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MAXIMIZE COMPLIANCE AND COLLECTIONS REVENUE

Prodigal | LinkedIn

Prodigal’s Speech AI monitors 100% of calls for compliance and collector performance with artificial intelligence

WHAT WE DO

Based in Silicon Valley, Prodigal is bringing the power of AI and machine learning to lenders, creditors and collection agencies. We help them stand out through their compliance and collection standards.


Prodigal’s world class speech recognition software, monitors every call for compliance and collector performance with its AI trained for optimal accuracy and actionable results. Prodigal unlocks hidden value in a collection contact centre’s vast corpus of unstructured audio data by making it searchable and enabling them to improve compliance, increase operational efficiency and win new clients.


Prodigal combines cutting edge technology with deep industry experience to bring the best speech analytics solution built ground-up for the ARM industry.


At Prodigal, we always keep the borrower in mind and we strive to ensure creditors are able to provide maximum options to a borrower, listen to their specific grievances, find a solution that works for both parties, while staying compliant to regulations.



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How Prodigal works

20+

Creditors working with us

3 Million Per Week

Borrower conversations analyzed

1500+

Compliance alerts flagged

SEE WHY COLLECTION MANAGERS LOVE US

Request Demo

PRODIGAL SOLUTIONS

100% Compliance Coverage

Analyze every call for regulatory compliance and procedural adherence

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Automated Collector Scorecards

Objective, comprehensive evaluations of effectiveness and efficiency

Performance Insights

Uncover the strategies and techniques that empower your best collectors

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Targeted Training

Coach your collectors based on personalized performance metrics

Professional Associations and AFFILIATIONS



Want to improve compliance and collector performance?

Schedule a demo to see how our intelligent platform can help you benefit

Get started for free


 

AI for ARM & collection industry drives tangible ROI

  • Published on June 18, 2020

Shantanu Gangal

Shantanu Gangal

CEO & co-Founder at Prodigal (YC S18) • Wharton MBA • Blackstone • IIT Bombay

Debt Collection Compliance and Quality Monitoring With AI

Debt among U.S. consumers reached a new record high in the three months since the start of the coronavirus epidemic with total debt among households growing 1.1% from the prior quarter. Consumers now owe a collective $14.3 trillion on student loans, credit cards, mortgages, and other forms of debt, exceeding by $1.6 trillion the previous high of $12.7 trillion reached during the third quarter of 2008 during the financial crisis 

This data demonstrates clearly how the pandemic has led to increased borrowing, particularly involving credit cards and other non-mortgage debt. And as household debt grows and unemployment numbers rise, the likelihood of enhanced consumer regulations increases and challenges grow for debt collectors aiming to improve the borrower experience. 

Revolutionizing Debt Collection: The New Order

In recent years, there has been a marked shift in financial institutions moving away from aggressive debt collection tactics. Conventional measures undertaken to collect on outstanding balances often hindered the recovery process while creating an unpleasant borrower experience. Recognizing these hurdles, organizations have shifted to more unorthodox management practices, levering innovative technologies to streamline collection efforts. 

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Optio Solutions, a leading Accounts Receivable Management Agency, has also identified a need to embrace technology to solve a problem of its own: The aggressive growth of the company due to its industry experience and reputation for delivering a consistent ROI was making it challenging to evaluate dozens of calls and call-recording minutes using its existing IT infrastructure.

Recognizing that existing speech analytics software and call review tools were part of the problem, Optio sought out a different solution.

How Prodigal Voice Revolutionized Industry-Leading Call compliance and Agent Productivity

Like many forward-leaning enterprises, Optio realized the answer to its problem was to harness the power of artificial intelligence. 

The financial industry has already acknowledged the importance of AI in banking with the Accenture Banking Technology Vision report revealing that 80% of bankers believe AI can revolutionize both information-management and customer interaction within the banking industry. As more financial institutions incorporate artificial intelligence into various aspects of their operations, AI's business value in global banking is actually expected to reach a staggering $300 billion by 2030, according to 2019 report from IHS Markit.

