Listen to this articleNew Canadian FinTech company, Symend Inc., is creating a better debt recovery solution. The company is committed to improving debt delinquency and debt collection making it less antagonistic and costly for both sides. Their software platform will improve the productivity and effectiveness of the collection process making it fair and transparent. Tools include automation of collection information, customer outreach, and flexible payment options. Targeted at utility providers, telecoms groups, and credit card companies, the platform will launch in 2017. Below is our recent interview with Hanif Joshaghani and Tiffany Kaminsky from Symend:
Q: How would you describe Symend in your own words?
A: We provide vendors with the tools for effective debt recovery, and in turn help overwhelmed consumers manage their outstanding debt.
Our mission is to reduce the incidence of debt delinquency while creating a positive experience for everyone involved in the collections process.
Symend combines automation, predictive analytics, and expanded treatments to reduce collections costs, increase team productivity, increase collection rates, and help our clients retain customers.
We believe we can make a profound positive impact on the delinquent debt industry by changing the tools, technology, and tactics used to promote and incentivize debtors to repay outstanding debts.
Recommended: Q: What’s Symend’s story? How did Symend start?
A: We have both been overwhelmed by overdue debts in the past. Knowing first-hand the feeling of helplessness with added stress from collector’s harassment during these difficult times is a burden we do not want others to face. We want to reduce the burden by making it easy for consumers to not only get caught up during these stressful times, but also provide the education and tools to stay out of delinquency.
The current method for collecting on delinquent debt is ineffective, predatory, and costly to vendors, debtors and society at large.
We believe we can make a profound positive impact on the delinquent debt industry by changing the tools, technology, and tactics used to promote and incentivize debtors to pay delinquent debt.
We believe we can not only create a better outcome for all participates in the initial collections interaction but create better consumers and reduce the incidence of delinquency long-term.
Q: Can you give us more insights into your new software platform?
A: Symend is building a Software as a Service (SaaS) platform aimed at creating a more efficient process for effectively collecting delinquent debt. The platform will use a combination of automation, predictive analytics, and better positive collection tactics to tackle debt collection, helping achieve higher recovery rates, increase AR team productivity, and uphold brand loyalty.
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Q: What makes Symend a good choice?
A: Symend offers a fresh approach for traditional organizations that don’t want to fall behind the tech curve. We will reduce the cost associated with collections by providing a better way to engage consumers. For the organizations that partner with us, we will help them build stronger relationships with their customers while increasing delinquent debt recovery rates.
Q: You’ve recently announced $1 million seed round; what are your plans?
A: We are very thankful for our Angel Investors that have made Symend a reality. We plan to have our Prototype complete by spring and be fully launched with our pilot customers by this summer.
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