Prosperity Bank expects the new technology to enhance borrower communication and work more efficiently. Credit: Panya_photo/Shutterstock.

Houston, Texas-based Prosperity Bank has selected Akuvo’s collections platform to optimise its collection efforts.

Using this platform, the bank aims to improve collection efficiencies as well as support asset protection and process streamlining efforts.

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Akuvo’s offerings include a virtual collector and a next-generation collections platform, designed to increase efficiency, lower staff costs, forecast delinquencies, and inform future credit decisions.

The company is engaged in providing cloud-native software solutions to help financial institutions manage their collections and portfolios.

Prosperity Bank senior vice-president and consumer collection manager Todd Young said: “The Akuvo Platform’s scalability ensures that as we grow, our loan collection operations can seamlessly adapt to increased volumes without sacrificing quality.

“This solution empowers our employees with tools to enhance borrower communication and work more efficiently. We are excited to see the long-term impact this will have on our collections process.”

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Akuvo chief revenue officer Steve Castagna said: “We are excited to partner with Prosperity Bank, a growth-focused institution that shares our commitment to innovation and customer service.

“As the financial industry continues to face rising delinquencies, we are eager to help Prosperity Bank efficiently scale and adapt.”  

Prosperity Bank, managing $40bn in total assets, operates 285 locations across Texas and Oklahoma.

In 2024, Prosperity Bancshares, the parent company of Prosperity Bank, acquired Lone Star State Bancshares, the parent company of Lone Star State Bank of West Texas.

Prosperity Bancshares is engaged in providing services including personal banking, investments, digital banking solutions, credit and debit cards, mortgage services, treasury management, and wealth management services, such as trust and retail brokerage, across its 285 full-service banking locations.