Financial institutions are feeling more pressure today as borrower behavior changes, and the economy becomes harder to predict. When delinquency rises, many organizations focus on late-stage collectio...
Financial institutions are bracing for the probable recession that’s on the horizon. In board rooms and meetings across the financial industry, executives and their teams are trying to find answers to questions, including:
- How will our collections teams adapt to a borrower portfolio that’s experiencing wallet strain?
- How can we quickly respond to changing delinquency queues without impacting our staffing?
- How do we optimize our collections outreach communication so we’re more effective at collecting on past-due accounts?
- Overall, what does risk management look like at my financial institution during a recession?
In SWBC’s latest white paper, Modernizing Your Collections Operations, our team focuses on identifying the economic factors that are the driving force behind unstable collections queues. We also examine how two credit unions tackled stressful collections situations that required them to become more flexible to adapt to their borrowers’ evolving needs.
Watch below to learn more about what’s in the white paper and be sure to download your copy, today!
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