The Intelligent Alternative to Debt Collection Call Centers

By on March 6th, 2018 in Compliance, Debt Collection, Industry Insights, User Experience
TrueAccord Blog

As is often the case in evolving industries, it takes time for technology adoption to begin transforming the way companies do business. For debt collection, many organizations are still relying on an aging and outdated process to pursue debtors and recover revenue – the collection call center. Dozens or even hundreds of collection reps spend their days on the phone lines, methodically and painstakingly pursuing consumers who have racked up debt in the hopes that some will actually pan out.  

Unfortunately, call centers are fraught with challenges that can have a debilitating impact on the collecting organization, the company’s brand and reputation, and the consumers on the other end of the phone, who in many cases truly want to regain control of their financial lives. Among the many problems call centers face:

They’re Reactive and Emotional Environments

When individuals are the driving force behind an emotional transaction like a phone collection call, it’s not hard to have a bad day – especially when reps tend to garner low base salaries and are incented with commissions and bonuses to succeed. If a consumer rudely hangs up on a rep, for example, it’s easy to fall into a retaliatory frame of mind and call back multiple times simply to harass the debtor. Reactive and emotional responses from a rep can lead to bad exposure and higher risk of complaints or even legal action. Even voice analytics systems that monitor language used by reps are not infallible, as reps usually know what trigger words to avoid (such as “garnishment” or “lawsuit”) and how far they can push the envelope and not be flagged.

Even Hiring More Reps Doesn’t Really Scale

Many companies see hiring more reps as a simple solution to get as much coverage as possible. This conventional wisdom looks good on paper, until your realize more reps also means more training, more compensation, more resources and more oversight to monitor every active rep’s calls. Moreover, it is difficult to match staffing needs to varying workflows. If business is brisk and opportunity is high, it makes sense to have more workers. But all companies experience ebbs and flows in business activity, so when it comes time to scale down, they are forced to eliminate call center positions, then scale back up when the demand returns. Such fluxuations create a complex and unsustainable model for smooth debt collection execution.  

Ultimately, It’s All About Risk

Large call centers create the potential for more problem interactions with debtors and a greater probability of complaints and lawsuits, and risks and costs can rise exponentially when you consider how long it takes to manage each incident. Interviewing the violating rep in question, piecing together what happened and facing legal action or an angry regulators all create instability and unpredictability.

Consider Automating Debt Collection – and Making It Smarter

How can you overcome these inherent problems with debt collection call centers? Progressive organizations in the credit card, consumer loan, ecommerce, technology and telecom industries are all turning to a more sensible and intelligent approach to replace the call center strategy: Automation engines that replace most collection activities offer a more proactive system that has compliance, risk mitigation, content and costs all built in.

Here’s what it looks like:

Start with an Intelligent, Machine-learning System

Today’s automated collection systems, like those pioneered by TrueAccord, rely on a process that goes far beyond outbound calls. Combining outbound emails, text messages and other channels with an intelligent machine-learning system that sees what type of interaction each recipient prefers, you create a less obtrusive environment that debtors are more likely to respond to. In most cases, consumers are the ones taking the initiative to call collection reps directly to solve the debt issue, reducing the number of calls you need to make by up to 95 percent and lowering the number of agents you need on staff. And because the TrueAccord platform automatically monitors every call and interaction and uses pre-written and pre-approved content, you’re protected.  

Control and Monitor Your Content

Code-controlled compliance is critical to ensuring that reps are sticking to script and aren’t sending improper content to a consumer. With TrueAccord, compliance is built right into the system. Messaging for emails and other interactions are pre-defined and pre-approved so you don’t have to micromanage every agent’s conversations. The system also makes it very easy to track and measure the effectiveness of your program and allows multiple approvers to oversee and continually improve the process.

Create a Far Better Consumer Experience

Once you begin dealing with consumers on their terms and personalizing the experience for them, you create a more collaborative and cooperative environment – and improve your chances that they’ll remain a customer. Change the nature of the conversation so that’s it’s less adversarial, and you’ll improve customer retention and lock in better recovery rates. There is also less incentive for a rebel rep to push the boundaries because they’ll be working with consumers, not against them.

As the debt collection industry matures, there is a huge opportunity for companies to take a positive step forward, recovering more revenue in less time and changing the nature of their debt collection business along the way.

To hear our CCO and CEO discussing the Perils of Call Centers, check out our podcast.

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.

The Perils of Call Centers

By on February 22nd, 2018 in Compliance, Industry Insights, User Experience
TrueAccord Blog

Call centers are risky: expensive to operate, experience high turnover, training and retraining are increasing overhead, and controlling calls is close to impossible because humans are fallible. In this episode, Tim Collins and Ohad Samet compare and contrast a call center based collection operation with TrueAccord’s compliance management and scale: pre-written content, compliance firewall, and other solutions.

