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LenderHub

SWBC's LenderHub blog is a one-stop resource for lenders.

 

Recent Posts

Kick Your Outsourced Collections Machine Into Overdrive

If your financial institution works with a third-party vendor for your collections efforts, you know how important it is to ensure your partners perform at an optimal level. The vetting and on-boarding process alone can take months, so the "set it and forget it" mentality could be detrimental to the overall performance of your collections operation. To ensure your outsourced partner performs at a high level, it’s wise to understand their company procedures and establish agreed upon benchmarks to measure their performance.

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Artificial Intelligence (AI) vs Humans for Customer Service

Making a customer service call to resolve an issue can be a real drag. You know the drill: you wait for umpteen minutes for the next available representative as precious moments of your life tick away. When someone finally gets on the line, you may get the run-around, a rep with an attitude, or a transfer to customer oblivion. Who has time for that? Maybe that’s why artificial intelligence, also referred to as AI, has worked so well for situations like this.

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How One Financial Institution Increased Their Payment Transactions By 43%

When a financial institution expands its products and services in one area, the residual effect in other parts of the institution likely requires a reaction. This was the case at USALLIANCE Financial. Their team saw rapid growth as a result of increased indirect lending efforts, which required the team to react to their members' needs. The need to support these new borrowers with an effective loan pay platform became a challenge for USALLIANCE.

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2017 Trends in FinTech

When it comes to any area of technology, one thing's for sure: it's ever changing and evolving. Financial technology, or fintech, is no exception. And while it can be tiring to keep up—let alone stay ahead—in the industry, we must do so, since falling behind quickly allows our competitors to gain ground. 

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Four Payment Processing Best Practices to Deploy with Your Employees

We all know that any process involving humans is subject to human mistakes. When your staff works with and processes credit and debit card payments, as many employees in financial institutions do, there's room for human error—in addition to intentional fraud—in the event that employees mishandle card data with no ill intent. However, these careless actions are data security violations, which can lead to fraud and improper charges to your customers' accounts.

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Detecting Suspicious Activity in Loan Payments

It's an unfortunate fact of life that as we proceed through our days and focus on our to-do list, we may get so engrossed in our work that we miss other items that need our attention. Also, unfortunately, in the financial institution world, missing the importance of a transaction or two can cost our businesses big money.

When it comes to finding ways to move money, opportunists are nothing if not inventive, continually devising new ways to infiltrate accounts and bring financial benefits to the perpetrators. As you update your practices and payment methods, individuals move just as quickly to adopt new ways to exploit those new opportunities. To stop these activities and retain the streams of money pilfered from our systems and account holders, we must be militant—not only when it comes to our own side of the loan and payment process—but watchful on our many partners' and vendors' sides as well.

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Introduction to the Payment Card Industry Data Security Standard (PCI DSS)

Many of the lenders we partner with often feel like there's a never-ending list of regulatory and compliance requirements to meet. However, if you're lending, you're most likely accepting borrower payments, and you need to be informed about the intricacies of PCI DSS, or the Payment Card Industry Data Security Standard.

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5 Delinquent Borrower Objections (and How to Overcome Them)

When it comes to paying bills, some people have a million excuses (both valid and invalid) for skirting their obligations. Unfortunately, lenders constantly deal with borrowers' excuses when it comes time to pay up. Here's some guidance for responding to common collections objections and recouping the money you're rightfully owed.

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Why it's Beneficial to Retain Customers with Overdrawn Accounts

Today’s uncertain economic conditions and the lasting effects of the credit crisis have left financial institution executives scrambling to develop and implement consumer retention strategies to drive revenue. Today’s tech-savvy consumers expect convenience, personalized service, competitive fees, and rewards. Their receptiveness to Fintech to perform services which were historically trusted only to the traditional financial institutions, is another challenge facing the financial services sector. However, institutions that add value to the lives of their consumers through savvy decision making and marketing, innovative product development, and success tracking are rewarded with loyalty.

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Internet Pin Debit: How It Can Protect Your Borrowers

Security breaches are a perpetual part of our technologically advanced society. The more convenient modern e-commerce becomes, the more susceptible businesses, financial institutions, and consumers are to fraud. As a lender, you are tasked with meeting your borrowers’ needs for convenient online payment processing technology, while still ensuring the platform is secure.

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