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Optio recognized that AI also has massive potential within the field of debt collection compliance and agent quality monitoring as artificial intelligence can reform the call review process. However, to maximize the benefits of this burgeoning technology, Optio had to find a solution that would efficiently process all agent calls, consistently examine a range of accents and dialects, transliterate them accurately, and flag compliance roadblocks and identify coaching moments.

After evaluating numerous speech analytics solutions, Optio saw promise in Prodigal Voice courtesy of its out-of-the-box experience designed for the ARM industry. Prodigal's quality management features -- including integrated call transcripts, call recording, prioritized call lists and a streamlined call review workflow -- provided Optio with the most value. Additionally, Prodigal’s accuracy and accomplishment with a wide range of accents and dialects, along with its value off-the-shelf, stood apart.

Chris Schumacher, President & CEO, Optio Solutions, said

Prodigal's speech-led collection AI platform has been an excellent investment for Optio Solutions. We are excited to work with them as they continue to build a visionary ARM-centric product.

Maximizing Debt Collection Performance With AI

Monitoring agent-customer interactions from hundreds of thousands of call-recording minutes is an extremely strenuous task but it is also the measure that is the most crucial to effective debt collection. With Prodigal's AI-driven speech analytics solutions and insights, Optio was able to evaluate 100% of calls to ensure industry-leading call compliance and highly efficient collection operation. And it was able to do so much more efficiently than ever before. 

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Optio achieved this impressive result by adopting Prodigal's AI speech analytics solution into its quality management flow to process 100% of its call recordings. Instead of going through every call and isolating a small sample to review, Optio’s QM leveraged team logs into Prodigal’s cloud-based software to review flagged calls for compliance issues and recognize agent coaching opportunities.

Phil Cooper, Director of Compliance for Optio, explained,

Prodigal Voice has made call reviews over 35% faster and saves our team hundreds of man-hours every month

After implementing Prodigal Voice into its process, the QM team has been able to handle almost twice the amount of call reviews than in the past. The effects were most visible for important calls that lasted longer than six minutes where review times were reduced by almost half. 

Progressive ARM institutions are increasingly realizing the boundless potential AI harbors for debt collection processes. AI's transformative potential within the debt collection industry is immense. It could well prove to be a boon for institutions trying to find non-interventionist ways of liaising with delinquent customers. 

AI-powered solutions can bring such customers back to the mainstream while transforming how collections are handled, ultimately helping financial institutions to ensure collection compliance and create exponential value simultaneously.

Learn more about the trends observed by Prodigal here

 

  

 

  Shantanu Gangal

CEO & co-Founder at Prodigal (YC S18) • Wharton MBA • Blackstone • IIT Bombay

 



 

Request Demo

MAXIMIZE COMPLIANCE AND COLLECTIONS REVENUE


Prodigal’s Speech AI monitors 100% of calls for compliance and collector performance with artificial intelligence

 

PRODIGAL SOLUTIONS

100% Compliance Coverage

Analyze every call for regulatory compliance and procedural adherence

Automated Collector Scorecards

Objective, comprehensive evaluations of effectiveness and efficiency

Performance Insights

Uncover the strategies and techniques that empower your best collectors

Targeted Training

Coach your collectors based on personalized performance metrics

AFFILIATIONS


 ACA International Report: Third-Party Debt Collection Keeps Credit ...     

Want to improve compliance and collector performance?

Schedule a demo to see how our intelligent platform can help you benefit

Get started for free

Prodigal Technologies Inc, 2020


+1 (650) 802-7795



MAXIMIZE COMPLIANCE AND COLLECTIONS REVENUE


Prodigal’s Speech AI monitors 100% of calls for compliance and collector performance with artificial intelligence


Sign up. It's free!




