The financial services industry is continuously evolving, and it is essential to optimize collections strategies to maintain liquidity and minimize risk. One of the most critical choices for credit un...
Collections
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2 min read
We all have preferences, and it can be a challenge to accommodate them all for your members. While some may prefer to maintain a sense of comfort with the familiar traditional route, others may race to explore the benefits of new advancements.
Credit unions often encounter the task of finding a service approach that accommodates all. Developing or adopting the right product that considers all members while propelling the institution forward requires a comprehensive understanding. To ensure that every member’s needs are satisfied, it is important for credit unions to carefully consider every angle and develop a strategy accordingly.
Service That Never Goes Out of Style
It's often said that you can't go wrong with the classics. For some borrowers, the charm of traditional financial interactions is parallel to the familiarity of face-to-face transactions. The assurance of a real person guiding them through a transaction allows them to feel confident in their financial decisions and comforted to talk to a human they can relate to.
Much like the trust they have built with their local businesses, these borrowers prefer the tangible reassurance of shaking hands with a loan officer or discussing their financial needs across a desk. In an age dominated by digital transactions and automated services, they value the warmth of a conversation and the assurance of a familiar smile. To them, the traditional approach isn't just a matter of habit; it's a symbol of trust and reliability.
Trying Self-Service on For Size
In the realm of financial transactions, self-service channels have revolutionized the way individuals manage their money. Many credit unions try to uphold the standard of keeping transactions short and sweet to allow more members to be served because they know that fewer members want to take time out to come into the branch. Not having the convenience may cause members to procrastinate on their financial tasks, leading to missed payments and delinquencies.
With the rise of artificial intelligence (AI), members have increasingly relied on self-service systems. Given the fast-paced lifestyle many members lead, they appreciate having the ability to control their payments from anywhere. Automated business interactions offer numerous benefits to members, such as:
- More efficient and prompt service
- Quicker resolutions
- 24/7 support
- Faster responses
- Consistent service
Undoubtedly, members often find it beneficial to opt for simple and automated solutions for their transactions. This is particularly true when it gives them the freedom to manage financial payments without visiting a branch.
Service Tailored to Your Members
Tailoring your collections product to suit the needs of your members fosters trust and satisfaction. Continuing to evolve your personalized financial solutions empowers borrowers to navigate their financial journey with ease and assurance.
Identifying their unique needs is a meaningful way to better understand their financial circumstances and goals. It also allows your institution to create loyalty with your members because they know that you recognize their needs and are willing to work toward maximizing flexibility.
Preferred Collect™ is SWBC’s comprehensive managed service for outsourced collections. Whether automated, live agent, or blended, the integrated system with FICO’s omnichannel communication software allows for easy and convenient resolutions of past-due loan payments and the deployment of best-practice communication strategies.
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