TrueML Products, a Fintech company developing products that enable intelligent, digital communication, announced that clients have used Retain, the company’s flagship product, to drive engagement since January with more than 1 million delinquent customers that enabled recovery of $375 million in past-due balances.
Total dollars collected on the Retain product “exceed $1 billion.” Retain is a scalable, client-branded digital engagement tool powered by “an optimization engine to automate clients’ digital communications and help boost customer engagement.”
Retain uses a patented decision engine and engagement data “from individual interactions to optimize communication delivery and support clients’ communication efforts.”
The product offers email and SMS deliverability that “enables businesses to improve communications at scale, preserve customer relationships, and maintain compliance with built-in technology that ensures the client-specified regulatory requirements are met no matter where customers are located.”
Naama Bloom, General Manager at TrueML Products, said:
“In today’s challenging economic landscape, more businesses are experiencing difficulty engaging with delinquent customers, and Retain helps them improve their connection rates with those customers in order to maintain relationships and get them back on track. Managing customer communications at scale can be challenging and expensive, but using Retain allows our clients to automate delinquency communications on digital channels, leading to increased customer engagement and subsequent repayment while reducing operational costs.”
Retain prioritizes customer engagement and preference “with digital communications and intelligent, optimized timing and channel selection that is critical to preserving customer relationships, like the lender-borrower relationship.”
Companies use Retain to “engage users more effectively and efficiently with a digital-first approach and can reduce the need for expensive headcount to contact customers or scale operations, freeing up resources for productive inbound operations as needed.”
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 overall decrease in cost to recover while using Retain for digital delivery.”
