Financial Asset Management Systems Selects Nexidia Interaction Analytics

Financial Asset Management Systems (FAMS) has selected Nexidia to improve risk management and ensure compliance with federal regulations, while also boosting service quality and collector performance.

With Nexidia Interaction Analytics, FAMS gains the ability to monitor and record 100 percent of collector-consumer interactions, an increasingly vital capability in an environment of tighter scrutiny under new Consumer Financial Protection Bureau (CFPB) regulations facing the accounts receivables management (ARM) industry.

Replacing traditional quality monitoring based on randomly selected calls, FAMS can now dramatically shrink enterprise risk with the ability to effectively and efficiently monitor 100 percent of calls for procedural compliance. Additional areas of analysis can be conducted to ensure that collectors are using the most effective methods for securing debt while still delivering the best possible customer service. Further, supervisors can now manage collector performance with targeted coaching based on best practices and direct audio feedback.

"We pride ourselves on our track record of compliance, and this investment in Nexidia further demonstrates our commitment to ensuring the highest levels of ethics, regulatory compliance, and service quality," said Jerry Hogan, president and CEO of FAMS, in a statement. "After a long competitive process we selected Nexidia Interaction Analytics because of its best-in-class accuracy as well as the confidence shown by other leading agencies in the ARM industry that have adopted the solution. These are critical factors, given the data-driven nature of the CFPB examination process that will focus primarily on communication with consumers as well as integrity and accuracy."

"As the debt collection industry braces for significant reform and heightened governmental scrutiny, more and more agencies are turning to Nexidia as the industry standard for ensuring the highest levels of compliance," said John Willcutts, Nexidia's president and CEO, in a statement. "With our patented phonetic search technology, these industry-leading companies gain a distinct advantage in terms of accuracy, speed, reliability, and operational flexibility to shrink enterprise risk from potential litigation and costly fines as well as boost profitability."

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