SpringCoin is now offering what the Silicon Valley startup calls the first automated debt relief coach with human expertise.
For banks and credit unions, the new learning-focused debt management service helps turn bad customers into good ones, reduces future defaults, improves collection rates and provides other monetization opportunities, the company said.
SpringCoin said the service delivers a transparent, a no fair share DMP replacement product, ensuring that consumers know exactly how much of their money is paid to creditors and the company at any given time.
Backed by investment fund Y Combinator, the new service combines advanced software analytics with real human expertise to deliver more successful and personalized debt relief plans by analyzing more than 1,000 consumer debt cases, and negotiate lower repayment terms, manage budgets and debt payments, and track progress in real time.
The new online service also focuses on financial literacy with rewards for achieving weekly goals and answering quiz questions while providing tips to better manage spending, SpringCoin said.
