Financial Asset Management Systems (FAMS) Selects Nexidia to Ensure Compliance and Boost Collections Productivity

Nexidia, the leading provider of customer interaction analytics solutions for business transformation, today announced that Financial Asset Management Systems, Inc. (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% 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 is able to dramatically shrink enterprise risk with the ability to effectively and efficiently monitor 100% 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 now have the ability to more effectively 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,” explained Jerry Hogan, President & CEO of FAMS. “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.”

Empowering leading debt collection providers with the critical insight required to improve regulatory compliance, increase recovery rates, and monitor collector performance, Nexidia works with a growing number of 1st and 3rd party agencies focusing on debt ranging from student loan to healthcare to retail. In addition to post-call analytics, Nexidia offers a real-time monitoring and alerting solution designed specifically for the needs of the ARM industry.

“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 chief executive officer. “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.”

Committed to Gold Standard Performance, Financial Asset Management Systems, Inc. (FAMS) is a private equity-backed company founded in 1993. Headquartered in Atlanta with geographically diverse call centers in Georgia and Missouri, FAMS has a long track record of excellence for clients in the Education, Financial Services, Government, Healthcare, and Telecommunications / Media markets. FAMS has been a GSA Approved Debt Collection Services contract holder since 2000 and a Department of Education contract holder since 1997. For more info, visit: www.fams.net.

Nexidia provides customer interaction analytics solutions with patented technologies and breakthrough applications that enable companies to drive business transformation by capturing, making sense of, and using the full range of communications they have with customers. As the traditional voice of the customer expands from the contact center to include surveys, email, chats, and even social media sites, Nexidia provides software and service expertise to help companies synthesize this data into both a tactical tool for operational improvements and a catalyst for strategic business transformation. For more information, please visit http://www.nexidia.com.