NewTech Friday: TrueAccord – a more humane approach to debt collection 17 December 2021
Mark Ravanesi is the CEO of TrueAccord, where he leads with a passion to help people, build teams, innovate, and solve problems using data, analytics, and technology. Boris Plantier spoke with him about how his company is reimagining the debt collection process.
What led to the creation of TrueAccord?
The current process for debt collection has not evolved much in the last 50 years and is still how most would imagine: inflexible, stressful, and borderline inhumane. Close to 80 million overlooked and excluded consumers facing barriers to financial fitness are met with an adversarial collections environment that is designed to take away their agency. We recognized that each consumer has unique financial needs and began to look for a better way.
In 2013, TrueAccord was founded with a mission to reinvent debt collection to provide a better experience for consumers in debt and the hypothesis that AI-driven digital collection was the way to transform the industry. Eight years later we are more confident than ever that digital-first engagement leads to better outcomes for both creditors and consumers in debt, and the consumers we serve agree.
Could you present TrueAccord's offer?
TrueAccord delivers world-class collection and recovery results through a digital-first, consumer-centric approach. TrueAccord pioneered the industry’s only adaptive intelligence - a patented machine learning engine powered by engagement data from over 16 million consumer journeys - that dynamically personalizes every facet of the consumer experience in real-time. By focusing on the consumer experience, TrueAccord empowers consumers to regain control of their financial fitness while providing clients with liquidation and recovery rates 50-80% higher than industry benchmarks.
What's coming next for TrueAccord?
TrueAccord currently offers a debt collection product for late-stage debt, Recover, and a recently launched, client-branded product for earlier-stage delinquencies, Retain. As we continue to grow, we are working on how we talk to consumers about their financial lives and financial fitness, and finding new ways to support consumers through products and services that meet their needs. TrueAccord is now helping clients across more industries than ever, from utilities to healthcare to Buy Now, Pay Later, and will continue to expand our reach, allowing us to serve even more consumers.