A new collections technology company has launched offering fintech solutions designed specifically for operational and frontline staff.
Hito launched officially last week (October 20) and aims to supply task management, revenue recovery technology and compliance management solutions to financial services firms.
The company has been running since April this year but its chief executive, Jamie Waller, said it had been focusing on building partnerships and raising finance in the run up to its official launch.
Waller said he hopes Hito’s solutions will produce a touch point that makes a user’s job easier.
Hito provides a single case management system to manage all stages of collection activity.
It integrates compliance and audit systems and provides online platforms and audio recording for customers, support agencies and clients.
He said: “Hito will never deliver a solution without some, or probably lots of dialogue, with the people that are going to use the technology - not the operations director.
“The dialogue has to happen with the people that go to work in the call centre for 10-12 hours every day, because that’s who will be using it.”
The technology behind Hito was developed in 2012 by Waller at a debt recovery firm he previously owned called JBW Group.
On his decision to sell JBW, which happened earlier this year, Waller moved the technology into a holding company called Case Dynamics which then became Hito.
When talking about the competitive fintech market and how hard it will be for Hito to make a profit, Waller said it would be “tough” but the company already has a couple of customers.
Waller added: “We are now ready to start selling, but this isn’t easy we’ve had to raise enough money (£42m) to make sure we don’t run out of cash.”
He said he would like to work with the “very large” debt recovery organisations and the people who are lending, or managing, billing and collections.
He also described Hito’s competition as “tired and lazy”.
Waller said an example of a solution Hito might develop in future could be as simple as having employees work from home, no matter what time of the day or where they were.
He said such a solution would allow an employee to log on from home, connect a phone into their computer and continue working as if they were in a call centre.
Hito is a subsidiary of the publicly listed Outsourcing Inc.