Archives for December 2021

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Over my career, I’ve witnessed several macroeconomic events that have shaped the debt collection industry. Yet none has been as unique as the COVID-19 pandemic, which has left millions of consumers struggling either from the virus or loss of income, overwhelmingly through no fault of their own.

The perception of many is that we’ve turned a corner on the pandemic, but the reality is not so simple. Even as more people go back to work, many have taken on additional debt to deal with life’s necessities. The good news is collectors have a new choice when it comes to intuitive, non-invasive digital technology that blends innovation with empathy.

Unleashing the power of AI

While innovation in the debt collections industry is increasing, most creditors and third-party providers of collection services are using the same methods they did five or even ten years ago. As a result, they are failing to move the needle when it comes to improving recovery rates. 

However, new technologies have become available that leverage AI and machine learning to create an automated, digital collections strategy that is far more effective than traditional methods. These new tools can analyze, understand and guide the debt collection process through voice analytics and AI-driven scripts that guide a consumer interaction toward a successful outcome. In fact, these technologies have been demonstrated to improve repayment rates by as much as 80% while lowering the cost of collections by 70%.

These new technologies also make the collection agent’s work much easier. Even the very best collection agents can make mistakes, simply because they’re human. Yet automated, AI-powered digital collections technology is guaranteed to ensure an interaction with the consumer by helping agents steer conversations in ways that are customer service driven and address the consumer’s true needs.

Giving consumers greater control

Self-service has become critically important in debt collection not just because more consumers want it, but because it lowers costs. There is also a new, younger generation of debtors who have grown up with new technology. Most of them despise collection calls and prefer to communicate solely through digital means. 

Fortunately, new digital collections technologies are capable of enabling debt collectors to detect a consumer’s preferred communication method and style and shift the collection strategy on a dime. They are also capable of executing an unlimited combination of strategies ranging from email to phone to web. 

More importantly, perhaps, is that AI-powered digital collection technologies give consumers greater control over the repayment process, which improves collection rates. The key is the ability to give consumers options over how much they can pay and when, as well as the ability to change their repayment plan should their personal circumstances change. 

The bottom line is that there is a greater need for both digital collections technology and empathy in debt collection practices—and these goals are not mutually exclusive. With the right tools, companies can create a customized collection strategy that works in any situation, giving themselves and the consumer a greater chance to place debt behind them.

iA Innovation Council is a collaborative working group of product, tech, strategy, and operations thought leaders at the forefront of analytics, communications, payments, and compliance technology. Group members meet in person (and lately, virtually) several times each year to engage in substantive dialogue and whiteboard sessions with the creative thinkers behind the latest innovations for the industry, the regulators who audit and establish guardrails for new technology, and educators, entrepreneurs and innovators from outside the industry who inspire different thinking. 

2021 members include:

On December 21, 2021, the CFPB announced that LendUp Loans, an online lender with heavy venture capital backing, has agreed to halt making any new loans and collecting on certain outstanding loans in order to resolve a September 2021 lawsuit. The lawsuit alleges that LendUp continued to engage in illegal and deceptive marketing despite a 2016 consent order.

This is not the first time LendUp has been subject to actions by the CFPB. The CFPB also sued LendUp in 2020 for alleged violations of the Military Lending Act.

The September 2021 lawsuit alleges that LendUp:

• Deceived consumers about the benefits of repeat borrowing: LendUp misrepresented the benefits of repeatedly borrowing from the company by advertising that borrowers who climbed the LendUp Ladder would gain access to larger loans at lower rates when, in fact, that was not true for tens of thousands of consumers.
• Violated the CFPB’s 2016 order: The CFPB’s 2016 order prohibits LendUp from misrepresenting the benefits of borrowing from the company. LendUp’s continued misrepresentations about the LendUp Ladder violate this order.
• Failed to provide timely and accurate adverse-action notices required by fair lending laws: Adverse-action notices inform consumers why they were denied credit. Timely and accurate notices are vital to maintain a transparent underwriting process and protect consumers against credit discrimination. LendUp failed to provide adverse-action notices within the 30 days required by the Equal Credit Opportunity Act (ECOA) for over 7,400 loan applicants. LendUp also issued over 71,800 adverse-action notices that failed to accurately describe the main reasons why LendUp denied the applications as required by ECOA and Regulation B.

