The Digital DRA provides a digital platform for debt resolution, connecting creditors and debtors to facilitate smoother interactions and more efficient debt collection. The company focuses on a compassionate approach, helping customers resolve financial obligations through a supportive process.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional debt collection methods can be perceived as stigmatizing and intrusive, often leading to customer disengagement and hindering effective debt resolution. A one-size-fits-all approach fails to address individual customer circumstances, resulting in poorer outcomes for both debtors and creditors.
Solution
The Digital DRA provides a digital-first debt resolution platform designed to help customers resolve overdue accounts with dignity and transparency. By replacing traditional phone calls and letters with digital chat tools and a 24/7 customer portal, the platform empowers customers to manage their accounts at their convenience. The Digital DRA leverages technology and data analytics to personalize engagement strategies, encouraging proactive resolution and fostering better communication between customers and creditors. The platform also integrates with Open Banking to facilitate secure payments and affordable payment plan calculations based on a customer's income and expenditure.
Target Audience
The primary customers are creditors and financial institutions seeking a more effective and customer-centric approach to debt resolution, as well as customers with overdue accounts who prefer digital self-service options and transparent communication.
Features
- 24/7 Customer Portal: Enables customers to manage their accounts, make payments, and raise queries at their convenience.
- Digital-Only Contact: Utilizes webchat, WhatsApp, conversational SMS, and email for less intrusive and more approachable communication.
- Open Banking Integration: Allows secure access to banking data for payment processing and affordability assessments with customer authorization.
- Client Portal: Provides clients with real-time activity management, detailed performance analytics, and query management capabilities.
- API Integration: Enables clients to pull data relating to payments, closures, queries, and contact attempts into their CRM systems.
- White-Label Service: Offers a bespoke, white-labeled service that integrates seamlessly with the client's branding and systems.
- Vulnerability Scanning: Automatically scans insolvency registers and vulnerability registration services to identify and support vulnerable customers.
- Multiple Payment Options: Supports a range of payment methods, including Open Banking Faster Payment service, Apple Pay, Google Pay, PayPal, card payments, and bank transfers.