Collections plays a critical role in your institution’s financial health. While delinquency rates can be cyclical, rising and falling as the economy shifts, for lenders, it’s critical to keep themselves in a position to be able to manage both increases and decreases in delinquency efficiently.
Limited resources, personnel, and time are common denominators for many collections departments. Do the following challenges seem all-to-familiar as your team works delinquent accounts?
- Lack of automation creates additional work for your collectors
- Collectors experience difficulty communicating through workflows
- Collectors using multiple programs to complete daily tasks
- Frustration with queuing capabilities
- Heavy dependency on IT department to execute pertinent changes within the collections application in a timely manner
If you can relate to any of these challenges (or others) know that there is hope! Embracing change through the deployment of technology and integrated solutions can help you overcome many of these challenges.
continue reading »