How Prodigal works

20+

Creditors working with us

3 Million Per Week

Borrower conversations analyzed

1500+

Compliance alerts flagged

SEE WHY COLLECTION MANAGERS LOVE US

Request Demo

PRODIGAL SOLUTIONS

100% Compliance Coverage

Analyze every call for regulatory compliance and procedural adherence

Automated Collector Scorecards

Objective, comprehensive evaluations of effectiveness and efficiency

Performance Insights

Uncover the strategies and techniques that empower your best collectors

Targeted Training

Coach your collectors based on personalized performance metrics

AFFILIATIONS

Want to improve compliance and collector performance?

Schedule a demo to see how our intelligent platform can help you benefit

Get started for free

Prodigal Technologies Inc, 2020

 

 

 

 




 



  •  Pairity | LinkedIn

  • Pairity | LinkedIn



  • About the Platform

    Pairity’s advanced AI quickly streamlines all of your organization’s data, leverages it to its full potential, and increases the success of each contact in a user-friendly and compliant interface.

    Hi, we're Pairity.

    The most advanced platform for the accounts receivable management industry.

    LEARN MORE

    Debt Recovery

    Done Right

    PEOPLE FIRST

    Knowing your consumer is everything. Pairity learns, organizes, and scores behavior to drive strategy.

    THE SMARTEST WAY FORWARD

    Pairity’s AI is a quick study: It learns from every interaction across your entire firm to make each contact more successful than the last.

    MAKE YOUR TIME MORE PROFITABLE

    Pairity’s AI does the data analysis for you; it learns behavior, discovers patterns, and delivers concise reports so you can spend more time doing what algorithms can't.

    Better Results with Built-In Compliance

    Our beta program participants saw a 22% increase in revenue over the course of six months while making fewer attempts at consumer contact, saving them money and reducing complaints.

    See A Case Study

    AI For Real People

    Nothing completely replaces human communication. Pairity’s AI does the most complicated and time-consuming part of debt collection behind the scenes and presents it in a simple, streamlined interface.

    About The Platform

    Partners and Affiliates

    We're proud to work with these organizations in the ARM and fintech industries. 

    innovation-councilgraycrcgray

    plug-and-playgray

    acagray

    rmaigray

    village-capitalgray

    START USING PAIRITY

    Want to stay ahead of the game?

     

     
    CONTACT US

    646.722.7388

    info@pairity.ai

    411 Lafayette Street, 6th Floor New York, NY 10003

    374 Delaware Avenue, Suite 302 


    Puts It All Together

    Pairity’s advanced AI quickly streamlines all of your organization’s data, leverages it to its full potential, and increases the success of each contact in a user-friendly and compliant interface.

    Connects the dots

    Pairity’s AI gets smarter with each contact and draws previously undiscoverable connections and patterns across your entire organization.

    Is always working

    Pairity continually updates its learning and delivers concise reports with advanced consumer scoring and specific recommendations for effective and compliant approaches for each contact.

    Plans ahead for you

    Pairity uses up-to-date consumer profile analysis to identify potentially high-value accounts and optimize individual workflows for agents.

    Why Pairity?

    QUICK & INEXPENSIVE SCRUBBING

    LESS DOWNTIME FOR ONBOARDING

    PAY ONLY IF IT WORKS

    What Our Customers Say

    "Fewer telephone calls, more productivity, a manager’s dream come true, thanks to Pairity."

    JAMES B
    Team Leader

    "My organization made 18% less calls month over month yet realized increased revenue by nearly 50%. Technology has finally made its way into collections!"

    RYAN B
    Director Of Operations

    "Pairity software made me realize that less is more. Artificial Intelligence and Machine Learning allowed my organization to make smart calls and the results have been tremendous."

    JAMIE M
    Collections Data Analyst

    START USING PAIRITY

    Want to stay ahead of the game?

    LEARN MORE

    STAY UPDATED

    Get the latest from Pairity: new products, updates and other news.



    CONTACT US

    646.722.7388

    info@pairity.ai

    411 Lafayette Street, 6th Floor New York, NY 10003

    374 Delaware Avenue, Suite 302 Buffalo, NY 14202

      




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