AKUVO, a technology organization that specializes in collections and credit risk, signed 17 new financial institutions to the AKUVO Platform during the first quarter of 2024. They represent more than $25 billion in assets and serve nearly 2 million consumers.

Many financial institutions said they are converting to the AKUVO Platform to leverage the solution’s playbooks, which can automate processes and procedures, even those handled by third parties. AKUVO playbooks can also provide collectors with required and/or recommended next steps, in real time, based on borrower behavior.

Other customers said they chose AKUVO for the solution’s third-party connectivity and ability to process specialty functions like bankruptcy and repossessions. Many financial institutions indicated they will also implement AKUVO’s new Virtual Collector, which allows borrowers to digitally self-cure delinquent accounts. Some also signed up for AKUVO’s Managed Experience service, which allows customers to further leverage the organization’s staffing and resources.

Financial institutions converting their collections management to the AKUVO Platform and additional services include the following:

· The $2B Alabama Credit Union, with 156,000 members and headquarters in Tuscaloosa, Ala.

· The $1 billion EFCU Financial of Baton Rouge, La., serving 65,000 members.

· ELGA Credit Union, headquartered in Grand Blanc, Mich., which has 96,000 members and $1.5 billion in assets.

· The $1.5 billion Farmers Insurance Federal Credit Union in Burbank, Calif., with 63,000 members.

· The $354 million Infuze Credit Union in Fort Leonard Wood, Mo., serving 32,000 members.

· The New Orleans-based, $303 million RiverLand Federal Credit Union, with 16,000 members.

· The $434 million Tampa Bay Federal Credit Union of Tampa Bay, Fla., with 35,000 members.

· WEOKIE Federal Credit Union, headquartered in Oklahoma City, with $1.5 billion in assets and 64,000 members.

“We are proud to provide these financial institutions with access to powerful data-based collections tools, so they can implement a modern, efficient and proactive collections strategy," said Steve Castagna, Chief Revenue Officer. "We're excited about how well our new Virtual Collector product is being received. AKUVO remains dedicated to listening to our customers and tailoring our technologies accordingly, so they can thrive in an ever-evolving financial landscape."