TrueAccord, a Fintech that aims to transform debt collection into “a pathway toward financial health,” noted that halfway through 2021, digital commerce and consumer spending continue to witness the impact of government stimulus payments “while consumers look for new ways to invest and leverage their money.”
TrueAccord adds that simultaneously, all sectors of Fintech grew during the COVID-19 crisis, and this steady growth hasn’t shown any signs of stopping or slowing down. Investment and lending platforms have grown considerably in the number of users “by the highest percentage during the pandemic — with increases of 23 and 25 percent, respectively (McKinsey).”
TrueAccord added that the digitization of banking and financial services has now become a key part of our new normal.
TrueAccord co-founder and CEO, Ohad Samet, recently talked about what the “next horizon of fintech disruption will look like — and how financial institutions of all types can stay ahead of the curve and create groundbreaking solutions this year.”
Here are a few takeaways shared in a blog post by TrueAccord:
- Solving “structural problems”: Fintechs, unlike most traditional financial services firms, are not just launching old products online and referring to them as digital. Instead they are actually “rethinking the approach to existing problems and building new, better solutions.”
- Digitization for customer experience: Although many firms have been focusing on digitizing the customer experience (CX), those that haven’t may start “to feel the pressure to adapt.” With digitization increasingly being “driven by consumer demand and expectation, financial service providers that don’t integrate the consumer experience into their offerings will lose out to those that do.”
- Affordable financial services: With so many Fintechs now active, competition and innovation “continue to spur more efficient and affordable services for consumers. Old products will be replaced with new banks, payment options and wage access, and more will focus on credit care and access to cater to consumers.”
In a separate update, TrueAccord noted that when we’re talking about artificial intelligence (which has been integrated into many different Fintech solutions) in regards to medical collections, we hear about how it has “automated the once-painstaking process of medical coding for billing.”
TrueAccord added that AI has much “more impressive and patient-facing applications when used to improve customer experience, especially in the healthcare industry which is increasingly digital-first and self-serve.”
TrueAccord also noted that patients now expect “the same type of personalized, easy-to-use experience they’ve grown accustomed to receiving from other industries, including banking, airline and retail industries. (Note: for more on this update check here.)
While sharing other updates for the month of July 2021, TrueAccord noted:
“If you aren’t familiar with Buy Now, Pay Later (BNPL) yet, it’s a safe bet that you will be soon. The service, which allows consumers to split a purchase into several payments over a set period of time, has been popular in other countries and has been gaining traction in the U.S.”
The company added:
“As a digital debt collection company, TrueAccord helps clients collect on unpaid debts, but is equally committed to helping consumers achieve long-term financial fitness and stability.”
TrueAccord works closely with many BNPL clients who might not meet the terms of the payment plan and “ended up in collections by helping them understand their debt, offering flexible repayment options and educating on smart borrowing and spending.”
TrueAccord says that it plans to “usher BNPL consumers through and out of debt while delivering the best possible experience, and it’s that collaboration that will lead to better business for BNPL providers and better financial outcomes for consumers.”