TrueAccord, a provider of intelligent digital recovery and customer communication products and services, rolled out Retain, a new, client-branded product designed to help organizations manage early-stage collections difficulties. Retain uses an engaging engine that uses machine learning (ML) to optimize the customer experience (CX) as well as increase recovery for clients by using data from individual interactions. Clients are able to improve collections, improve their customer relationships, and offer solutions to their customers to help them improve their finances.
Mark Ravanesi, CEO of TrueAccord Corp, said, “After seeing success with our late-stage collection solution, Recover, we identified an opportunity to apply the same customer-centric approach to early-stage collections. Our data and machine learning-driven engine proved unmatched for late-stage recoveries. Clients asked us to expand our product suite to address early-stage delinquency while keeping their customers in their brand ecosystem, and we were happy to oblige.”
Retain’s high-level features include an intuitive and effortless-to-use digital platform that provides an outstanding user experience, constant A/B testing to reduce friction and boost conversion, infinite scalability, and channel delivery that is unmatched. Retain has implemented e-commerce-based innovations like machine learning-based personalization, digital experience and outreach, and deliverability at a large scale for early-stage users.
Ohad Samet, co-founder, and CEO of One True Holding Company, TrueAccord’s parent company, said, “Retain takes all the innovative customer engagement processes we’ve built and adds a brand-focused retention toolkit for our clients to easily plug and play to engage with their delinquent customers. Retain adds to our product and service offerings designed to improve the experience for consumers in debt and actually help them find a path toward a better financial future.”
Customer engagement and customer preference are key to preserving the lender-borrower relationship, so Retain provides custom communications and timely payment channels, along with a self-serve platform that makes account management simple for customers. The Retain Platform uses a digital-first approach to engagement and user engagement during early-stage collections as opposed to traditional call-to-collect, which requires outbound call center volumes to increase. Retain can also reduce costs by transforming call centers into productive inbound operations.