Fintech companies have grown exponentially in the past few years thanks to the widespread digital adoption among customers. Vital Solutions can be the ideal debt collection partner for fintech companies.
Berkeley Lake, GA, United States, 20th Feb 2023 – Vital Solutions, a well-known account receivable management company in the US, is expanding its capabilities and offering state-of-the-art third-party debt collection services designed to help fintech companies improve their revenues and CX deliveries.
Vital’s 20+ years of experience in the field of debt collection will help fintech companies redefine their collection strategies and ensure a better late-stage collection, growing their revenue. Vital’s AI-enabled debt collection services and a multichannel and FDCPA-compliant collection approach can help hi-tech financial companies ensure a better recovery and bring their customers close to the brand with a superior CX delivery in the collection phase.
Fintech companies have grown exponentially in the past few years thanks to the widespread digital adoption among customers. However, the industry faces tough competition due to various CX delivery and cashflow challenges, especially during the debt collection phase. Poor visibility into customers’ debt, an apathetic approach to collections, strict collection strategies, and manual collection processes pose severe challenges to these fintech firms in terms of collection: poor collection yields and higher costs to collect often impact their cash flow negatively.
Fintech companies still adhering to a traditional collection approach need their associates to call or email customers for financial debt recovery constantly. In most cases, they need more resources to analyze customers’ profiles, which results in a suboptimal collection. In addition, overdue debts accumulate default charges and lawsuit threats, which strain the relationship between the debtors and the brand. These companies must adopt a data-driven approach leveraging AI and automation for debt collection. And an experienced debt collection agency like Vital Solutions can be the ideal debt collection partner for fintech companies.
Noted among the leading nationally-licensed third-party debt collection agencies, the Atlanta-based ARM company is known for its AI-driven multichannel and compliant approach to debt collection. The company has helped 100+ clients in the BFSI, automotive, and healthcare industries with its automated customer-focused communication and optimum first and third-party debt collection support.
Swift resolution is essential for collection success. Vital has its unique proprietary software and Score and Skill-based Assignment Module (SSAM), which immediately segments and aligns fintech customers with collectors best suited for the account’s unique characteristics to bring about resolution more effectively. It also deploys skip tracing technology to easily reach previously “unreachable” customers. It vastly improves the effectiveness of automated letters and increases Right Party Contacts (“RPC”).
In order to ensure collection success, it is essential to offer fintech customers a seamless payment experience. Vital also offers dynamic self-cure and web-based payment solutions that help fintech customers make guaranteed forms of payment – quickly and conveniently. It eliminates NSF’s and administration costs associated with handling payments.
In this competitive business scenario, fintech companies also need to reduce the cost of their collection operations to maximize revenue. Having delivery centers in the US, Philippines, and Jamaica, the debt collection agency boasts the right shoring capability that helps fintech companies significantly bring down the collection cost while also maintaining the quality of customer experience.
Vital understands that fintech debt collection needs a highly personalized and digitally driven approach to be successful. That is why it creates custom first and third-party debt collection services to effectively collect a debt the compliant way while building a strong relationship with its customers.
Media Contact
Organization: Vital Solutions Inc.
Contact Person: Paul Robson
Email: sales@vitalsolutions.net
Website: https://www.vitalsolutions.net
Address 1: 4775 Peachtree Industrial Blvd. #310
City: Berkeley Lake
State: GA
Country: United States
Release Id: 2002232536