The receivable management industry, comprised of companies who provide a wide-array of fundamental financial services centered around the purchase, finance and/or collection on consumer and commercial related accounts receivables continues to be the cornerstone in the credit ecosystem, and a major influence behind credit availability to consumers, both in the U.S., Canada and abroad. The receivables management industry ensures that the overwhelming majority of U.S. consumers (and small businesses) who pay their respective outstanding debt(s) on time have access to credit at affordable interest rates. 

Like every other industry, the receivables management industry is also undergoing wide-scale digitization of core operations, catalyzed by a fundamental shift in remote working (work from home operations), including collectors, during the COVID-19 pandemic. This paradigm shift to remote workforces has forced companies to employ next-generation technologies, including ArtificialIntelligence (“AI”) to help maximize the accuracy & effectiveness of compliance and quality assurance oversight, while also maximizing collection performance on client assets.

Prodigal, a software company whose technology is pioneering collection intelligence, is excited to announce its partnership with the FFAM360 Alliance® of Companies (collectively “FFAM360”). FFAM360 is a world-class organization that provides financial solutions that address all phases of the credit and revenue lifecycle. Recognized as an industry-leader, FFAM360 delivers comprehensive business process outsourcing, accounts receivable management, healthcare revenue cycle management, and receivables purchasing & specialty finance through their vast network of affiliated companies.

"We are very excited about the early-stage results of our engagement with Prodigal” said Paul Allen, Chief Operating Officer, at FFAM360. Mr. Allen further stated, “The Prodigal technology has enabled us to quickly identify important compliance metrics, as well as drill down into operational strategy & productivity KPI’s, that when in combination, has significantly improved our feedback loop and agent training modules across our 3rd-party agency network. Further, FFAM360 can now track and score every call across a number of parameters and compliance aspects within about 10% of the time it used to take, thus improving our productivity ten-fold”

Prodigal helps automate auditing workflows for both captive collection operations and the network of third-party agencies across all stages of debt recovery.

Single, integrated view across the network of agencies: Monitoring the performance and compliance of multiple agencies is a daunting task. Prodigal provides valuable AI-powered tools to FFAM360 that help track the performance of internal collectors and various external agencies through a unified dashboard. Any compliance violation across the network is immediately flagged.

Benchmarking captive operations vs 3rd party network: Prodigal enables FFAM360 to effectively monitor and benchmark the performance of its captive collection operations versus the third-party agencies that it outsources. The overall performance of the portfolio held by FFAM360 has improved as benchmarking enables FFAM360 to improve agent training modules as well as share actionable insights with third-party collectors.

Standardized reporting & analytics: Prodigal facilitates FFAM360 to customize analytics dashboards and streamline reporting workflows through web UI. Such standardization further helps FFAM360monitor agent performance and compliance violations across captive and network operations more effectively.

Faster quality review: Prodigal’s industry-leading compliance suite powered by advanced speech AI allows FFAM360 to monitor 100% of calls for compliance and assure quality across its vast operations in a highly automated fashion. The Quality management team at FFAM360 is now able to review calls 10x faster.

In our personal lives, AI is everywhere, simply ask Alexa or Siri what's on your calendar today. Debt buyers are increasingly looking for ways to leverage machine learning to increase overall recovery revenue. Enhanced agent productivity and reduced compliance cost can significantly boost profit margins.

Forward-looking debt buyers are increasingly realizing the boundless potential AI harbors for debt collection processes. Speech AI is revolutionizing the debt collection industry with each passing day. Efficient and compliant communication with borrowers combined with automated workflows can meaningfully improve the profit margins for debt buyers.

AI-powered solutions can bring customers with a high propensity and ability to pay, back into the mainstream fold before they are lost while transforming how collections are handled, ultimately helping financial institutions to ensure collection compliance and create exponential value simultaneously.