AKUVO Virtual Collector Lets Borrowers Self-Cure Delinquencies

AKUVO, a technology organization that specializes in collections and credit risk, proudly announces the launch of a new product, 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.

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. 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 Mark Price, AKUVO’s Chief Product Officer. “Other borrowers simply prefer digital self-service when available. Whatever the reason, account holders will love this new repayment channel.”

Collections teams will love it too. By eliminating human intervention, Virtual Collector 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.

“This new self-cure solution, combined with the power of AKUVO’s data-driven collections platform, will revolutionize and challenge traditional views of collections,” Price predicted. “We are proud to be combining these services, and we can’t wait to put Virtual Collector to work for our customers.