Discover a unique perspective in our interview with Brad Tompkins, CIO of Vergent LMS, as he discusses the fusion of accounting expertise and technology limitations within the realm of financial institutions.
Brad, please introduce yourself to our audience and give us a brief overview of your professional journey so far.
My name is Bradley Tompkins, I am the Chief Information Officer at Vergent LMS, Inc. I began my career in public accounting where I focused on audits of privately held companies and financial institutions for 8 years. That experience provided me with a great understanding of how companies work, are organized, and are most efficient. It also gave me a solid foundation in understanding information security and the controls involved in building high-performing, security-focused teams. Through a series of events, I was connected with the founders of Vergent and was brought on to focus on resource growth and maturing our operational processes.
What inspired you to work in the financial technology industry, particularly in a position that focuses on borrowers’ financial well-being?
My accounting experience, specifically auditing financial institutions, developed an appreciation for the services that financial institutions provide, as well as a deep understanding of the limitations of the technology they leverage. I was privileged to see and gain an understanding of the operational processes of multiple institutions, see what made them run, and capture the pain points and what worked in a way outsiders typically didn’t have access to. I have frequently pulled from my experience when helping a current client solve a business issue.
Can you provide an overview of Vergent LMS as a company? What sets it apart from other organizations in the loan management space?
Vergent LMS focuses on providing a comprehensive loan management solution that brings to bear technology at all points in the loan lifecycle. Many of our competitors focus too narrowly on one area or one market. We focus on providing technology to support any loan, anytime, anywhere. Another difference is the experience of our founders and staff, many of whom served long tenures in the lending industry before joining Vergent. This has allowed us to offer a truly unparalleled experience for our customers as we not only understand their industry, many of us have lived it.
As the Chief Information Officer of Vergent LMS, how do you ensure that your technology platforms effectively support borrowers in managing their loans and building a strong financial future?
We strive to be borrower-focused on behalf of our clients. The technology should be driven by the end-user’s behavior, not the other way around. We look at solutioning from the perspective of the end-user and design up to the technology. If your customers are happy, you will be happy with the software. That is why, as previously stated, we focus on providing the entire solution to our customers. The more vendors and solutions you have, the more opportunity there is to present a disjoined solution to your customers. Using Vergent provides a seamless user experience to ensure your customers are successful in achieving their goals for your relationship.
What specific technological solutions does Vergent LMS offer to assist borrowers in staying on top of their loans and making timely payments?
On the servicing side, Vergent offers a white-label customer self-service portal that allows them to make, schedule, and configure automatic payments via ACH, RCC, or debit. We also offer a full suite of communication features to ensure continuity in messaging between text, email, and snail mail delivery. Our servicing platform ensures that both retail and/or call-center agents are contacting customers consistently, but also compliantly.
How does Vergent LMS address the issue of financial literacy among borrowers? What tools or resources are provided to help borrowers improve their financial literacy?
All of our technology focuses on transparent communication with borrowers to ensure that they understand and have access to all of the data related to their loans. The white-label portal is also configurable to provide opportunities for custom messaging throughout the application and account management process that frequently are leveraged for financial literacy messaging.
In your opinion, what are the key challenges borrowers face in managing their loans effectively, and how does Vergent LMS’s technology address those challenges?
The biggest challenge for borrowers is access. Vergent’s technology addresses access at all steps in the loan life cycle. Firstly, access to credit via advanced underwriting that leverages alternative credit data to ensure access to loans to underserved borrowers, access to their loan data via the mobile portal to keep up with the status of their loans, access to tools such as automated payments and communication tools to help stay on track, and access to technology and functionality to help in the instance the borrower experiences issues repaying their obligations.
Are there any specific features or functionalities within Vergent LMS’s technology platforms that help borrowers proactively plan for their financial future? If so, could you provide some examples?
The Vergent platform provides options for the customer to match their due dates with the payment dates of their loan from a contractual perspective where available, or through alternative payment schedules that allow customers to manage their personal cash flow over time.
Can you discuss any partnerships or collaborations that Vergent LMS has established with other organizations or institutions to enhance borrowers’ financial literacy and support their long-term financial well-being?
Nothing specific here; however, we are working on a relationship with a community bank with a focus specifically on financial inclusion and financial literacy. Stay tuned!
In your experience, what role does technology play in empowering borrowers to take control of their finances and make informed financial decisions?
Data Technology provides access to data both on the borrower’s side, and the lender’s side to ensure the borrower has all of the tools at their fingertips to control their finances and make informed decisions.
Are there any specific educational initiatives or programs that Vergent LMS offers to help borrowers improve their financial literacy and develop better money management skills?
Nothing specific here; however, we are working on a relationship with a community bank with a focus specifically on financial inclusion and financial literacy. Stay tuned!
Looking ahead, what innovations or advancements in technology do you foresee having the greatest impact on the borrower’s financial future, and how is Vergent LMS preparing to embrace those changes?
Innovations in AI and the availability of alternative data have the greatest opportunity to affect the financial future of specifically underserved communities. The ability to bring financial tools to those communities can be the difference between the status quo and building generational wealth and financial stability into the future.