To download the episode’s transcript, click here.

Millennials are the new debtors

By on February 20th, 2018 in Industry Insights, User Experience
TrueAccord Blog

The New Debtor

Data from the Federal Reserve Bank shows consumer debt has been increasing and hit its peak in 2017 totalling $12.73 trillion, exceeding the previous peak in 2008, with roughly $1.3 trillion in student loans. The expected decrease in regulatory and tax burdens on U.S businesses suggests that the US economy will grow even faster than expected, giving consumers more confidence to spend. This growth in debt volume is accompanied by a change in the profile of consumers that owe it. Millennials are a new type of consumer, and therefore also a new type of debtor. This shift has left the debt collection industry struggling to deliver the type of user experiences consumers demand today. Companies wanting to stay successful, recover debt and retain their positive brand perception must adapt.  

Millennials are the new consumers

Millennials have surpassed Baby Boomers as the nation’s largest living generation, according to population estimates released by the U.S. Census Bureau. Millennials are defined as ages 18-34 and in 2015 they numbered 75.4 million, surpassing Baby Boomers at 74.9 million. They are young, highly educated, driven, technology savvy and in significant debt. In 2016 the average student loan debt was close to $40,000 for the millennial generation. Student loans is now the second highest consumer debt category, trailing only mortgages.  

Income and debt introduce uncertainty

In a recent survey 68% of millennials have said that debt negatively impacts their life, causing personal and professional stress, and 19% have received collections calls. On average a millennial carries around $5500 high interest credit card debt, to which many add auto loans. According to the Bureau of Labor Statistics an average millennial salary is $35,592, which leaves many dreaming of being debt free but finding that goal impossible to reach. Faced with mounting debt and economic uncertainty, millennials not only communicate and think differently, but are also faced with a substantially different economic reality. When they fall off the debt repayment wagon, they require much more support to get back on it.

A shift in demographics and values

Beyond the economic uncertainty, millennials’ money management habits also differ from those of baby boomers. Millennials place a high value on ephemeral consumption – experiences such as travel rather than goods and investments – leaving them with less long term financial security.  Coupled with lower salaries, they are facing a constant struggle between paying off their debt, building financial security, and living in the moment. Helping millennials pay down debt also requires an element of flexibility and financial education to help them start and stay on track with a debt repayment plan that works for their life.

Technology is key

Millennials’ love affair with technology has changed the way companies interact with them and created an opportunity for innovation that spans across all markets from healthcare to fintech and an on-demand economy for pretty much any service imaginable. With 98% of millennials owning a smartphone and using it for more than 2 hours per day, phones are their main source of communication and interaction with the world at large. Organizations need to invest and improve their technology to meet the millennial consumers’ ever changing and evolving preferences.  

Personalization is not a good-to-have

This generation puts a lot of emphasis on personal expression and personalization. Individuals express themselves not only by increasingly specific value sets and identities, but also by adopting brands and consumption patterns. Accordingly, millennials expect a higher degree of personalization when they engage with products and services including financial services. Millennials engage with products and services that understand them and connect to their experience, whether it’s expressing oneself through brands or the emotional experience of being in debt. The more variance companies can offer, the more they can respond to consumers’ individual circumstances and get better results.  

Looking ahead

To successfully engage with millennials we have to continue to focus on more sophisticated ways to learn from consumer behavior and preferences to offer real-time, meaningful, personal interactions. Millennials are not only the biggest demographic, but they are a maturing one, and are seeking ways to gain better control of their finances and build a more secure future. Properly servicing them and their mounting debt, personalizing and providing customized solutions, is crucial for the future of our growing economy. Issuers and collectors must adapt to this new world or see their charge offs rise rapidly.

Real issue for debt collectors is the irrelevance of telephones

By on February 6th, 2018 in Compliance, Debt Collection, Industry Insights, User Experience
TrueAccord Blog

Originally posted on American Banker’s BankThink blog.

In the past few years, the debate over limits on financial institutions’ electronic communications with consumers has focused on an outdated device: the telephone.

That is very well how the debate could continue under new leadership at the Federal Communications Commission, as industry supporters will likely urge the FCC to ease up on robo-calling restrictions.

In 2015, the FCC disappointed the financial services industry, which had wanted more flexibility on robo-calling restrictions. The agency’s ruling under the Telephone Consumer Protection Act went further, all but ending debt collectors’ use of robo-calls to cellphones. Then-Commissioner Ajit Pai, who is the new FCC chairman, wrote a scathing dissent. In it, Pai wrote, “The TCPA has become the poster child for lawsuit abuse.”

He is correct. In debt collection, TCPA litigation increased 31.8% from 2015 to 2016 while Fair Debt Collection Practices Act litigation decreased during the same time period. This isn’t surprising. The FDCPA puts a cap on damages while the TCPA does not. Furthermore, the 2015 FCC ruling provided broad and ambiguous definitions with many openings for legal action.

