Convoke Pulse Launches with Successful Adoption by SoFi
The online bank elevates financial management of recovery operations with Convoke’s new solution
ARLINGTON, VA. (October 21, 2024) – Convoke today announced the public launch of a new product, Convoke Pulse, that joins the lineup of the company’s already impressive suite of modern recovery management solutions. Pulse provides a System of Record created to help Convoke’s customers handle complex financial data across multiple collection channels and asset classes. SoFi is the first credit issuer to implement Convoke Pulse.
Dave Pauken, CEO of Convoke, said “Convoke’s partnership with SoFi underscores our mission to revolutionize recovery management through advanced technology. The successful integration of Convoke Pulse at SoFi showcases the scalability and effectiveness of our solutions in enhancing recovery operations, improving financial performance, and ensuring transparency and compliance.”
The need to efficiently oversee vendor relationships and asset classes prompted SoFi to seek solutions to enhance its recovery operations, particularly in account-level balance tracking, cost accounting, and vendor performance management. Recognizing the necessity for a robust solution, SoFi turned to Convoke Pulse.
Convoke Pulse centralized the management of financial information for SoFi, simplifying internal processes and providing detailed oversight of recovery operations. The platform’s modern, intuitive interface provides comprehensive insights across different channels and asset classes, empowering strategic decision-making.
Convoke Pulse’s ability to provide a complete view of collection costs supports SoFi in budgeting and financial planning. Commission calculations, vital for maintaining financial accuracy and fairness, are handled with precision, safeguarding against discrepancies. Convoke Pulse monitors and evaluates vendor performance to maximize operational efficiencies and improve performance.
Tong Han, VP of Collections Center of Excellence at SoFi, said “Convoke Pulse offers a robust, intuitive solution that streamlines our recovery operations while significantly enhancing cost management and balance tracking processes.” Femi Owodunni, Senior Director, Risk Management added, “This capability aligns with our commitment to providing transparent and efficient financial services to our customers.”
Convoke is pleased with the success of Convoke Pulse’s implementation at SoFi and the launch of Convoke’s platform as a System of Record. Future plans for additional expansion of the product suite are in development.
About Convoke
Convoke provides modern recovery solutions for credit issuers to support the debt collection process. The Convoke team provides industry-leading SaaS support to customers, leveraging over 14 years of industry experience. With its innovative and versatile products, Convoke enables creditors to increase recovery rates, reduce the burden of third-party oversight, and ensure regulatory compliance. Convoke is headquartered in Arlington, VA. For more information on Convoke, please visit www.convokesystems.com.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its more than 8.1 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
Contact:
Hilary Sutton
Convoke, Inc.
615-513-9060
[email protected]