The “LendUp Ladder” was a program offered by LendUp which promised consumers that repaying loans on time and taking free courses offered through its website would result in lower interest rates on future loans and access to larger loan amounts. The CFPB’s complaint alleges that tens of thousands of LendUp customers participated in the program, but still failed to qualify for larger loan amounts and continued to be offered similar, or higher, interest rates.

To resolve the allegations, the CFPB filed a proposed stipulated final judgment and order. If the order is entered by the court, LendUp will be prohibited from making new loans, collecting on outstanding loans to harmed consumers, selling consumer information, and making misrepresentations when providing loans or collecting debt.

There is also a $100,000 civil money penalty, based on LendUp’s demonstrated inability to pay. 

insideARM Perspective:

This order should be especially interesting for those in the industry who have been exploring providing consumers with financial literacy services, or connections to debt relief assistance. While some may argue that merely providing consumers with information could not be viewed as harmful (and of course, this case is not one of providing the consumers with truthful information), it’s clear that the CFPB is paying close attention to anything that could be labeled as misinformation. Those in the ARM industry should ensure any information presented to consumers is clear, transparent, and actionable, and that there are adequate policies and procedures governing the presentation of that information.

Champlin, Minn. — Despite the ongoing pandemic, Summit A*R, a national revenue cycle management company in Minnesota, was able to spread some extra holiday cheer this year. As part of their annual community outreach, their staff and families chose residents of a local veterans’ home to be the recipients of some well-deserved gifts and Christmas joy. A group of the home’s veterans received “Santa bags” filled with special gift requests. Donations were also collected to contribute to various ongoing needs and wishes within the home, such as games, DVD players, toiletries, snacks, etc. The project also got the attention of a local sportsman club, which in turn was inspired to offer a guided fishing trip in the spring and summer for the residents. “We are always amazed at the generosity of our community when word gets out of an opportunity to help. Summit A*R is grateful to those that serve, and we are thrilled to be able to make the holidays a special memory for these brave men and women,” said Tim Turner, President of Summit A*R.  “We are all very blessed and in turn we believe we should give back to our community, and every year our amazing employees pick a new worthy cause and put their whole hearts into making this time a little brighter for a group in need.”

Founded in 1996, Summit A•R  (Summit Account Resolution) is a national revenue cycle management company serving health care, commercial, consumer and many other industry segments in various stages of the revenue cycle. Their focus is to “Preserve Human Dignity” with their P.H.D. collection philosophy. They are members of the ACA, IACC and BBB among other local and national organizations.  888.222.0793 or www.SummitCollects.com

On December 20, 2021, the Administrator of the Colorado Uniform Consumer Credit Code (an assistant attorney general) published an Advisory Opinion clarifying the State’s interpretation of the Colorado Fair Debt Collection Practices Act and its intersection with Regulation F.  Like a handful of other States, Colorado adopted its own state law FDCPA.  When describing a debt collector’s obligation to provide validation notice disclosures to consumers, the Colorado FDCPA uses nearly identical language to the federal Fair Debt Collection Practices Act.  Compare 15 U.S.C. § 1692g to C.R.S. §5-16-109(1).  For decades, the collection industry used the same language – affectionately referred to as “the g notice” or “validation notice” – to comply with both Colorado law and federal law.  Enter stage right: Regulation F, which changed the validation notice language and created confusion about whether the new language offered by the Bureau’s Model Validation Notice satisfied Colorado law. 

Colorado law and the FDCPA both require a debt collector, under specific circumstances, to explain to consumers “ . . . unless the consumer, within thirty days after receipt of the notice, disputes the validity of the debt, or any portion thereof, the debt will be assumed to be valid by the debt collector …” C.R.S. §516-109(1), 15 U.S.C. § 1692g.  To satisfy this requirement, the decades-old validation notice used by the collection industry repeated this language almost verbatim, i.e. “Unless you notify this office within 30 days after receiving this notice that you dispute the validity of this debt or any portion thereof . . .”  Regulation F and the Bureau’s Model Validation Notice abandons this language in favor of a requirement that debt collectors provide consumers with a specific date on which the consumer’s verification rights expire.  The Bureau’s new language is, “Call or write to us by [insert specific date], to dispute all or part of the debt.  If you do not, we will assume that our information is correct.”  This textual change gave rise to legitimate questions about whether the Bureau’s new requirement to provide a specific date (and its corresponding model language) satisfies Colorado’s identical disclosure requirement.  If the Bureau’s language did not satisfy Colorado law, then debt collectors would be required to include different state specific disclosure language on the reverse side of the Model Validation Notice to describe the same consumer rights – no doubt leading to significant consumer confusion and putting debt collectors at risk of defending civil ligation asserting false representation and deceptive collection practices.