Lawyers have been making a living out of suing and settling with debt collection agencies for a long time – often in a way that can seem abusive. The industry is advocating for Pai to undo a lot of that perceived harm by reducing collectors’ TCPA-related compliance and litigation costs.

But if Mr. Pai loosens the rules on robo-calls, he will hurt consumers by subjecting them to more unwanted calls and also hurt debt collectors and creditors by allowing them to sink back into short-term complacency about their collection methods while the world changes around them.

Phone calls are losing relevance as consumers migrate to communicating with companies over digital channels. Indeed, the tech company Neustar reports that 97% of business calls go unanswered. Yet, some debt collectors are trying to stop regulators from placing limitations on their calling strategies – strategies that are harmful to consumers who don’t even want to communicate by phone.

To be sure, some debt collectors are acknowledging the communication trend.

Take, for instance, Albert Cadena, president and chief operating officer of USCB America. Cadena took the stand at the Consumer Financial Protection Bureau’s field hearing on debt collection in Sacramento, Calif., in July, and said: “Communications is a key thing in our industry. We talk a lot about reaching out: letters, calls. The key thing … is to respond, communicate, talk to the collections agency whether it’s first party or third party.”

Perhaps unwittingly, Cadena was suggesting that communication is not as effective as it could be, and that traditional modes of communication (calls and letters) have become largely ineffective.

His remarks were made the day after the CFPB published its outline for a proposed regulation in debt collection – a document that was more than three years in the making and published a year after the FCC’s broad TCPA ruling. In the bureau’s outline were sections that point to the direction the industry should actually focus in on when communicating with consumers: email and text message.

The Trump administration may defund the CFPB, and the FCC may roll back its TCPA ruling. Debt collectors may hope for simpler compliance requirements and less frequent enforcement actions. However, in terms of the policy around telephone communications, both supporters and detractors of these agencies’ regulatory agenda are debating about a disappearing world. A policy focused on phone calls and written letters is inconsistent with a new generation of borrowers that responds to emails and social media posts. This debate is still focused on the minutiae of the FDCPA, a rule from the 1970s that forbids the use of postcards, while some consumers never set foot in a bank branch or talk to a banker.

Not all industry players are ignoring these realities. Several large issuers and banks have been leading the charge in shifting from call-heavy, to digital-first and consumer-friendly collections. The CFPB’s proposal explicitly calls out email and text messages as technologies for debt collection. The future of the industry lies in adapting to consumer behavior and the fact that consumers are not answering their phones.

The Voice of the Consumer: Motivation to Pay Off the Debt

By on October 31st, 2017 in Debt Collection, Industry Insights, User Experience

Today, data science and analytics are empowering organizations to analyze user behavior and create better user experiences that drive success.  Big data and scale are top of mind as companies compete for market share and aim to deliver the best user experience possible. While powerful tools and testing can tell us a lot about what users want and how they interact with applications, features, and content, neither tells the whole story. It is still important to talk to your users in a traditional sense, by picking up the phone and having a conversation to understand how they feel and ask questions that data cannot fully answer. 

At TrueAccord we touch millions of consumers by empowering them to pay off their debt and reach financial health through a personalized, digital, self-managed process.  We are providing a powerful platform that is connecting our customers and consumers in debt during a sensitive process.  We are constantly testing and improving our product for better engagement and conversion, but when it comes to questions like, “how does it feel to be in this situation?” or “did you experience collections with other agencies? If yes, what was the process like and how did it make you feel?”, the only way to get valuable feedback is to have a conversation with consumers.  Their answers help us form an understanding of our users’ needs and shape more quantitative research. We want to understand how our users think and feel so we can better serve them. 

Meet a few of the consumers that have recently used TrueAccord for their debt repayment process:

Stacy: from suspicion to delight

Tell me a bit about yourself.

Stacy is a 29-year-old, married woman with one child and works in the medical field.

Do you remember when you received your first TrueAccord Email?

I was surprised to get an email, it wasn’t the usual process that I had experienced with other collections agencies.  So at first I ignored them and didn’t open them, but when I finally opened and read it, and did a little research on the company, I realized how easy this was going to be.  I could see my total balance, pick a payment plan and do everything online. It was so refreshing to have an easy and friendly process.  I love that it was digital, that’s what I’m used to with other services, and it really made it stress-free to manage the process myself and not to have to talk to anyone.

Have you ever dealt with traditional agencies?

Yes, I had previous debt, I got letters in the mail, so I called in good faith, I know I owed the money and wanted to pay it off, and they made everything so difficult and were incredibly unprofessional.  I wasted more than 30 minutes of my time talking to them, it was so frustrating.  

What can we do better?

