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LenderHub

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

 

Recent Posts

Overcoming Collections Challenges with Integrated Solutions

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.

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5 Common Collections Challenges (and How You Can Overcome Them)

Collections plays a critical a role in your institution’s financial health. Limited resources, personnel, and time are common denominators for many collections departments. I've worked with financial institutions to streamline their collections operations for years, and we typically see operations afflicted with the same challenges and obstacles. As the economy and consumer sentiment continue to improve, financial institutions can expect to see lending increase.

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Reducing Member Noise: An Interview with Cabrillo Credit Union

We developed Hybrid CPI as an alternative tracking method to help our partners secure their collateral while maintaining positive member relationships and demonstrating to regulatory agencies that they are treating borrowers fairly. However, sometimes "out with the old and in with the new" is easier said than done, particularly when it comes to tried-and-true methods that lenders have been using for decades. It's not always easy for lenders to move away from their lender-placed comfort zone they're acquainted with and after all, "if it ain't broke, don't fix it," right? Well, many of our clients found that by transitioning from the industry-standard CPI program to our Hybrid solution they were able to realize numerous benefits including increased cash flow, reduced delinquencies and repossessions due to premium add-on, and reduced program administration burden and reduced member noise.

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Transform Your Borrower Communication to Keep Customers Happy

The way financial institutions transact and communicate with borrowers has evolved, due in large part to changes in technology and a shifting consumer mindset. Likewise, as your customer base shifts to a larger number of Gen Y—or Millennials, as they're often referred—traditional forms of communication will likely fall on deaf ears. According to Entrepreneur, 85% of Millennials in the U.S. own a smartphone, so one can conclude that the best way to reach and market to this demographic is digitally and electronically.   

And, it's not just Millennials. The fact of the matter is, all age groups are busier than ever with more demanding work, personal, and social schedules. According to Gallup, American adults that are employed full time work an average of 47 hours per week. For better or for worse, busier schedules and advanced technology has shifted the way that Americans communicate and interact—with each other and with businesses.

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5 Benefits of Purchasing Software as a Package

Financial institutions are not immune from having to invest in technology. At some point, in order to remain efficient and serve your customers, you will be forced to adapt to and implement new technology.

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60 Days to a Streamlined Collections Process

The process for collecting past-due loan accounts is extremely challenging for many financial institutions. It can be tedious because most institutions use a manual rather than an automated process, leading to low productivity. However, transitioning your in-house collections to a seamless and efficient process is not as difficult as you may think.

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