Eltropy Adds ‘People First’ Collections With Lexop Acquisition

Eltropy Obtained LexopStates the combination of the companies’ technologies help community financial institutions (CFIs) reduce and prevent delinquencies, collect faster and improve borrower experiences.

the Claims add Lexop collections technology to Eltropy’s artificial intelligence-powered conversation platformTHE the companies said on Monday (Jan. 6) press release.

The combination of these tools will offer community financial institutions a better way to manage debt payments and collections, according to the release.

“Today’s phone call-driven experiences are extremely inconvenient for the borrower, making it difficult for CFIs to collect loan payments on time,” Eltropy CEO and co-founder Ashish Garg the release said. “By combining Lexop’s pioneering crowdsourcing technology with our AI-powered communications platform, we deliver an offering that increases empathy effectiveness.”

With the addition of Lexop, Eltropy now has a self-service solution that enables borrowers to pay with two clicks on their phone, according to the release.

This capability joins Eltropy’s member service platform enabling automated AI-driven intelligent payment reminders before and after due dates; engagement via text, email and voice; 24/7 self-service payments through digital wallets and custom-branded payment portals; real-time settlement and reporting; and detailed dashboards that provide actionable insights into lending, collections and finance groups, every release.

“By joining Eltropy, we are revolutionizing debt payments and collections, helping credit unions and community banks improve recovery rates while preserving relationships with their members,” Lexop CEO and co-founder Amir Tajkarimi the release said.

In the first acquisition, Eltropy bought video banking relationship initiation POPi/o in June 2022, says the move will support Eltropy’s digital communications platform and help its clients meet the needs of their members online and in person at a branch.

Also acquired by the company conversational intelligence AI platform Marsview in August 2022, stating that the addition of this technology will offer community financial institutions a solution that facilitates the digital experience for their customers with the help of human and virtual agents.

In its press release on Monday, Eltropy said: “Together, these acquisitions allow Eltropy to build a powerful, all-in-one unified platform that serves the needs of institutions in community finance.”