It would be great to have some tools and content to learn how to manage my credit and budget. Sometimes when you’re in debt you may not know where to start and then it’s easy to just ignore the problem.  There are a lot of tools out there, it’s just making it top of mind is important.

Josh: sometimes all you need is a reminder

Tell me a bit about yourself.

Josh is 27 years old, engaged, lives in Colorado Springs, has a 4-year degree and works in digital marketing.

Can you tell me a bit about the situation you were in?

It was a dispute with a ticket reseller, and I was going back and forth with them regarding the issue, but it was taking a while and getting frustrating.  It was an honest mistake on my part that just turned out to be expensive. Then all of a sudden, I received an email from TrueAccord.

What did it feel like to receive the first TrueAccord email?

Honestly, I was surprised that they sent me to collections so fast, but I liked the fact that I could take care of it online, it felt more professional and user-friendly.  I paid it off right away, I didn’t want to have it impact my credit in a negative way.  

Have you dealt with other collections agencies, what was the process like?

I had medical debt previously that I had to deal with, it was a very frustrating process, they called me all the time, sent letters, called my employer, it felt like there ware no limits on what they could do. I needed someone to work with me and help me through the process.  

What was your experience with TrueAccord?

I was very impressed with TrueAccord, it was so easy to use, everything was digital and the communications were professional.  I could see my account overview, decide how and when to pay and do everything online. Getting a phone call in this age is so outdated, and easy to ignore.  The fact that I could do it online motivated me to pay faster.

Do you have any feedback for us?

Continue to do what you’re doing, keep it easy and digital, adding humans to the process adds an embarrassing element and frustration, it just adds emotion that is not helpful during this process.  People respond to being treated well and respected and given options that are on their terms.

What about learning more about how to manage debt?

I think when you’re younger you need to understand more about credit, if not managed well it can negatively impact your finances, so having more information on the site would be a great opportunity to help educate people.  

Vera: a positive process in hard times

Tell me a bit about yourself.

Vera is 30 years old, single, lives in Flower Mound, Texas, and works in digital advertising.

Tell me a bit more about the debt?

It was a payday loan, and I hit a rough time and couldn’t make the payments.  I’ve had other times where I was in debt, it’s not a great feeling, it hangs over you.

Did the original creditor try to collect from you?

They did, it wasn’t easy, they called me and I ignored the calls, in order to pay I had to call them, and I just didn’t feel like it.  

What happened when you were contacted by TrueAccord?

When I received my first email from TrueAccord, I began paying within a week.  The fact that it was digital had a lot to do with it, the process was positive, easy and I was ready to pay and put the debt behind me. Not having to talk to someone makes it a better experience. I use a lot of other apps, it’s just what I expect these days.

Have you used other resources for learning about debt or managing finances?

I use several apps: Credit Karma, Credit Sesame, WalletHub, I also like the Reddit forums, there is a lot of information about debt out there, and it’s easy to talk to strangers online where you’re anonymous.  For me, debt is a private issue so it’s not something I would widely talk about, just with close friends and family.

Richard: ease of use made the difference

Tell me a bit about yourself.

Richard, 35 years old, single, lives in Seattle and works in technology

Do you remember getting your first TrueAccord email?

I got an email and I paid my debt within the week.  It’s not a great feeling to be in debt, no matter how small the amount is.  

What was your experience with other agencies?

The process is always so time-consuming and difficult, they always call or just sent letters in the mail, these days that is not an experience I want to deal with.

How was your experience with TrueAccord?

TrueAccord was spectacular, I could just sit in front of my computer and take care of it.

Do you have any feedback for us?

Continue to work with people, help them if they need it.  Giving them the ability to do things online is easy to manage and convenient.  I think having options is helpful, choosing payment plan vs paying it off in a lump sum, flexibility is so important.

This is the first time I have ever had a call from an agency after having debt, it feels great to be asked for feedback.  Shows you genuinely care about what you’re doing and the people you work with.

What other financial services do you use or like?

I use Mint, Credit Karma, and my bank’s financial management tools.  I know how to manage my debt, but sometimes you can still get into trouble.  The are also a lot of blogs out there, so the content is there, but sharing with people during this time might be a good way to help them, people don’t always want to talk about this issue, or have someone to talk to.

Our users have strong opinions

From these conversations, it’s clear how much digital, self-managed experiences drive a more positive, trusted, and easy interaction for both sides.  How we feel has a lot to do with how we act, and by empowering consumers to make their own decisions and giving them the control and flexibility they want, we see they are more motivated to engage and pay.  Continuing the conversation, testing, and data analysis are at the forefront of what we do.   We are going to continue to bring great user experiences and new features to improve and enhance the TrueAccord experience to help consumers reach financial health.  

 

Consumer in Crisis: What To Do When Disaster Strikes

By on October 24th, 2017 in Company News, Culture, 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.

 

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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