FinanceOps

Last month, we launched Genesis One—Our Autonomous Financial Operations platform. Since then, we have made numerous improvements to the platform and achieved excellent client results. Our clients can now view aging summary, collection performance, data on ongoing disputes, customer statuses, upcoming payment commitments, and many other critical information on the dashboard. They also get a chat summary for previous chats to fast-track client conversations. We have also added negotiation abilities with delinquent accounts, day and bucket level payment forecasting, and customer behaviour tracking for optimizing communication time, strategy, and touch points, thereby increasing the collection rate. These continuous enhancements have helped us: -> Reduce the operational costs of finance operations by 80% -> Increase actionable conversations by 45% -> Boost collector productivity by 10x. We are looking forward to making more such upgrades and helping our clients manage their back office finance operations efficiently. Learn more! https://financeops.co/ #FinanceOps #GenesisOne #Features #Updates  

Subpar collections are a major problem for small and medium businesses, and it's often a result of ignorance of small bills and careless collection follow-ups. Businesses fail to understand how these small written-off costs add up to affect a company’s overall financial health and cause cash flow problems. So, in this blog, we have covered how these written-off bills can impact your company in multiple ways and can become a reason for its downfall. https://lnkd.in/g8W3VHDN #Collections #Finance #SMBs #FinanceOPs

A consistent cash flow acts as the lifeblood of any organization, fueling daily operations, enabling timely payroll, and supporting strategic initiatives. Yet, the journey to achieving seamless collections is fraught with obstacles. Data shows that 82% of SMEs fail in the US due to cash flow problems. This is a result of poor cash management practices, a lack of proactive collections, inadequate credit checks, and much more. However, these are not problems that can't be solved. So, let’s take a look at 5 strategies that you can implement to improve your collection processes and boost your cash flow. #collections #cashflow #SMEs #Strategies #FinanceOps

According to recent studies, the global debt collection market is expected to reach $29.18 billion by 2031, growing at a compound annual growth rate (CAGR) of 9.66% from 2024 to 2031. This growth highlights the increasing importance of effective debt recovery strategies. It is no longer just about reclaiming lost funds and involves maintaining a delicate balance between compliance with stringent regulations, leveraging technological advancements, and fostering positive relationships with debtors. By adopting a holistic approach, organizations can not only enhance their recovery rates but also build trust and maintain long-term relationships with their clients. #DebtRecovery #DebtCollection #BestPractices #FinanceOps

Happy Independence Day from the FinanceOps team! Today, let's honour the freedom, unity, and spirit of innovation that make the USA great. Wishing you and your loved ones a joyful, safe, and memorable 4th of July filled with pride and celebration. #Independenceday #4thJuly #US

The FDCPA, enacted in 1977, outlines specific practices that debt collectors must follow and prohibits certain behaviours deemed abusive, unfair, or deceptive. Despite its long-standing presence, violations of the FDCPA remain prevalent, often leading to significant legal repercussions for collection agencies and undue stress for consumers. In fact, in 2021 itself, the Federal Trade Commission (FTC) refunded $4.86 million to victims of abusive debt collectors. They also amended complaints in two enforcement actions alleging unlawful debt collection practices against small businesses. Therefore, it is critical to avoid these common violations for any collection agency aiming to operate within the boundaries of the law and uphold its reputation. #FDCPA #Collections #Violations #FTC

Starting off July with a blast 🚀 ...

The future of finance is here, and the FOMO is real – don’t miss out! 🚀 🚀 #FinanceOps #GenesisOne #ArrayVentures #TeamExpansion #Innovation #Fintech

Data from the Consumer Credit Panel shows that, in the United States, the total consumer debt has risen from $13.86 trillion in 2019 to $17.69 trillion in 2024. It shows that the pandemic has affected the US economy drastically, making it even more difficult to recover consumer debts. However, it is not an entirely grim scenario for collection agents. With the power of personalization and automation, businesses can significantly enhance debt collection by streamlining various processes. Automation also facilitates the creation of self-service payment portals, providing debtors with convenient and flexible options to settle their dues. And when combined with advanced analytics and reporting tools, it can enable collection agencies to monitor performance, identify trends, and make data-driven decisions for continuous improvement. Get in touch with us today to unlock your business' debt collection potential! https://lnkd.in/e6BHKj6y #DebtCollection #Automation #FinTech #AI #DigitalTransformation #BusinessGrowth #Efficiency #CustomerExperience

In an era where customer experience drives business success, the debt collection industry faces a unique challenge. PwC reports that 73% of customers consider customer experience as the number one priority when deciding to purchase from a company. So, it has become extremely crucial for companies to balance effective debt recovery with maintaining positive customer relationships. The traditional, one-size-fits-all approach to debt collection communication is no longer a viable option. Businesses need to leverage customer data, conduct sentiment and intent analysis to formulate a personalized strategy that resonates with them on a personal level. It not only benefits businesses through improved recovery rates but also enhances the debtor's experience, reducing stress and confusion. #DebtCollection #Personalization #CustomerExperience #FinanceOps #GenesisOne #Communication #Strategy