How to optimize every avenue of collections with Convoke.
Convoke provides unparalleled transparency at every stage of collections. All collection artifacts, including letters, phone calls, lawsuits, judgments, and many others, are timestamped for maximum visibility throughout the entire process. This transparency not only helps credit issuers and their third parties decrease operational risk, but improve performance as well, increasing recovery dollars.
With call caps now in place with the new collection rule, credit issuers must ensure that their third parties make the most of their contacts with consumers. Convoke enables them to analyze their call attempts to determine the most effective call collection strategies, while remaining compliant with all new regulatory requirements.
In the age of big data, credit issuers are looking to harness collections information in new ways to increase the effectiveness of their collection strategies. Convoke provides deep insights into this data, showing the critical information needed to drive performance. This allows credit issuers to significantly reduce their costs, while delivering results that were previously unattainable.
Multiple third and fourth parties, numerous collection tools, and complex jurisdictional issues are some of the many challenges credit issuers face involving their collection law firms. Convoke is able to measure any legal milestone, helping issuers test and control their collection strategies for maximum efficiency and minimum time to market, all while minimizing their risk.
Convoke’s media ordering capabilities automatically block duplicate third-party document requests. This saves credit issuers time and money, as they are no longer spending human capital unknowingly fulfilling the same request multiple times. Document delivery is now streamlined, with many requests being fulfilled automatically with minimal human intervention.