60 days to a streamlined collections process

by: Cyndy Stewart

The process for collecting past-due loan accounts is extremely challenging for many financial institutions. It can be tedious because most institutions use a manual rather than an automated process, leading to low productivity. However, transitioning your in-house collections to a seamless and efficient process is not as difficult as you may think.In fact, you could easily transform your collections operations in 60 days or less.

I bet you’re wondering, “How on Earth is that possible?” Keep reading to find out how!

Step 1: Audit Your Current Process

Get a “big-picture” understanding of how your collections agents are currently operating and how conducive the process is to success and productivity.

Conducting a thorough synopsis of your collections “state of the union” will help you to understand how things are being completed. From this audit, you’ll be able to find holes in the process and see exactly where things can be improved. It could be that manual processes are dragging you down, or it could be the level of talent you’ve hired isn’t the best fit for the work being done. Either way, you won’t know the root of the issue until you audit your current collections process.

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