The Advisory Opinion fixes the confusion . . .mostly.  The Administrator makes clear that the validation notice disclosure requirements of Colorado law and the federal FDCPA use “nearly identical language.”  The opinion then confirms that a debt collector or a collection agency “may, but are not required to” comply with the Colorado validation notice requirements “by providing Colorado consumers with the date certain that a consumer’s validation period ends, if that date certain is consistent with the validation period as defined in Regulation F.”  Attempting to comfort debt collectors, the Administrator confirms that no regulatory action will be taken against a collection agency or debt collector who uses a date certain to satisfy their requirement to provide notice about a consumer’s right to dispute within “30 days after receipt of the notice.”  This Advisory Opinion provides additional legal safety to those relying on it because Colorado law, like federal law, affords safe harbor from legal liability to those relying in good faith on the opinion and conforming their behavior consistent therewith.  C.R.S. § 5-16-113(6).

Had the opinion stopped here, the rule would be clear, and consumers and debt collectors would bear matching expectations. . . but it didn’t.  Instead, the Administrator felt compelled to add an “Illustration” to the end of the opinion attempting to demonstrate an application of the opinion to a specific fact pattern.  In racing parlance, this is where the “rear-end gets a little loose.”  This is the complete illustration:

Illustration:

In connection with the collection of a debt, a collection agency provides a Colorado consumer with a written notice. As required by Reg. F, the first page of the notice advises the consumer that they have until April 24, 2022 to dispute the validity of the debt. On the second page (or reverse side of the first page) of the notice, the collection agency again provides the consumer of [sic] with an April 24, 2022 deadline to dispute the validity of the debt and, further, provides the consumer with the disclosures required by section 5-16-109(1), C.R.S., and 4 C.C.R. 903-1, Rule 2.01. The debt collector has complied with section 5-16-109(1), C.R.S., and 4 C.C.R. 903-1, Rule 2.01. This written disclosure may also contain the disclosures required by section 5-16-105(3)(c) and (d), C.R.S.

Despite this inartful application, the illustration confirms one very narrow and specific issue:  giving the consumer a date certain satisfies Colorado’s requirement to explain that consumers have 30 days to dispute the validity of the debt (so long as the date conforms to the requirements of Regulation F).  Repeating that date on the reverse side of the Model Validation Notice also complies with Colorado law.  Regrettably, the opinion does not specifically answer the question of whether the remaining requirements of C.R.S. §5-16-109(1) (i.e. amount of the debt, identification of the creditor, obtaining verification or judgment copies, original creditor information requests) which mirror 15 U.S.C. §1692g are also satisfied by the Bureau’s new Model Validation Notice language.  That the Administrator acknowledges early in the opinion that the language of the FDCPA and the Colorado law use “nearly identical language,” this author can only answer the question in the affirmative – but it would have been nice if the opinion explained as much in more clear terms. 

Bottom line: this opinion confirms that using a date certain to describe the end of the validation period complies with Colorado’s requirement to explain that consumers have 30 days to dispute the validity of the debt.  For collectors seeking to take advantage of Regulation F’s safe harbor afforded the Model Validation Notice, disclosures specific to Colorado law (i.e. not also required by the FDCPA) will appear on the reverse side (not a second page) of the Model Validation Notice as permissible optional disclosures.  12 CFR. §1006.34(d)(3)(iv) 

Richmond, Va. — Prodigal, a leading AI driven loan servicing and collections automation platform, is a team with a strong shared drive for serving others in the community. In their personal lives, they strive to be good stewards of what they accomplish in their professional lives. One shining example of this is the story of Serving Bowls, a nonprofit started by Scott Hamilton, Prodigal Sales Executive, and his son at the start of the Covid-19 pandemic. The organization is still going strong today.

