Fintech company TrueML Products has announced the success of its flagship product, Retain, in driving engagement and recovering past-due balances. Since January, clients have utilized Retain to engage with over 1 million delinquent customers, resulting in the recovery of $375 million in overdue balances. In total, the dollars collected through the Retain product have exceeded $1 billion.
Retain is a customizable digital engagement tool that utilizes an optimization engine to automate clients’ digital communications and enhance customer engagement. It employs a patented decision engine and utilizes engagement data to optimize communication delivery and support clients’ communication efforts.
The product offers email and SMS deliverability, enabling businesses to improve communication at scale while preserving customer relationships. It also ensures compliance with client-specified regulatory requirements, regardless of the customer’s location.
Naama Bloom, General Manager at TrueML Products, emphasized the importance of Retain in helping businesses connect with delinquent customers, stating that it enables businesses to maintain relationships and get customers back on track. By automating delinquency communications on digital channels, Retain increases customer engagement and subsequent repayment while reducing operational costs.
Retain prioritizes customer engagement and preference by utilizing intelligent timing and channel selection. This approach is crucial in preserving customer relationships, particularly in lender-borrower relationships.
Companies utilize Retain to engage users effectively and efficiently through a digital-first approach. This reduces the need for expensive headcount to contact customers and allows businesses to scale operations. Clients have reported four times increased agent efficiency, up to a 75 percent reduction in full-time employees needed for customer communications, and a 13 percent decrease in overall recovery costs through Retain’s digital delivery.
Overall, TrueML Products’ Retain has proven to be a valuable tool for businesses looking to improve customer engagement, recover past-due balances, and reduce operational costs. With its automation capabilities and focus on digital communications, Retain has become a preferred solution for businesses navigating the challenging economic landscape.
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