Measuring collection department results challenging the status quo
WYOMING, MN (May 19, 2015) — Most companies apply performance measurements to evaluate their success at reaching targets, as well as their effectiveness in achieving key business objectives. Credit union collection departments also look at performance indicators to measure recoveries, delinquency levels, and the number of charge offs. CU Recovery, the leading collection resource for credit unions, observes that when collection departments concentrate on metrics and averages, overall performance can be diminished. The company agrees, that while performance indicators are important factors, it has nonetheless reverse engineered the traditional mindset in order to establish a focus on collection call quality as a key factor in improving process and impacting financial results.
When collection departments get locked into quantitative assessments, they may not be able to find the kind of insight needed to pin point areas that need improvement on an individual basis. A process focusing on different call types and their structures will better determine areas that need improvement, thereby adding to the enhanced results credit union managers are seeking.
Training time spent developing call quality and efficiency can not only achieve the goals of management, but it can consistently impact additional key performance indicators, such as:
- First call resolution
- Conversion rates
- Length of calls
- Quantity of calls
- Collector confidence
CU Recovery and The Loan Service Center collectors are solution providers with the credit union member philosophy as the basis of all interactions with the members. Collection training is available to credit unions, nationwide. There is no status quo with CU Recovery. As the needs of credit unions change, so do the services provided.
About CU Recovery & the Loan Service Center
Serving over 2500 credit union since 1990 CU Recovery, Inc. is a full service collection agency, working exclusively for credit unions, dedicated to maximizing recoveries on charged off loans. The Loan Service Center, Inc. provides staffing solutions for credit union collection departments to minimize losses on their delinquent active loan portfolio. The CU Recovery Collection Academy is held in October of each year and is a resource for continuing education to assure the success of Credit Union collection departments in meeting their member service and delinquency reduction goals. For more information: www.curecovery.com