Three collections insights gained during the COVID-19 pandemic
Communicate with empathy; prioritize the member experience; and increase your digital accessibility.
It’s been a little over a year since the COVID-19 pandemic disrupted our lives on a scale that most of us had never experienced before. The events of 2020 prompted credit unions to make nimble adjustments to accommodate stay-at-home orders, with most having to close branches and limit in-person interactions. A slowing economy and high unemployment have caused many families to struggle financially, and credit unions have had to adapt accordingly. Adoption of digital technology—already on the rise—soared last year, which left some credit unions scrambling to keep pace.
Today, many credit unions are reevaluating how they conduct daily operations. They’re also reconsidering collections strategies that may have been successful in a pre-pandemic environment but are no longer optimal for the modern digital landscape.
In this article, we’ll discuss the lessons the collections industry has learned from the COVID-19 pandemic and give you tips for developing collections strategies to prepare for a potential rise in delinquencies in 2021.
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