Category: Customer Experience

TrueAccord Digitally Serves 20 Million Consumers on Path to Financial Health

By on July 12th, 2022 in Company News, Customer Experience, Machine Learning, Product and Technology
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With more than 20 million consumer accounts serviced through intelligent, digital-first collections products, results show better repayment and happier customers than “call to collect” agencies

LENEXA, Kan., July 12, 2022 — TrueAccord Corp, a debt collection company using machine learning-powered digital recovery solutions, today announced that it has served more than 20 million customers in debt with a digital-first experience. TrueAccord’s customer-centric approach and commitment to creating a positive consumer experience is reflected in its 4.7 Google customer satisfaction rating, customer feedback, and an A+ rating with the Better Business Bureau.

TrueAccord’s collection solutions harness machine learning and digital-first communications to deliver a personalized, consumer-friendly experience for those in debt. As is the nature of machine learning, the system dynamically analyzes and refines the approach used for each customer based on their interactions combined with years of previous engagement data in order to deliver the most effective communication treatment. The patented system, HeartBeat, which is now 20 million customer engagement interactions strong since its 2013 inception, continues to optimize with each new customer interaction.

“Machine learning is only as good as its data sources, and with more than 20 million accounts’ worth of engagement data that informs the HeartBeat system, we’re confident that the experiences being delivered are as streamlined and as aligned to consumer preferences as possible,” said Mark Ravanesi, CEO of TrueAccord Corp. “As a mission-driven company, we prioritize creating better experiences for consumers in debt, and based on our high customer satisfaction and repayment rates, it looks like we’re making significant progress.”

Powered by TrueAccord’s industry-leading tech stack, the product suite includes Retain, a client-branded early-stage consumer engagement platform for managing pre-charge off debt, and Recover, a full-service debt collection solution. Key benefits of both products include a simple, intuitive and effortless-to-use digital platform leading to great user experience, constant A/B testing and optimization to reduce friction and boost conversion rate, infinite scalability, and second-to-none channel deliverability. 

While holding customer experience as a priority, TrueAccord products continue to prove more effective than competitors, as evidenced by client case studies showing 25-35% better performance on accounts using Recover when compared to those placed with traditional agencies, and recovering $17 million in delinquent bills with a 44% paid in full rate using Retain.

To learn more about TrueAccord and its digital-first recovery solutions, visit www.TrueAccord.com and follow on Twitter and LinkedIn.

About TrueAccord

TrueAccord is the intelligent, digital-first collection and recovery company that leaders across industries trust to drive breakthrough results while delivering a superior consumer experience. TrueAccord pioneered the industry’s only adaptive intelligence: a patented machine learning engine, powered by engagement data from over 20 million consumer journeys, that dynamically personalizes every facet of the consumer experience – from channel to message to plan type and more – in real-time. Combined with code-based compliance and a self-serve digital experience, TrueAccord delivers liquidation and recovery rates 50-80% higher than industry benchmarks. The TrueAccord product suite includes Retain, an early-stage recovery solution, and Recover, a full-service debt collection platform.

Flipping the Script: Collecting with Kindness

By on April 21st, 2022 in Industry Insights, Customer Experience
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Historically, debt collectors have been depicted as hostile, intimidating or downright rude – and over the years they’ve confirmed those stereotypes through aggressive phone calling and deceptive tactics. But to what success and at what cost? We know there’s a better way. The idea of compassionate, considerate consumer communication is behind TrueAccord’s approach to debt recovery and drives our innovation, and based on what we’ve seen, we believe there’s a lesson to be learned for others in the debt collection space. 

In collaboration with OnePoll, TrueAccord recently surveyed consumers about their financial regrets and found that 63% of respondents had some amount of money in collections. While 88% of respondents didn’t have any past experience with accounts in debt collection to report, the 12% that did weren’t so lucky, and their experiences were pretty awful. We don’t like to hear about consumers being treated badly and reading these consumer comments brings to light the problem we’re trying to solve. 

So what are consumers’ complaints about their experiences with debt collectors? Here are just a few:

  • “A million phone calls a day.”
  • “I was disgraced in a public place.”
  • “Relentless and rude, judgemental and uncaring.”
  • “Terrible experience, they were perfectly nasty.”
  • “They are mean and evil and clever and make you feel terrible about yourself.”
  • “They get angry when I don’t have the money to pay back in time.”

We’re here to flip the script. At TrueAccord, we don’t call consumers to collect past due debts, and we certainly don’t threaten or harass. By using a digital-first communication approach and friendly, humane messages, we actually connect with consumers and they feel empowered and motivated to pay. 

Don’t believe us? Here’s some real-life customer feedback from people TrueAccord has helped out of debt:

  • “Thank you for your patience and understanding!”
  • “Love the email communication and the ability to pay online.”
  • “I actually looked forward to making payments because I felt there was a sense of mutual respect between myself and TrueAccord. It felt good to take care of a lingering debt.”
  • “Thank you for your kindness, patience and professionalism in the wake of hardship.”
  • “It is amazing to be able to feel good about paying your bills. You helped me all the way. No pressure.”
  • “My experience with TrueAccord was seamless. Truth be told, it’s the first time I’ve ever enjoyed time spent with a debt collection company!”

So far the kindness approach has worked for TrueAccord – with more than 16 million customers served, we pride ourselves on our 4.7 on Google reviews, A+ rating with the BBB, and overwhelmingly positive customer feedback, not to mention our industry-leading recovery results. We’re proving that when you treat consumers with respect and kindness you can actually achieve better results for your business and customers.

Interested in finding out more about how outbound calling for debt collection is a thing of the past, our approach to digital-first debt collection and how it can work for your business? Check out “Outbound Calling Doesn’t Work, Here’s What Does” for more.