Malvern, PA – February 23rd, 2024
Malvern, PA – February 23rd, 2024
MALVERN, PA - AKUVO, a technology organization that specializes in collections and credit risk, has signed the $1.7 billion Beneficial State Bank to its rapidly growing collections management platform.
Beneficial State Bank, an Oakland, Calif.-based CDFI, enables its customers and their communities to build sustainable prosperity, while making ethical, planet-friendly investments. Bank leaders cited AKUVO’s data analytics and AI-driven capabilities and third-party connectivity as reasons behind the system conversion. This functionality will help collectors reach more borrowers and minimize losses while providing compassionate service.
“We’re also excited about the ways AKUVO’s platform empowers our collectors and supports our managers. This will improve efficiency and success, upgrading the Beneficial experience for our entire collections team,” said Doralinda Rangel, SVP, Consumer Loan Servicing Manager.
AKUVO was founded in 2020 by fintech entrepreneur, Jay Mossman. The cloud-native solution streamlines day-to-day default management activities and increases recoveries by leveraging data analytics and advanced behavioral science tools.
Seasoned bank executives may remember Mossman as founder of Akcelerant, which was acquired by a global banking software firm in 2015. AKUVO has gained rapid market share, with 75 financial institutions live on the platform or queued up for conversion.
“No matter the economic conditions, our platform can predict and drive behavior while efficiently managing and automating collections activities and improving financial performance,” Mossman said. “We welcome Beneficial State Bank and look forward to supporting their ethical, sustainable growth.”
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About AKUVO
AKUVO is a leading provider of cloud-native collections software solutions that elevate how banks, credit unions, and fintechs collect and manage their portfolios via its products. Whether it is through their stand-alone virtual collector, or its next-generation collections platform, AKUVO provides the technology and data necessary to increase collections efficiency, provide a digital consumer experience, reduce staff costs, anticipate delinquencies, and provide insight into future credit decisions. AKUVO delivers a digital future for collections and account performance management with a visionary, behavior-based approach while taking full advantage of emerging technologies such as artificial intelligence, natural language processing, and machine learning. To learn more, visit www.akuvo.com.