Introducing Account Dashboard To Enable Flexibility and Control for Consumers

By on October 4th, 2017 in Debt Collection, Product and Technology, Testing, User Experience

We are very excited to announce the release of a new feature in the TrueAccord Collections Platform, the Account Dashboard.  The dashboard gives a consumer a comprehensive view of their individual account, enabling consumers to manage their account in real-time, including view balance, payment plans, disputes, and access to financial resources.  This is going to significantly improve consumer experience by giving consumers more control and flexibility to manage their account and their financial obligations in a flexible way, according to their needs.

Our product and data science teams are always looking at ways to improve user experience and engagement by A/B testing new ideas and collecting user feedback.  Our machine learning platform is powered by a decision engine that draws upon millions of previous interactions to deliver digital, personalized experiences for each consumer. Sometimes, the result is a change in contact strategy for a specific set of accounts, but often we also see an impact on the way we design our user experience. This is one of these times.

A time for shifting paradigms

When we started TrueAccord, we were focused on creating a variety of contact strategies and the flexibility to deliver personalized consumer experiences and gather data that we could learn from and make actionable over time. So, we created a wide variety of offers and developed many landing pages with different value propositions, each of which was promoting a particular “offer”, as well as ways to attract consumers to look at those offers and act on them.  While it was simple for our team to create many pages and A/B test offers, we began to realize we were providing an “e-commerce” experience to consumers.

The “e-commerce” experience created a one-way relationship between TrueAccord and the consumer that responded in a limited way to changing consumer habits such as the use of digital technology to self-serve and a desire for individualized products and services. As consumers started getting familiar with the TrueAccord brand and our algorithms became more accurate, it was obvious that an ongoing relationship model better serves the consumer and yields better results, because consumers appreciate the transparency and feeling of control over their financial health.  Counterintuitively, they were starting to trust us, the collection agency. We also started to get feedback from our engagement team that consumers wanted to take advantage of offers they had previously received via email, but now couldn’t easily access. They were starting to think about TrueAccord like any account-based financial services firm they interact with.

We had to take a step back and ask a few key questions:

  • What was the market demanding from us?
  • What was our vision for the TrueAccord consumer experience?
  • Was the experience we were providing reflective of our vision and market needs?  

We realized that our first goal for the product was achieved: consumers don’t think about us as “the bad guys who chase me”. They think of us as a service provider that helps them with a part of their financial lives, and they want more: more engagement, more context, more options.  Consumers wanted the ability to login and view an account page, make payments, adjustments, etc. Part of TrueAccord’s mission is to become a platform for empowering financial health, through digital, data-driven, personalized experiences. So, a redesign was in order.

Creating a consumer-focused collection experience

It sounds counter-intuitive when it shouldn’t. Debt collection is an activity focused on recouping money that consumers owe but didn’t pay, but it can just as much be focused on helping consumers pay the money they owe. In fact, most consumers want to pay but are unable to for a variety of reasons. Creating a consumer-focused experience means providing a seamless, targeted, customized interface that is easy to manage and works with their day to day needs.

The Dashboard allows TrueAccord to show a consumer their available offers and options, while consumers, through their actions and feedback, let TrueAccord know what is or isn’t useful or helpful. It is truly a big step up in realizing our original vision for the product: introduce a system that puts consumers at the helm, in control of their lives and finances, and on the path to financial health.

Mobile

In some cases, more than 70% of traffic to TrueAccord’s web app is from mobile devices. We needed to make sure our new interface is easily accessible and navigable via mobile devices. The new dashboard interface is better optimized for mobile to meet consumer preferences. Consumers can access their account information at any time, from anywhere, giving them a reliable way to stay up to date with their account and to contact us if they have any questions or concerns.

Payment Plans

One of TrueAccord’s most popular payment options is our payment plans. 84% of consumers with debt balances over $300 choose to pay via a payment plan. Unfortunately, a large number of consumers set up plans but drop off before completely paying off their debt. Sometimes it’s because the payment plan amounts are too high, or dates don’t correspond well with the consumers pay days when they have money to pay. By developing a relationship with the consumer, TrueAccord is able to mitigate difficulties and provide solutions to help them get back on track.

Our goal is to be a platform for financial health that empowers consumers to get out of debt by giving them the control and flexibility of paying off their debt in a way that works for them.  This feature is a huge step in that direction.

Yelp Partners with TrueAccord to Deliver Digital Collections and Streamline Data Loop for Customer Engagement

By on September 28th, 2017 in Company News, Debt Collection, Industry Insights, User Experience

Highlights:

“TrueAccord saved our collections team tons of time, the integration with their system was fast and easy, without needing to do tedious, manual tasks.”

“Our company goal is to grow a large, loyal and happy customer base. TrueAccord’s digital collections process supports our goals by extending a great user experience to the collections process.”

“Digital, personalized collections are driving high engagement rate.”

“With TrueAccord we have timely data into customer standing.”

Challenge:

Yelp was founded in 2004 and is now one of the largest platforms to connect people with great local businesses. Traditional agencies required a lot of man-hours and manual processes.  Yelp faced several challenges with the traditional agencies; first, they required a manual process to transfer debt accounts, which was both time-consuming and tedious, requiring lots of forms and faxes being sent, lacking automation and data tracking functionality that Yelp required for business success.  Second, the agencies were employing traditional collections tactics that did not adhere to Yelp’s values.

 Why TrueAccord:

Yelp was looking for a collections agency that would increase recovery rates and help the collections team save time by automating the account transfer process as well as deliver great consumer experiences to support their brand and customer satisfaction. They needed a data-driven collections process that would streamline the visibility into consumer account status, so they could better serve their customers and run their business.

“TrueAccord’s digital collections process was a natural fit for Yelp,” says Parker Asche, Senior Collections Analyst. Yelp’s customers are used to digital interaction, and TrueAccord’s consumer-centric, digital collections process was an extension of our business practices.

Benefits:

“TrueAccord saved our collections team tons of time, the integration with their system is fast and easy, without needing to do tedious, manual tasks.” TrueAccord makes it easy for Yelp to continuously feed new account data into the system, without burdening their collections team with paperwork, saving the team time to focus on business objectives.  The quick transfer and collections process helps their business to continuously keep their customers engaged.

Consumer preferences are changing, and they demand a modern approach to communications. TrueAccord enabled Yelp to reach their customers via a communication method they prefer and engage with, and empower them with the ability to self-service themselves. Yelp is using TrueAccord to deliver engaging digital user experiences for their customers.

About Yelp:

Yelp Inc. (NYSE: YELP) connects people with great local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp communities have taken root in major metros across 32 countries. By the end of Q2 2017, Yelpers had written approximately 135 million rich, local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists. Approximately 28 million unique devices* accessed Yelp via the Yelp app, approximately 74 million unique visitors visited Yelp via mobile web** and approximately 83 million unique visitors visited Yelp via desktop*** on a monthly average basis during the Q2 2017. For more information, please visit http://www.yelp.com or send an email to press@yelp.com.

* Calculated as the number of unique devices accessing the app on a monthly average basis over a given three-month period, according to internal Yelp logs.
** Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via mobile website on a monthly average basis over a given three-month period.
*** Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via desktop computer on an average monthly basis over a given three-month period.

TrueAccord’s 2015 Website Redesign

By on August 13th, 2015 in Product and Technology, User Experience
TrueAccord Blog

Earlier this month, we launched the fourth redesign of the TrueAccord website. While brainstorming, the team agreed that the new design would address two primary goals: (1) align with the sales team’s pitch to potential clients and (2) continued iteration and refinement of the TrueAccord brand.

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