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LenderHub

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

 

Recent Posts

6 Questions You Should Ask An Outsourced Collections Provider

Making the decision to outsource some or all of your financial institution's collections work is no easy task. Even when you recognize that your internal staff does not have the time, resources, or ability to efficiently keep delinquencies low, it can still be difficult to trust a third-party vendor, particularly in this day and age of cyber breaches and regulatory scrutiny. Sometimes, after weighing all of your options, outsourcing collections may be the best business decision. In many cases, third-party vendors who specialize in collections have the staff and resources to dedicate 100% of their time to curing your delinquent accounts—oftentimes at a less expensive rate than your team can accomplish in-house. However, if you've decided to take the next step and work with an outsourced collections provider, there are a few questions you should ask before you sign on the dotted line.

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What Makes Your Auto Loans Better Than the Competitions'?

Have you ever asked yourself why people do business with your financial institution? When I ask our clients that question, the answers I get are usually:

“We offer low rates on loans and higher rates for savings”

“We give exceptional service”

“We’re easy to do business with, have online and mobile banking, and offer free checking”

These are all great reasons, but when you stop and think about it, aren't these the minimum standards of doing business? 

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