Hobby Turned Passion

Scott Hamilton’s son, Charlie Hamilton, showed an early interest in woodworking. By middle school, he was crafting pens and soon graduated to bowls. After joining a wood-turning club where he became the youngest member by 50 years, his hobby blossomed into a full-fledged passion. Under the mentorship of several senior woodturners— and with his father’s support in establishing a backyard woodshop— Charlie had the knowledge, tools and skills in place to turn his attention even more to woodworking in 2020 when Covid-19 closures went into effect. With plenty of time to focus, Scott and Charlie developed the endeavor further than ever.

Paying it Forward

Thankful for all of the support but concerned about growing food instability caused by COVID-related layoffs and school closures, Charlie was motivated to start a nonprofit. Scott and Charlie made it happen, and soon they had founded the nonprofit, Serving Bowls. The concept was to sell the handcrafted bowls and direct all profits to the nonprofit organization, Feeding America; and that is just what they have done. The team now consists of Charlie who makes most of the bowls, his lifelong friend Charlie Unice who assists with marketing and distribution, and Scott who helps with the administration, taxes, and sourcing/transporting the specialty wood slabs needed for the unique works of art. 

Intersection of Needs

By creating beautiful and food-safe quality pieces with marketable utility, Serving Bowls has flourished in sales and still donates 100% of profits to Feeding America. The family’s local news network featured Charlie’s work and the story has even been picked up nationally.

“Serving Bowls has donated $15,000 in total to Feeding America over the past two summers. Summer and other school breaks are the primary time for product development, as Charlie is a student. I’m extremely proud of Charlie and thankful to be able to help support the opportunity he took hold of to develop a passion while helping those in need. He’s shown an incredible amount of dedication and initiative,” stated Scott.

The team at Prodigal has been supportive of the nonprofit through the purchase of the bowls. This is just one story of the dedication the team shows in its efforts to invest in their communities. Prodigal is proud of both Charlie and Scott for their industriousness, creativity and drive to make a difference. For anyone looking for a gift that gives in more ways than one this holiday season, these bowls are sure to make a beautiful reminder on the dinner table to be grateful for what we have.

Fighting Food Insecurity

Serving Bowls is the nonprofit organization created by Charlie and Scott Hamilton of Richmond, VA to help fund Feeding America through the sale of hand-turned food-safe wooden serving and dining bowls. 100% of proceeds are donated to Feeding America to help fight food insecurity. The organization was started in 2020 as a way to help others during the economic crisis resulting from Covid-19 school and workplace closures. The bowls are each unique and artisan made from a variety of woods. All proceeds from purchases are donated to Feeding America. 

Feeding America is a 501(c)(3) non-profit and the nation’s largest domestic hunger-relief organization. Feeding America supports food banks, food pantries, and meal programs with food, funds, and advocacy. These efforts reach 40 million people in need of food every year. The organization’s mission is to advance change in America by ensuring equitable access to nutritious food for all in partnership with food banks, policymakers, supporters, and the communities they serve. The organization’s vision is an America where no one is hungry.

To learn more or purchase a bowl, please visit servingbowls.org.  

About Prodigal

Prodigal is an AI platform for collection automation designed to maximize agent productivity. Prodigal is a pioneer of an automation software suite that enables debt buyers, collection agencies and creditor rights firms to quickly and efficiently collect accounts receivables. Prodigal’s collection automation platform delivers actionable AI insights to maximize recovery revenue, increase agent productivity, and minimize compliance risk. Industry leaders and technology first organizations are using Prodigal to fully automate QA workflows and after-call wrap-time. Prodigal is based in Silicon Valley, CA and is backed by prolific venture capital firms like Menlo Ventures, Accel and Y Combinator.

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The orders to collect information on the risks and benefits of these fast-growing loans went to Affirm, Afterpay, Klarna, PayPal, and Zip. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

“Buy now, pay later is the new version of the old layaway plan, but with modern, faster twists where the consumer gets the product immediately but gets the debt immediately too,” said CFPB Director Rohit Chopra. “We have ordered Affirm, Afterpay, Klarna, PayPal, and Zip to submit information so that we can report to the public about industry practices and risks.”

Buy now, pay later credit is a type of deferred payment option that generally allows the consumer to split a purchase into smaller installments, typically four or less, often with a down payment of 25 percent due at checkout. The application process is quick, involving relatively little information from the consumer, and the product often comes with no interest. Lenders have touted BNPL as a safer alternative to credit card debt, along with its ability to serve consumers with scant or subprime credit histories.

