St. Mary's Bank, a mid-sized credit union, aimed to elevate their collections efficiency. In the dynamic world of financial services, adaptability is imperative for a collections platform. Courtney Creighton, AVP Loan Resolution and Recovery Manager, spearheaded the exploration of market options aligning with the institution's needs and future goals. Her competitive analysis led to a clear choice for St. Mary's Bank.

The implementation of the AKUVO platform marked a significant and positive shift in task management, revolutionizing the operations of the collections team. According to Creighton, "Our playbooks automatically present collectors with required or recommended tasks, establishing a structured and accountable environment."

For instance, essential tasks like documenting reasons for default and contact verification are now mandatory in AKUVO. Collectors cannot proceed until these tasks are completed, ensuring both consistency and security, which are vital for presentations and portfolio assessments. Creighton notes, "Previously, information gathering was inconsistent and unreliable."

The platform’s mandatory requirements for essential tasks have notably improved data consistency, a crucial factor for effective decision-making in the dynamic landscape of the financial industry. This enhanced reliability of data empowers St. Mary's Bank to make informed decisions, contributing to the overall success of their collections strategy.

The AKUVO Platform stands out with its remarkable dashboards and gamification features. Creighton emphasized the value of AKUVO’s dashboards and metrics by saying, “These features empower me to deliver comprehensive reports to the board of directors and executive management.”

With a team that is mostly remote, Creighton finds the insights provided by AKUVO’s dashboards incredibly helpful. The data keeps her staff accountable and allows her to present an accurate representation of her team’s productivity. Simultaneously, this reduces turnover, in an industry prone to it, by continuing to provide a remote working environment.

The platform's ability to track member requests for extensions and celebrate top-performing collectors has been a game-changer. The gamified aspect, including monthly recognition and rewards, has motivated staff and fostered healthy competition.

St. Mary’s decision to choose the AKUVO platform was quickly validated based on the results seen in just a few short months after going live.

For example, monthly goals that were previously a challenge were achieved in 25% less time and with 50% fewer staff. Creighton praised AKUVO for removing inefficiencies and empowering collectors.

St. Mary’s Loan Resolution department also saw reduced delinquencies and charge-offs in underwritten portfolios.

Automation was another source of ROI, significantly reducing manual workloads (particularly in charge-offs), streamlining collaboration with third-party agencies, and improving post-charge-off collections efficiency.

St. Mary's continues its collaborative journey with AKUVO on post-go-live projects and third-party integrations. The ongoing partnership ensures adaptability to the evolving landscape of collections and financial services.

This commitment to collaboration positions St. Mary's at the forefront of industry advancements, ready to embrace future challenges with a robust and innovative collections management system.

St. Mary’s opted for the managed experience package which provides additional support and guidance from AKUVO post-go-live.

Creighton highlighted the significance stating, "Having a managed experience is extremely advantageous for someone like me. It's invaluable to have AKUVO's experts assisting me with any post go-live items, particularly with configuration changes."

This underlines the importance of ongoing support and collaborative efforts, ensuring St. Mary's Bank continues to leverage AKUVO’s capabilities effectively.

St. Mary's Bank's transformative journey with AKUVO underscores the profound impact of a well-implemented collections management system.

The benefits of AKUVO’s collections platform has made ripples across the entire organization as St. Mary’s encounters reliable achievements, reduced delinquency and charge-off, and staff satisfaction.

The credit union is poised for continued success in collections and financial services, with a dedicated partner committed to ongoing support, innovation, and the optimization of their collections strategy.