Today we are excited to welcome David Sargent as Director of Sales. Sargent, who brings more than 30 years of experience in the ARM industry as an entrepreneur and sales executive, will expand and strengthen our U.S. client relationships.
"David is well-known for helping to transform the debt collection industry from a paper-based, dialer-focused sector into a more digitized industry,” said Nir Laznik, Co-Founder and CEO at Sedric AI. “His sense for innovation and extensive business experience will bring additional expertise to help our clients boost collections while minimizing risks and navigating the current economic and regulatory climate. David is deeply familiar with the ARM ecosystem and we are thrilled to welcome him to our team."
“I’m excited to join Nir and the Sedric AI team on their mission to bring advanced AI technology to the ARM industry,” said Sargent. “Throughout my career, I’ve seen the transformative impact technology can have for debt collection firms. Sedric AI’s platform can help alleviate a number of challenges that the industry is currently facing at the compliance, operational, and human resource levels. The insights it provides helps compliance and operations teams work better together, creating the first love story, so to say, between these two functions that are usually at odds.”
Prior to Sedric AI, Sargent served as the National Account Director at LiveVox. Before that, he either co-founded, or led several successful ARM tech ventures, ranging from contact center solutions to a cloud-based collection software company that was acquired by Fiserv.
This appointment is another important milestone in the company’s U.S. expansion where AI-based RegTech solutions are in growing demand due to tightening consumer protection regulations. Over the past 12 months, Sedric AI has onboarded numerous high-profile financial services companies across lending and collection, trading, and foreign exchange. The company has built out its platform to help collectors and creditors optimize their entire compliance and operations cycle, from real-time agent assistance and AI summarization to automated QA, and personalized coaching. Sedric AI has also added new documentation capabilities to alleviate the ever-growing reporting and auditing burden. Collectors using the application have seen significant improvements in their business, including a 30% increase in outcomes and a 40% decrease in compliance violations.
“Training and monitoring of consumer-facing employees will be critical to ensure that an organization is compliant. Technology will support and help the credit and collections industry meet demanding obligations with ease and efficiency, in order to produce the outcomes a regulator wants to see.”
Consumer Financial Services Regulatory & Compliance Group
“Our challenge going forward is to position our industry and our companies as desirable places to work. We must implement diversity, equity and inclusion in our workplaces, and get the word out that we have changed. Ask your newest employees for feedback—what would make our workplace desirable for their friends and acquaintances? In this post-pandemic world, getting people to crawl out of their comfortable cocoons may be difficult, but it can be done!”
“In the last few years, the buzz of the call centers faded away. Now that many people still have the opportunity to continue to work from home, performance directors need to pivot their focus. We need to ensure that the training is effective in this new environment. The move is from hours in a classroom setting to immediate, personalized micro-learning units that enforce the corrective behaviors.”
“The digital collections movement continues to be in full steam and we are excited to see all of the new technologies that are coming into the ARM industry to help drive enhanced collection performance in a compliant manner. We anticipate additional M&A consolidation globally in the ARM industry, as more digital ARM companies look to accelerate market entry and obtain blue-chip clients and deploy digital-first solutions.”
“Digitization will be critically accelerated in 2023. Recovery organizations may be required to furnish consumers’ account data through consumer-selected platforms that will likely be different from organizations’ traditional payment portals. Organizations should start preparing their technology and operations for that contingency now to harness the trend to their benefit.”
“Data is the new oil, and extracting data from all sources, especially voice, will be a must-have in 2023. We are in the age of machine learning, and ML runs on data. Getting ALL the data and getting it into one place for the ML to do what it can are the key differences between organizations that will make it and those that don't.”
“In 2023, collectors and creditors will be required to work closer together. Reg F oversight requirements have created a new reality of shared compliance responsibility. Servicers and creditors can better collaborate by using new data-driven compliance platforms that provide all parties with critical insights and generate the transparency and trust needed to succeed in a tightening regulatory climate.”
As Gen Z enters the workforce, you’ll have up to four generations in your agency. Everyone learns differently. Young people learn from TikTok videos, and there is a professional term for this: micro-learning. Such short videos are especially efficient when sent out close to the time when the violation occurred.
Barron & Newburger
The most efficient training systems I’ve seen are those which build surgical, data-driven compliance content and provide agents the exact training they need when they most need it. This approach avoids wasting time and money on training which does not address the need. Continuous, role-based training programs that focus on the needs of each individual agent are some of the most efficient and effective I’ve seen.
Bedard Law Group
“Training is only going to be effective if it's done at or near the time the violation occurred. As agents handle hundreds of calls a week they will not have the capacity to remember particular moments of each consumer interaction. Therefore, effective monitoring will be critical to address the deficiency when it happens, in order to remediate quickly so that it does not become a systemic problem going forward.”
Consumer Financial Services Regulatory & Compliance Group