Merchants are adopting BNPL programs and are willing to typically pay 3 percent to 6 percent of the purchase price to the companies, similar to credit card interchange fees, because consumers often buy more and spend more with BNPL. Indeed, BNPL’s use has spiked during the COVID-19 pandemic and throughout the holiday shopping season. More and more Americans are using it, and the most recent Black Friday and Cyber Monday shopping weekend saw massive growth in BNPL. This explosive growth has caught the eye of many investors, including significant venture capital money. Big tech companies are also entering the arena.

The law requires that the CFPB monitor consumer financial markets and enables the agency to require market players to submit information to inform this monitoring. The CFPB expects to publish aggregated findings on insights learned from this inquiry. Today’s orders seek to illuminate the range of these consumer credit products and their underlying business practices. Specifically, the Bureau is concerned about:

• Accumulating debt: Whereas the old-style layaway installment loans were typically used for the occasional big purchase, people can quickly become regular users of BNPL for everyday discretionary buying, especially if they download the easy-to-use apps or install the web browser plugins. If a consumer has multiple purchases on multiple schedules with multiple companies, it may be hard to keep track of when payments are scheduled. And when there is not enough money in a consumer’s bank account, this can potentially result in charges by both the consumer’s bank and the BNPL provider. Because of the ease of getting these loans, consumers can end up spending more than anticipated.
  
• Regulatory arbitrage: Some BNPL companies may not be adequately evaluating what consumer protection laws apply to their products. For example, some BNPL products do not provide certain disclosures, which could be required by some laws. And while the BNPL application may look similar to a standard checkout with a credit card, protections that apply to credit cards may not apply to BNPL products. Many BNPL companies do not provide dispute resolution protections available to users of other forms of credit, like credit cards. And finally, depending on what rules the lender is following, different late fees and policies apply.
  
• Data harvesting: BNPL lenders have access to the valuable payment histories of their customers. Some have used this collected data to create closed loop shopping apps with partner merchants, pushing specific brands and products, often geared toward younger audiences. As competitive forces pressure the merchant discount, lenders will need to find other sources of revenue to maintain growth and profitability. The Bureau would like to better understand practices around data collection, behavioral targeting, data monetization and the risks they may create for consumers.
  

The BNPL product has seen growth internationally and many other countries are also taking a close examination of its providers. As part of today’s inquiry, the Bureau is working with its international partners in Australia, Sweden, Germany and the UK, specifically the Financial Conduct Authority. The Bureau will also be coordinating with the rest of the Federal Reserve System, as well as its state partners.

You can read a sample order here.

insideARM Perspective:

Buy now, pay later isn’t a new concept. As the CFPB notes, it’s similar to layaway programs that were available from retailers in the past. However, the accessibility and prevalence of this type of credit, as well as the implications of the data shared with lenders, make it unique. This type of credit is also tied directly to technology, as it’s almost entirely used for online purchases. The information gathered as a result of these orders could change how this type of debt is collected. We’ll continue to cover this subject as it unfolds and more information is made available.

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Show Notes: 

It may have taken a pandemic for banks and financial institutions to finally understand and embrace the value of technology and social media. Shondell Varcianna knows this first hand. As the owner and founder of Varci Media, Shondell has successfully guided financial institutions’ communication with their customers. Having worked as a lender and underwriter for several banks, Shondell quickly realized that consumers do not seek financial advice from the banks where they have a relationship, and banks do not do a good job communicating with their customers outside the four walls of the branch. Meeting consumers where they are has been the key to Shondell’s success. As Shondell tells us, banks and financial institutions should spend less time pitching specific mortgage or financial products and more time providing useful information about buying or decorating a home through social media and blogs. This is meeting consumers where they are and results in consumers getting their financial questions answered. 

DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Since 1996, Latitude’s focus has been to provide the most forward-thinking, attractive solution to the business needs of different people and companies in the accounts receivable management (ARM) space. Since our acquisition by Genesys in 2016, Latitude’s roadmap for the future continues to be bright. We’re growing, innovating, and reshaping the technology expectations and customer experiences of ARM companies and their consumers.

