposed Rule that impacts the use of email, data science, and machine learning in debt collection. 

We know that consumers in debt collection benefit from both email communications and machine learning technologies. Email communications allow consumers to access content at their convenience (including emails that contain legally required disclosures); new machine learning technologies provide additional information and payment options based on the consumer’s interactions to further personalize their collections experience.

What are we suggesting?

Make the transition into collections communication simpler

When emailing a consumer, either an initial communication—one containing the validation notice in the body—or any communication relating to the debt, a debt collector should be able to contact that consumer at the email address that the consumer provided to the creditor. 

The proposed rules do not currently provide this option without causing an undue burden on consumers. TrueAccord highlighted that unnecessary restrictions in the proposal greatly limit the ability to communicate with consumers via email. Consumers who have already provided their preference for electronic communications to their creditor(s) would be forced to take extra steps because they have fallen into collection. 

Define and properly evaluate email as a unique medium

Our customers regularly tell us that email is very different from phone calls and even paper mail. As such, email communications warrant different treatment under the FDCPA and should not be subject to the standard time, place, and manner restrictions that were designed for and apply to primarily oral communications.

TrueAccord asked the Bureau to take this opportunity to further modernize the FDCPA by distinguishing that certain provisions do not apply to email. 

Recognize other, optional forms of electronic communications as legitimate

We raise concerns over the proposed definition of “attempted communication” and “limited content message.” The current proposed definitions have the unintended consequence of limiting digital advertising and other electronic messages that consumers can opt-in to receive. 

What is our goal?

TrueAccord’s suggested changes will increase the proposed rule’s ability to make collections more efficient, provide actual notice to consumers, give consumers immediate access to information, and enable consumers to control how they want to communicate.

The debt collection proposed rulemaking is an opportunity to empower the vast majority of consumers who prefer to communicate electronically. The Bureau must take advantage of this opportunity.

You can read TrueAccord’s full comments here.

Yes, 866-611-2731 is Our Number. Why is That so Important for TrueAccord?

By on May 23rd, 2018 in Company News, Debt Collection, Industry Insights
TrueAccord Blog

We wanted 866-611-2731 to be recognizable.

TrueAccord was built as a consumer facing brand from day one. We have one number, 866-611-2731, that we use for outbound and inbound calls. Our name is distinguishable, not a three letter acronym. We have Google reviews and an online presence. We wanted consumers to easily find, research, and comment on our presence. We want to make a difference.

You can’t help consumers if they don’t know who you are

Being in debt is scary, confusing, and generally not a great experience. When consumers are bombarded by calls from unknown numbers or worse, callers who pretend to be from their area code, their trust in phone calls erodes. Less trust leads to fewer contact rates, and disengaged consumers. Running away from your debt is a bad idea if the alternative is working with a customized, personalized, and digital first experience that actually helps you pay down what you owe. We wanted people to know who’s calling.

The thing is, debt collection can be a stepping stone. When turned into a cooperative and personalized experience, it can be a first step to getting back on your feet. People get into debt for many, diverse, largely unexpected reasons: divorce, job change, healthcare issues for them or a loved one. By making debt collection accessible, TrueAccord aims to be a part of your growth journey, not just focus on helping you pay a single debt. You’ll find customized payment options, an easy mobile experience, and a helpful customer service team (when you call our number, 866-611-2731).

Having a recognized number helps us call *less*

When consumers don’t pick up, the most common strategy is to call again. Agencies may call a number 5 times per day. At TrueAccord, we don’t think this is a good experience. When we call a consumer, even once, our recognized phone number allows them to find us online and be convinced that they want to talk. From there, going to our website or finding one of our emails in their inbox is a breeze. Self service is welcoming and easy. No more aggressive repeated phone calls when it’s least convenient.

Being customer-facing and helpful is our #1 goal. If you see 866-611-2731 in your caller ID, know that we’d love to help

Call us or click a link. Great experience in debt collection isn’t a myth anymore. That’s why we started TrueAccord, and why we want you to have an easy time finding us and talking to us.

