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LenderHub

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

 

Recent Posts

How To Use Social Media for Collections

Collections and how we collect a debt have changed dramatically over the last 10 years. In the collections industry, we are accustomed to using skip tracing tools such as LexisNexis, Accurint, Credit Reporting, as well as the traditional methods of calling co-signers and references. We have added tools to our arsenal over the years, but have you ever considered adding Social Media to your collection mix?

In my most recent blog post, I talked about the prevalence of social media in today’s information-driven world, and some of the rules and regulations that financial institutions should consider following if they decide to use social media for marketing and promotions. Today, I want to talk about the opportunity to use social media for your collections and skip tracing efforts.   

We all know that collections, and sometimes skip, are an inevitable part of lending, and unfortunately, those tasks can be tedious, time consuming, and inefficient for an institution’s staff to handle internally. The CFPB and the FFIEC have released a guide on social media and its use within collections. This 19-page document clarifies the guidelines and outlines the process that was used to determine those guidelines.

Within this guide is an outline of how to use social media in a collections capacity, while continuing to protect you and your borrowers.

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Social Media Rules Every Financial Institution Should Follow

Social media is everywhere, and everyone is using it; it is a part of everyday life. People use it to keep up with trends, find out news and celebrity gossip, keep up with family and friends, and to show others what they have been doing in their lives.

Social media is defined by the Federal Financial Institutions Examination Council (FFIEC) as a form of interactive online communication in which users can generate and share content through text, images, audio, and video via multiple platforms including, but not limited to Facebook, GooglePlus, MySpace, Twitter; forums, blogs, customer review sites, bulletin boards; photo and video sites such as Flicker, InstaGram, and YouTube; professional networking sites; virtual worlds; and social games.

According to Pew Research Center, 74% of adults use social media of some form. Documents, pictures, personal and business information, videos, and music are common forms shared on the various social media platforms.

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The Top 6 Customer Services Mistakes You Make Time and Time Again

We've all been a customer at some point, and, unfortunately, we've probably all been subjected to horrible customer service. We also all know that word-of-mouth is a powerful tool. You've probably heard about a new product or restaurant and immediately asked around to see what others thought. This happens in our line of business as well. 

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Keep Borrowers Happy with Convenient Loan Payment Options

In today’s world, everyone seems to be looking for instant gratification within every area of their lives. If a person can’t get what they want or need from you immediately, they’ll go looking for it elsewhere—even if they’ve been your loyal to your brand in the past.

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