Innovation Meets Function

When we started, Latitude primarily targeted the needs of collection agencies. After all, we were started by a couple of guys IN an agency.  Since then, we’ve maintained continual concentration on development and modernization. We have evolved along with changing regulations and consumer trends to offer the most innovative, flexible, and functional software solutions for not only collection agencies but also for creditors and other ARM organizations. Latitude by Genesys®’ strategy since the beginning has been to expand upon our products to continually provide a better experience for our customers and the consumers that they service. 

“Latitude has always maintained a sense of urgency related to our clients’ needs because the environment that surrounds them changes so rapidly. Since leaving my in-house position at Latitude, I have been able to build a strong consultancy through the incredible Latitude community. Literally, my business depends on the dedication Latitude’s customers have for the software,” says Kenny Goedelman, former Senior Director of Software Development, and now Founder of Native Consulting, a Latitude-focused services consultancy. “The spirit of the software is openness, adjustability, and empowerment. This means we create solutions for real world, modern day problems by empowering our clients with full access to their data and easy to use interfaces and tools to let them customize Latitude to meet their specific business needs. We continually expand our products and get the job done because of the solid infrastructure that exists beneath the Latitude by Genesys® platform. I’m proud to be partnered with Genesys.”

Evolution Through Collaborative Feedback

The highest quality software involves the input, feedback, and collaboration of actual users. One of Latitude’s greatest strengths has always been listening to our customers and processing their feedback to develop and integrate timely technology solutions into a continuously changing environment. We organically assess marketplace needs while also relying on the active engagement of our users to relay their requirements and give status updates on how the world is evolving for them. In our early days, we leveraged conferences to gather feedback; today, we rely on our advisory board of industry leaders and partners who are also Latitude by Genesys® users. 

“Voicing our business needs to Latitude has helped us to solve problems, evolve with changing requirements and have a seat at the table to drive the future development roadmap,” said Marian Sangalang, Vice President of The Bureaus, Inc. 

Our team actively engages, listens to needs, evaluates how we can best serve our users. Our R&D team is attentive to the feedback and results they achieve to make sure that we are solving the problems that our clients encounter in their everyday business activities.

“Since day one, Latitude has always had a solution-based perspective and has continually evolved our products to meet the needs of our customer base. Time and time again, our customers tell us about the value add and efficiency that Latitude by Genesys® brings to their processes and overall compliance. This consistent, positive feedback is incredibly motivating and there is a palpable feeling of excitement throughout our team when we look toward the future,” says Ian Winder, Product Director and Line of Business Owner.

Long-Term Customer Relationships

With the average tenure of Latitude customers exceeding a decade, our team creates long-term relationships of proven success. We believe in face-to-face demos and in-person meetings when possible as well as organic conversations to build stronger connections and create collaborative environments. A keystone of our company culture is to remain agile so we can effectively evolve our products, create a globally positive customer experience while driving business success for every customer.

“Through the years and many changes, we have never wavered in our commitment to fostering genuine relationships with our customers,” says Sales Manager Kenny Baker. “Our team has always done a phenomenal job of meeting our clients’ varied needs, and the flexibility of our software enables us to quickly create and integrate what they need to be successful. Latitude by Genesys® has never wavered in our vision to provide the best possible software for the ARM industry. Customer feedback is our roadmap for the future, and by maintaining open lines of communication for 25+ years, we’ve created valuable partnerships and brighter futures for our customers.”

The Genesys Commitment to Latitude

Since Genesys acquired Latitude, there has been a major investment in resources and support, including hiring more software developers to continually improve the product as well as an investment in customer support,marketing, and customer success teams to improve our client experience. These valuable resources are driving overall strategy in an exciting direction while accelerating the development of scalable solutions for our current and potential client base. Genesys brings the best of the contact center capabilities, and in combination with Latitude, it’s everything a collection group needs to collect debt. “Genesys’ commitment to Latitude has never been stronger because the combined value proposition for customers is so strong.” says Cris Bjelajac, Latitude Line of Business Owner. “Collection entities need a powerful platform like Latitude AND need flexible contact center options with Genesys to operate. Together we are almost like a collection agency in a box. Just add agents.”   

With all of this in place, our 45+ partner network is expanding rapidly and our employees are reinvigorated by the growth we are experiencing. Latitude now encompasses much-desired offerings such as Genesys Cloud integration, end-to-end functionality, workflow automation, complex integrations for secure data exchange, and the shift to a browser-based application versus our original, installation-based software program.

