Debt-collection service provider Akuvo is seeing rising demand for its services amid a tumultuous macroeconomic environment. 

The Malvern, Pa.-based company provides its financial institution clients with an end-to-end platform to streamline collections, allowing them to dedicate more time to their core operations, Steve Castagna, chief operating officer at Akuvo, told Bank Automation News.

“We have built a platform that can house your entire strategy, from zero days delinquency all the way through charge-off,” Castagna said.  

The rules and controls on the Akuvo platform can be custom built for individual FIs, he added, noting the technology can determine how to best communicate with each client. 

“The platform can tell the FI that a certain customer is more likely to respond via text compared to another customer who is more likely to respond to a phone call,” Castagna said.  

In Q1, Akuvo onboarded: 

• $2 billion Clearview Federal Credit Union; 

• $226 million Lewis and Clark Credit Union; 

• $4.5 billion Municipal Credit Union; 

• $611 million PremierOne Credit Union; 

• $605 million RadiFi Credit Union; 

• $505 million TRAX Federal Credit Union; and 

• $500 million Valley Credit Union. 

Akuvo tools 

Akuvo works with tech provider VO Apps to send silent voice drops to customers behind a payment, meaning a voice mail is dropped in a customer’s phone without them receiving a call, Castagna said. 

The company is also working on a tool to tap customers in “pre-delinquency” stage to help them better manage their finances, Castagna said. 

“We’re developing models that look at a customer’s declining balance or history and credit score migration, which gives us a sense that they are going to have some struggles,” Castagna said, adding that Akuvo is building an in-house machine learning model for the same purpose. 

Akuvo plans  to launch its AI-driven conversational chatbot this year to aid FIs and their customers interact with each other via texts and through the FIs’ mobile apps, Castagna said. 

“Our entire platform is built on Microsoft Azure,” Castagna said, adding that the fintech works closely with Microsoft to use their added tools and incorporate them into their offerings. 

Castagna did not disclose whether Akuvo will be using OpenAI for its chatbot offerings. 

Macroeconomics 

Akuvo serves FIs ranging from $100 million in assets to more than $100 billion, and in 2024 it onboarded over 50 FIs on its platform, Castagna said, adding that the company has more than 140 clients. 

The fintech functions on a variety of digital infrastructure platforms and is connected to an FI’s core systems via APIs. Being cloud native gives the platform flexibility to serve clients in differing stages of their digital journey. 

As student debt payments resume, Akuvo expects many FIs to use its platform to collect delinquent payments.