I recently attended LendIt Fintech, which is pegged as the world’s leading event in financial services innovation. With more than 5,000 decision makers from major fintech, digital banking and lending companies in attendance, it was two days well spent with many of the fintech’s and banking’s finest.
As I reflect on the many conversations our team had with the companies in attendance, it provides me with yet another point of validation for why I decided to start Servicing Solutions. On the most basic of levels, our discussions confirmed that many fintech companies have a strong desire to focus on what they do best…developing and honing the innovative products and services that make up today’s rapidly evolving financial services landscape. However, when it comes to issues like servicing, compliance, analytics and collections, many fintechs are realizing just how arduous and specialized these functions are…and they are seeing the need to turn to experienced partners like Servicing Solutions.
Fintech disciplines such as Artificial Intelligence and Machine Learning have found a place in collections and servicing, and are among the many innovations embraced by Servicing Solutions. Naturally, many fintech organizations believe everything, including customer support and collections, can be handled with technology alone. After all, the origination process is completely automated and utilizing technology to solve a business challenge is at the heart of what fintechs do.
As their businesses have evolved and their customer bases have increased, many successful fintechs now appreciate that customer service and collections cannot be handled with technology alone. Rather, it calls for a precise blend of technology (AI, machine learning, predictive analytics, modelling, and more) and traditional human interaction. Simply put, there will always be complex or challenging issues that only a skilled customer service rep or collector can provide. Our beginning-to-end servicing offering has been built with that in mind, and our clients benefit from our ability to achieve this blend for any portfolio.
Over the course of my career, I’ve worked with many types of companies, from entrepreneurial startups to established Fortune 100 companies, and each of them have their unique strengths. This has provided me with the opportunity to draw from those experiences and implement best practices using a combination of emergent technology and human interaction, which have allowed our team to help these industry pioneers solve their crucial business issues, letting them focus on what they do best…innovate.