TrueAccord’s 2018 Customer Survey: Net Promoter Score and Digital Trends

By on February 27th, 2018 in Company News, Product and Technology, User Experience
TrueAccord Blog

 

We just posted our 2018 Customer Survey and the results are incredibly interesting.

Consumers in debt are definitely feeling more like TrueAccord customers, giving us a Net Promoter Score of 40, a new record for us and for the industry. We have also uncovered several interesting trends in customer preferences – not new, but definitely eye opening.

Click here to download the infographic summarizing our findings.

Welcome 2018!

By on January 5th, 2018 in Company News

Happy New Year! As we look back at 2017, we are thankful for a year full of growth for the company and for our team.  We hit some amazing milestones that could not have been possible without a smart, strong, passionate and dedicated team.

December is a month of celebrations, and we had an amazing holiday party to end the year.  We shed our casual work attire and had fun dressing to the nines and dancing the night away.

Of course, December is also a great time to give back and help those less fortunate.  We partnered with the San Francisco Fire Department for their Annual SFFD Holiday Toy Drive and were able to provide gifts to a number of program recipients. There are a few of us here at TrueAccord who benefitted from this program as kids, so it was awesome to see things come full circle. The SFFD Toy Program has been in operation since 1949 and strives to ensure all kids have a great holiday season full of toys. The team loved the idea of giving back and we hope to do more events like this in the future.

Our team continues to grow, we welcomed the final hires for 2017: Aviv Peretz, Senior Data Scientist / Cherlynne Serafino-King, Talen Acquisition Partner /Rocky Chau, Customer Engagement Specialist

Looking forward to what 2018 has in store.

Life at TrueAccord: November Edition

By on December 8th, 2017 in Company News

It’s been a really busy month for us at TrueAccord, and we’re a little late in posting, we almost can’t believe it’s December.  We’ve had some incredible highlights from November, the biggest was closing our Series B, which is going to help us grow our team and continue with our mission to change the debt collection space for good.  We have tons of open positions, and lots more coming next year.

Our team continues to grow, with a bunch of new team members coming on board: Marques Moore (Front Office Assistant), Jacob Hunt (Integration Engineer), Juan Gonzalez (Integration Engineer), Robert Rodriguez (Customer Success Manager), Jas Kao (Client Success Specialist), and Young Xu (Product Manager).

Of course, we always take the time for our happy hours and celebrating!  Nothing says November more than pumpkins and turkey.

As the weather cools down and the holiday season is just around the corner, we took some time to warm up with some jazz, sweets and hot chocolate.

I’m Excited to Join the CFPB’s Consumer Advisory Board

By on November 28th, 2017 in Company News, Debt Collection, Industry Insights
TrueAccord Blog

I’m very honored to have been appointed to the CFPB’s Consumer Advisory Board. With this appointment, the CFPB is sending a strong message about how it views technology’s role in shaping the future of consumer finance in general, and debt collection in particular. I’m proud to be able to represent the industry’s point of view while making sure we usher in a new era of great user experience and technology innovation. Even with Director Cordray’s planned departure, the CFPB remains a strong and active regulator. While some of the weight is likely to move to State level examinations, keeping in touch with Federal regulators remains a top priority as a way to contribute to consumer protection broadly, and to support TrueAccord’s long-term mission.

Anyone can apply to be a CAB member through the CFPB’s site. I applied and was appointed earlier this year. I did so because at TrueAccord we believe in the Bureau’s mission – protecting consumers – and also that engaging with your regulator is the smart thing to do. I was humbled and excited to be sworn in, because there is still so much in financial services in the US that can be improved, and innovation to be encouraged. I truly believe in the role of the CAB in informing the CFPB on important trends and how to support consumer protection and choice. I am lucky to be serving alongside academics such as Prof. Lisa Servon, consumer advocates such as Chi Chi Wu from the NCLC, and industry leaders such as Max Levchin. It’s a broad set of experiences and opinions that foster great discussions and set us up for the challenges in front of us.

