A Collections Intelligence Platform Built for Banks

Learn how Convoke can help you grow recovery, reduce costs, improve compliance and protect your brand.

Refine Third Party Collection Strategies

Convoke allows credit issuers to measure the success of third party collection strategies. This vastly simplifies the determination of which strategies or programs are yielding expected recoveries. Armed with this information, credit issuers can quickly grow, modify, or eliminate strategies to optimize recovery dollars. With call caps and other new regulations, credit issuers must have the tools that will assist them in developing the most efficient collection strategies with their third parties – made possible with Convoke.

Gain New Insights

Credit issuers are looking for new ways to track third party collection milestones to maximize recoveries in minimal time. Convoke enables issuers to track all collection actions taken by third parties - when a demand letter has been sent, judgment received, promise to pay, and other key events. With this information, credit issuers are able to have confidence that their third parties are meeting required milestones according to work standards.

Maximize Collection Channels

Given the uncertainty caused by recent consent orders and changing regulations, many credit issuers have paused certain third-party collection channels, ceased others, or are uncertain about starting a new channel strategy. Convoke enables credit issuers to overcome these uncertainties with confidence. Not only are they able to maintain existing strategies more easily, they are able to add additional channels, increasing their recoveries.

Eliminate Inefficient Processes

Many credit issuers rely on outdated mediums of communication with third party collectors, such as the postal service, emails, and faxes, all of which can lead to misplaced information, rework, and added expense. Convoke helps credits issuers and third parties automate their communication processes, allowing them to drastically reduce the cost of transmitting critical information. This allows for greater organization and efficiency, as essential data and artifacts are shared and housed in a central hub - Convoke.

Minimize Regulatory Penalties

Regulatory penalties and consent orders have become an increasingly common occurrence as oversight has continued to increase, raising costs with no benefit to recoveries. Convoke has helped customers make the necessary process changes required by consent orders, reducing regulatory penalties for compliance violations. Others have avoided violations and penalties altogether through their adoption of Convoke, as compliance and operational risk decline dramatically by using the platform.

Cut Oversight Costs

As oversight requirements expand, increasing costs, credit issuers are forced to find new ways to drive efficiency. Convoke enables credit issuers to conduct nearly all oversight from their local office or work-from-home environment. This allows them to conduct the necessary vendor oversight without unnecessary travel and its attendant expenses.

Transform Third Party Oversight

As a consequence of consumer protection regulations, credit issuers have increased responsibility over the actions of their third parties. Convoke gives issuers the ability to track every aspect of collection activity to ensure their third parties are following issuer and regulatory requirements. When using Convoke to assist in their oversight efforts, issuers have complete transparency into the compliance levels of their third party collection network.

Reduce Operational Risk

The collections process is fraught with operational risk, as there are many areas where regulatory violations may occur, even with the best intentions. Through Convoke reporting and auditing features, issuers are able to evaluate a wide variety of risk metrics. The transparency that Convoke provides into third party collection risk is unsurpassed in the market, setting credit issuers up for a lower risk business model while maximizing recoveries.

Adapt to Changing Regulations

Convoke has over ten years of experience building solutions in response to changing regulatory requirements. Whenever new regulations are issued or expected that affect its customer base, Convoke immediately begins to plan how it can best help credit issuers comply. Convoke users can trust that it will be responsive to any future regulatory changes that impact them.

Protect Consumer Rights

Given the sensitivity of the consumer collections process, it is important for credit issuers that the consumer’s rights are maintained and that they are treated with dignity and respect. Convoke allows issuers to confirm that third parties are treating consumers fairly and to isolate incidents where a consumer’s rights may have been violated for quick remediation.

Verify Third Party Performance

In addition to regulatory requirements, credit issuers maintain work standards to ensure that third parties represent them well to consumers and the general public. Although poor consumer treatment may come from a third party, it ultimately reflects poorly on the issuer and damages their brand reputation. Convoke provides the issuers the tools they need to verify that third parties are following these standards, ensuring that they are performing as expected.

Face Change with Confidence

Credit issuers face continuous changes affecting their collection efforts, including regulatory, economic, internal, and many others. When these occur, they must be responsive to the evolving market while maintaining their recovery efforts and promoting fair consumer treatment. Convoke has a proven record of anticipating and responding to these changes, ensuring a smooth transition for credit issuers through periods of uncertainty.

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