“Latitude has a history of resiliency and success, but together with Genesys, we are turning insights into action to deliver exciting new options. We want our customers to know that we are so passionate about them and their success,” says Beth Goedelman, Senior Manager of Professional Services. “Latitude by Genesys® has the internal processes and culture of commitment that it takes to think outside the box and develop enhanced solutions to help them achieve their goals. When change happens and there are deeper problems to solve, Latitude will always be a ready partner to continue the innovation loop through open communication, investment in development, and commitment to results.”

What’s Next?

What’s next for Latitude by Genesys®? Our team starts each day with a feeling of excitement and concludes each project full of ideas and a feeling of invigoration. The future is bright and momentum is strong. Contact our team to learn more about how Latitude by Genesys® can transform your business, increase your compliance, and maximize your efficiency. One conversation and you’ll understand why our customer experience is one of the best in the industry and why our customers partner with us for long-term success.

About Latitude by Genesys®

Latitude by Genesys® is a comprehensive debt collection and recovery solution for managing all pre- and post-charge-off accounts and workflow processes. It provides collectors and agents with the tools to manage the debt collection and recovery process and provides full functionality for the collector’s or agent’s desktop and deploys as a true zero-footprint, browser-based environment. 

About Genesys

Every year, Genesys® orchestrates more than 70 billion remarkable customer experiences for organizations in more than 100 countries. Through the power of our cloud, digital and AI technologies, organizations can realize Experience as a Service℠, our vision for empathetic customer experiences at scale. With Genesys, organizations have the power to deliver proactive, predictive, and hyper personalized experiences to deepen their customer connection across every marketing, sales, and service moment on any channel, while also improving employee productivity and engagement. By transforming back-office technology to a modern revenue velocity engine Genesys enables true intimacy at scale to foster customer trust and loyalty.

Chicago, Ill. —  Provana, provider of the industry’s first unified platform for compliance and performance management, today announced a new partnership with a360inc, to enhance and expand technology-enabled solutions to default servicing law firms. Building on both companies’ extensive expertise in the legal and financial services industries, a360inc clients will benefit from expanded e-filing capabilities and advanced data analytics tools.

Scott Brinkley, Chief Executive Officer of a360inc, noted, “We’re excited to partner with Provana to offer our technology clients enhanced e-filing and BI reporting capabilities. With Provana’s nationwide e-filing solutions now accessible through all a360inc applications, our clients will have seamless access to services that better position their businesses to navigate the unpredictability of the current mortgage servicing market.”

“The partnership comes at a critical time for foreclosure firms, when scale and flexibility are primary concerns, given the rapidly changing economic and regulatory landscape,” said Provana Chief Executive Officer Sandeep Bhargava. “Formalizing this relationship between a360inc and Provana builds on our promise to work with SMBs to help them overcome process-intensive challenges for higher productivity and profit.”

“After working with both Provana and a360inc for many years, I’m excited to see the two companies join forces,” said Jim Ward, Chief Executive Officer of ProVest. “Together, Provana and a360inc deliver a powerful combination of technology and services that can help mortgage default servicing law firms focus on their core competencies and maximize productivity and profitability.”

For up-to-date information about specific implementations, contact us. Clients can also learn more about the benefits of these unique technology solutions, schedule custom demos and meet representatives from both companies during the MBA Servicing Conference in February.

About Provana

Provana’s SaaS-based digital operating platform is the first of its kind, giving leaders control over process-intensive operations. We serve law firms, insurance companies, accounts receivable agencies and networked enterprises in the US market that are tightly regulated by the CFPB and other authorities. Built on decades of experience in machine learning, natural language processing and business process management, Provana helps customers manage sensitive interactions, analyze unstructured data, process personal information and ensure compliance. Provana is backed by a NYC-based Fintech PE, most recently raising funds in November 2020. Learn more at www.provana.com. 

About a360inc

a360inc is a leading technology and outsourcing services provider to the financial services, real estate, and legal industries. Based in Addison, TX, a360inc provides case management system technology and outsourcing services to law firms, title agencies, underwriters, mortgage companies, and investors. Learn more about a360inc and its suite of products and services online at www.a360inc.com.