Empowering Modern Debt Recovery with Data Solutions: A Case Study
Client Profile: Bounce AI
Industry: Account Receivable Management
Bounce AI is at the forefront of transforming the account receivable industry by harnessing artificial intelligence to modernize consumer debt collection. With a keen focus on enhancing creditor control and flexibility, Bounce provides consumers with a personalized and efficient repayment experience, ultimately improving customer satisfaction and recovery rates.
Challenges and Objectives
Prior Situation: Bounce AI faced the challenge of navigating the complex terrain of debt collection without the tools to report consumer interactions to credit bureaus, hindering their collection leverage.
Objective: To implement a seamless, compliant data processing solution capable of integrating an automated credit reporting solution into their existing infrastructure, thereby enhancing negotiation leverage through increased visibility.
Solution by Bloom Credit
Service Adopted: API Integration for near real time data furnishing to credit bureaus.
Bloom Credit delivered a cutting-edge API solution built using microservices running in AWS, that allowed Bounce AI to move away from outdated data furnishing methods. This integration wasn’t merely technical; it ensured compliance with industry regulations without compromising service delivery or operational scalability.
Built for Scale: Furnishing credit data is an inherently bursty business process. Although data can be furnished more frequently, most lenders report on a monthly basis in order to align with statement periods. Bloom relies on AWS technologies to help with the scaling. Services are deployed on EKS, and scaled automatically through Karpenter and Cluster Autoscaler. Similarly, Bloom leverages Aurora Serverless Postgresql in combination with Elasticache for Redis in order to ensure that database transactions do not become a bottleneck in the monthly processing process.
Integration Process and Impact
The integration of Bloom Credit’s API into Bounce AI’s systems marked a transformative shift from manual processes to a sophisticated, automated environment. This upgrade streamlined operations, empowering Bounce to focus on strategic initiatives rather than operational complexities.
Performance Metrics
Key Performance Indicator: Commitment rates.
Through meticulous A/B testing, Bounce AI observed a remarkable 30% increase in commitment rates, underscoring the effectiveness of visible credit reporting. This metric not only boosted operational performance but also enhanced customer engagement, as debtors were more inclined to initiate contact and settle their debts.
User Experience and Compliance
The integration significantly reduced operational friction, enhancing the user experience for Bounce AI’s team. Bloom’s validation process ensured formatting accuracy and reviewed historical payment data for logical and compliant reporting, maintaining strict regulatory standards.
Scalability and Flexibility
Bloom Credit’s platform demonstrated excellent adaptability to Bounce AI’s growth needs, offering scalable solutions that evolve with their business expansion.
Competitive Advantage and Future Outlook
This partnership positioned Bounce AI as a leader in innovative debt recovery solutions, enhancing their market reputation. The integration with Bloom Credit has become a cornerstone of their competitive strategy, ensuring they stay ahead in a rapidly evolving industry.
Bloom Credit remains a key partner for Bounce AI as they explore new horizons in debt management, ensuring their infrastructure is robust and adaptable to future challenges and opportunities.
Client Testimonial
“We’ve been thoroughly impressed with the Bloom Credit platform. The API integration was a game-changer for us, streamlining our operations and significantly enhancing our collection capabilities. The real-time reporting feature not only improved our leverage during negotiations but also brought a new level of transparency and trust to our dealings with clients. Working with Bloom, we’ve not only seen a tangible improvement in our performance metrics but have also built a partnership that we trust will continue to grow and evolve. Their team’s responsiveness and dedication to our needs have made a significant difference in how we operate and succeed.”
—Guy Ling, Chief Technology Officer, Bounce AI