The CAB looks at financial services in general, but my I cannot disregard my own backyard. In tricky, regulated markets like debt collection, with its active rulemaking process, it is even more important to take part in crafting fair and forward-looking rules that protect consumers. Any work I can do to ensure innovation can finally reach the debt collection market is a net positive for consumers and the industry.

The meeting span three full days in Tampa, Florida, and culminated in a public session with comments about the new PayDay rule. Bureau staff kept a tight schedule presenting latest developments in regulation, consumer education initiatives, and for first time members – an intro to the Bureau and its divisions. During the third day, I was also asked to give a 45-minute presentation on trends in the debt collection market. I used it to discuss the transformative role technology has in making the debt collection process customer-centric and digital first, creating better experiences with less friction and stress for consumers.

 

All in all, my first meeting was an incredibly positive experience. Staff turned out to be a diverse group of intelligent and thoughtful people, and the (now ex-)director a highly engaged and knowledgeable person. CAB members bring impressive backgrounds and facilitate an effective discussion, especially when they disagree. I am already looking forward to our next meeting, and reviewing developments we’ll see until then. I personally expect the debt collection rule to be one of them, though Bureau staff gave no formal guidance on this matter.

TrueAccord Closes $22M Series B

By on November 14th, 2017 in Company News, Industry Insights
TrueAccord Blog

Debt Collections Technology Company Builds on Early Success for Sustained Growth and Innovation

November 14, San Francisco, CA – TrueAccord, the company driving transformation in the debt collection market, announced today that is has closed $22M in additional funding.  Arbor Ventures led the round, with participation from existing and new investors, Nyca Investment Partnership, Assurant Growth Investing, Caffeinated Capital Fund, Felicis Venture, TenOneTen and Crystal Towers. The Series B funding follows a period of sustained and rapid growth for TrueAccord which is providing exceptional customer experience for consumers in debt for nationally recognized financial institutions, debt buyers, lenders, and technology companies increase their recovery rates.

This additional investment will fund TrueAccord’s strategic growth initiatives, including ongoing product development and innovation of its customer-focused platform, providing world-class audit and compliance functionality, continued expansion into vertical markets, client acquisition and retention, and hiring.

“TrueAccord is redefining the debt collections industry through a digital approach for debt recovery. It is achieving higher customer engagement, satisfaction, and recovery rates through its data-driven platform, which tailors the collection process to individual consumer preferences,” said Melissa Guzy, Co-founder and Managing Partner of Arbor Ventures. “This unique approach is making a positive impact on an overlooked industry, ripe for innovation, impacting a major societal issue by empowering many of the estimated 77 million people in debt, to get on a path to better financial health.”

Since closing its Series A round in 2015, TrueAccord has reached a number of significant milestones, including:

  • Customer Expansion: Between 2016 and 2017, TrueAccord grew the accounts it collects by 2.5x with more than 2.0 million customers on its platform since inception.
  • Strong ROI: TrueAccord has demonstrated exceptional recovery results beating traditional agencies’ debt collection rates by a minimum of 50% to upwards of 500%.
  • Client Acquisition: TrueAccord’s clients include top 10 issuers, leading creditors, and technology companies such as Yelp! and LendUp with more than $1.5 billion of debt flowing through the platform since 2014.

“It was the personal experience of dealing with a debt collector that made me realize the traditional collections industry was ripe for disruption with technology innovation and a more human approach,” said Ohad Samet, Chief Executive Officer of TrueAccord. “With changing consumer preferences, strong regulatory support for innovation, and clients who understand a customer-focus collection process is good for their business, we’re experiencing tremendous demand from the market. We are seizing this opportunity to use machine learning to humanize debt collection for good.”

