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    Collections | 2 min read

    How to Streamline Your Collections Process in 60 Days or Less

    Collecting on delinquent accounts is a time-consuming challenge for many financial institutions. The tasks involved are often tedious for internal employees using manual (vs. automated) processes and can lead to a decrease in productivity for your team.

    Taking advantage of outsourced collection services can be a more efficient, cost-effective option if your institution is striving to reduce delinquencies and the time employees dedicate to the collections process.

    Some institutions are initially hesitant to move forward with outsourcing their collections because their IT team believes it will be too difficult to onboard or switch to a new system from an integration perspective.

    However, transitioning your in-house collections to a seamless and efficient outsourced process is not as difficult as you may think. In fact, your institution could transform its collections operations in 60 days or less!

    Step 1: Audit Your Current Collections Operation

    Your first step will be to get a 10,000-foot view of how your collections agents are currently operating and how effective the process is for both agents and borrowers.

    Performing a thorough synopsis of the state of your collections program will help your team understand how collections tasks are approached, executed, and completed. Using this audit can identify holes in the process and see where things can be improved.

    You may discover that relying on manual processes is hampering your efforts, or perhaps your agents could benefit from a refresher training course on collections best practices. You won't know where your problems stem from until you audit your current collections process.

    Step 2: Shop Around for Third-Party Service Providers

    Your next step is to research the different collections platforms and providers available. There are several collections options in the marketplace that will automate many of the labor-intensive communication tasks that your collections agents would typically perform, but the key is to find an application that meets your institution's specific needs.

    Your institution may not have the same book of business as your competitor down the road, and the way you collect on delinquent accounts could be completely different. When you choose to streamline collections through technology, make sure that the application can be customized to fit your needs—not the other way around. 

    Step 3: Complete the Technology Integration Process

    Once you select a collections service provider you've thoroughly vetted and deemed user-friendly and sufficient to meet your needs, you can start the integration process.

    A reputable outsourced collections provider should be able to complete the entire integration process in 45–60 days.

    This process will typically include:

    • Integration with your core processing system
    • Secure transmission of your loan account information
    • Setup of a borrower-facing online payment portal
    • Thorough user training

    At SWBC’s Financial Institution Group, we do the heavy lifting for your institution to bring on our Outsourced Collections services quickly and without hassle. Our collections onboarding process can be completed in less than 60 days and requires little IT involvement. 

    Our omnichannel customer communication services enable efficient, effective communications with borrowers and our innovative technology can help your institution maximize loan debt recoveries while freeing up your employees to focus on other, more profitable activities.

    Modernizing Your Collections Operation

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    Jonathan Barkley

    Jonathan Barkley is the Account Vice President for SWBC's Mid-Market Accounts. Jonathan is passionate about building mutually beneficial relationships and works diligently to provide exceptional client satisfaction. Prior to joining the Sales Team, Jonathan worked in our Collections Division where he was our Division Manager of Client Relations. Jonathan’s consultative approach ensures clients understand the outstanding benefits and advantages SWBC offers.

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