How do you know if your organization's collections efforts are successful and how they compare to similar organizations? Like any functional area, it's important to measure your organization's collections success so you can evaluate your [...]
One of the biggest challenges collection operations face—whether an in-house or outsourced venture—is making contact with delinquent borrowers. The collections industry has always had to deal with and overcome negative stereotypes, but in [...]
Running an in-house collections operation can be taxing on an organization. However, with the burden of delinquencies, it’s an inevitable and necessary aspect of lending. Like we say around our office: if you’re [...]
As long as credit unions are in the lending business, they will inevitably be in the collections business. Whether auto loans, mortgage loans, personal loans, business loans, credit cards, or all of the above, there [...]
When we initially tell our Collateral Protection Insurance (CPI) clients that although an effective CPI program is a critical risk management tool, there are other options that can accomplish their goals without putting their borrowers [...]
Being an auto lender comes with several perks—you get to experience the joy of putting your valued members behind the wheel of a vehicle that they may need to get back and forth to [...]
Collections and lending go hand-in-hand. No matter how conservative a credit union’s lending standards may be, there will inevitably be some borrowers that slip into delinquency for various seen or unforeseen reasons. While consumer [...]
Ask any Trekkie fan if they are familiar with Mr. Spock, and you will most certainly hear a variety of answers. More than likely, they can quickly characterize his trademark look, rational approach, and recite [...]
It’s safe to say that the collections business has evolved. Not only the technology that lenders use to collect a debt and reach borrowers—i.e. the migration from land lines to cell phones—[...]
Are you a salesperson? Are you involved in sales? Oh, you're not? Well, I hate to break it to you, but we are all in sales. Nothing happens until something is sold. Let me repeat [...]
by: Matt Smith You probably already use surveys to track your financial institution's performance or to analyze your market, but are you really getting the most out of them? Today, most surveys are overlooked by [...]
When was the last time you heard about a credit union innovation on the national news? Now, when did you last hear about a technology company offering innovative financial services, through the same national media? [...]
by: Cyndy Stewart Financial institutions are not immune from having to invest in technology. At some point, in order to remain efficient and serve your customers, you will be forced to adapt to and implement [...]
It's no secret that auto loan competition is steep; we talk about this often because we realize how important auto lending is to so many of our clients. With the number of financial institutions, 'buy [...]
by: Mark Damon Most businesses, financial institutions included, are always looking for ways to save money on basic operational costs. The goal is to run a lean and mean operation, right? Efficiency is the name [...]
