MALVERN, Penn.‑AKUVO, which provides collections and credit risk solutions, has announced the launch of “Virtual Collector.”
“This digital collections portal marks a significant leap in the industry, empowering borrowers to self-cure their past due accounts online without a live agent,” the company said.
According to AKUVO, Virtual Collector can be integrated with any collections or core processing system to provide automated touch points with borrowers through email, text, voice, and letters.
“The intuitive online portal allows borrowers to make payments, create a promise, request a call back, and even provide details about their financial situation,” AKUVO stated.
Real-Time Decisions
It added that for financial institutions also using AKUVO’s data analytics-powered collections platform, activities and results from the Virtual Collector are immediately available for real-time decisioning and actions.
“We’ve talked about this for years in the collections industry: some account holders avoid speaking to a live collections agent because they’re too embarrassed,” said Chief Product Officer Mark Price. “Other borrowers simply prefer digital self-service when available. Whatever the reason, account holders will love this new repayment channel.”
Appeal to Collection Teams
The company said the solution also appeals to collections teams as it eliminates the need for human intervention and produces unprecedented efficiency gains, increased collectable dollars and substantial savings on payroll and other operational expenses.
“Especially effective in early-stage collections, Virtual Collector goes beyond just complimenting a collection team’s strategy, and instead, fully automates what has historically required manual effort,” AKUVO said.
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