About Arbor Ventures

Arbor Ventures is a global early-stage venture capital firm focused on shaping the way the world transacts by investing in early-stage companies at the intersection of financial services, big data, and digital commerce, through partnering with extraordinary founders, and accelerating the growth of next gen FinTech, facilitated by unparalleled strategic networks.

About TrueAccord

Founded in 2013, TrueAccord’s data-driven debt collection platform is disrupting the collections industry by helping businesses collect more debt online than traditional methods. True Accord’s platform is powered by machine learning with a decision engine that analyzes consumer behavior and delivers personalized experiences by communicating with consumers at the right time in the right channel with payment options that meet their needs. TrueAccord is providing exceptional recovery rates for top 10 financial institutions, debt buyers, lenders, and technology companies, and is empowering many of the estimated 77 million consumers who are in debt every year to get on a path to better financial health.  To learn more, visit TrueAccord.

 

Press Inquiries:

Sandy Pfaff, Pfaff PR

sandy@pfaffpr.com

415-819-7447

Life at TrueAccord: October Edition

By on November 2nd, 2017 in Company News

October has been chalk full of fun, continued growth, and a few firsts here at TrueAccord.  Our weekly themed happy hours continue, and this month we had a wine and cheese tasting, introducing our pallets to some French wines to swirl and sniff for a much-needed break in the middle of the week.

With our rapid growth, we are looking to grow our team and attended a few career fairs, including the SF LGTB fair at LinkedIn.

Another first, we hosted an SF Bay Area Machine Learning meetup at our office and had a packed house of 110 attendees, lots of networking, tech talks, and of course great food and beer.  Meetups are a huge part of the SF tech culture and a great way to talk about what we do by bringing in a crowd into our office to help our hiring and brand awareness efforts.  Check out Chief Innovation Officer/co-founder, Nadav Samet talk about how we use machine learning to humanize debt collection.

We added quite a few new members, soon will be entering the triple digits!

Lauren Sawicki, Director of collections, Parris Preston, Customer Support Specialist, Veronica Tong, Data Entry Specialist, Marc Jackson, Technical Recruiter, Patsy Cunningham, Compliance Auditor, Yelizaveta Geurkova, Customer Support Specialist, Trisha Cole, Customer Support Specialist, Karina Munoz, Customer Support Specialist, and James Reynolds, Customer Support Specialist.

Consumer in Crisis: What To Do When Disaster Strikes

By on October 24th, 2017 in Company News, Debt Collection, Industry Insights, User Experience

Hurricanes, wildfires, floods. We’ve certainly seen our fair share of natural disasters in the past few months. Sometimes, disasters are more personal such as losing a job, losing a loved one or facing an unexpected medical condition. When these crises happen, financial institutions and debt collectors want to do whatever they can to ease the burden, if only for a short time. The key? Communicating early, communicating often, and asking for relief whenever it is available.

It may be hard to imagine that our bank or lender cares about our circumstances. That is often not true. Financial institutions work within communities and understand the need to support them. That’s true for debt collection as well.

The premise we work with is that people want to pay their debt, they just need the right tools. They also need to be treated like people which is why we offer personalized approaches to each customers’ unique situation.

When paying debt is not possible, it’s in everyone’s interest to find other solutions. At TrueAccord, many clients proactively ask us to stop collecting in crisis-struck areas, and we often do so ourselves. Hardship programs allow us to provide longer and even more flexible payment plans, delay collection attempts and sometimes pause collection efforts for a long period of time.

Many consumers don’t hear about these options – or even consider that there may be another solution available to them – because they choose to disengage with financial institutions and debt collectors. This can make a bad situation worse. We, and your bank, may not be aware of your situation. We understand that calling us may be the last thing on your mind. That’s why you can email us, and in some cases text or write to us on social media. Reaching out will allow you to get in front of the situation early. For your financial institution, it will help them support you sooner and more effectively.

If you are in a crisis, talk to your bank, talk to TrueAccord, and explore your options. While we may not be able to solve every problem, we’re here to help as much as we can.