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LenderHub

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

 

How to Successfully Navigate TCPA Cell Phone Consent

Ah, the Telephone Consumer Protection Act (TCPA)...that ole' chestnut. There hasn't been much change to this law, which went into effect back in 1991. Clarifications have been issued—as recently as 2013—however, the core ruling hasn't shifted since inception regarding contacting a debtor using an autodialer or pre-recorded message. If you don't know what the TCPA is and how it impacts the financial services industry, you can read one of our previous blog post that covers the TCPA basics. However, in this article, we'll dive a little deeper into how a financial institution can navigate the particulars of obtaining express consent from borrowers, specifically for the purposes of contacting them on a mobile device.

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Three Tips for Retaining Customers with Overdrawn Accounts

No matter the industry, customer retention should play a critical role in your business model—and financial institutions are no exception. While acquiring new customers is always top of mind for financial institutions, retaining existing customers might be a smarter business move when it comes to growing and remaining profitable.

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How Credit Card Delinquencies Affect Your Bottom Line

It's a sad fact that good news is rarely 100% positive; usually we can expect some undesirable result from sunny situations. The U.S. economy's recovery after the Great Recession is a perfect example. While we're pleased about low unemployment and consumer spending in support of employment and economic growth, the lending industry is beginning to see a negative byproduct of that improved economy: rising credit card delinquency.

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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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10 Topics to Educate Your Customers on Debt Management

These days, we consistently hear about how strong the U.S. economy is, with home values quickly increasing and low unemployment creating lucrative opportunities for workers. Despite that, many Americans are struggling financially and are unprepared not only to reach far-off goals like retirement but even to cover standard life expenses and debt management.

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Dude, Where's My Car?

First things, first. We've all forgotten at some point in our lives where we've parked the car. As we get older, it doesn't get any easier, unfortunately. Unlike those 'dude, where's my car' moments, your borrowers may purposefully not want to be found as they skip out on their loan by missing payments.

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Delinquencies Are Increasing: What it Means for You

The auto loan industry is massive and chances are that if you are a financial institution, you are also in the auto loan lending game. For the first time in first-quarter history, open auto loans have surged past $1 trillion per market research firm, Experian Automotive. Due to their findings, they have advised lenders to “keep a close eye on delinquency trends to ensure the market remains healthy.” Should consumers keep making timely monthly payments, the market has a greater chance of maintaining affordable financing options. While auto loans can offer profitability for a financial institution, there are also some downfalls and risk when it comes to the lending industry. In recent years, the auto-loan industry has seen a rise in delinquencies. And, of course, this is never a good thing for financial institutions. 

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5 Delinquent Borrower Objections (and How to Overcome Them)

When it comes to paying bills, some people have a million excuses (both valid and invalid) for skirting their obligations. Unfortunately, lenders constantly deal with borrowers' excuses when it comes time to pay up. Here's some guidance for responding to common collections objections and recouping the money you're rightfully owed.

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Big Government and Debt Collection: What You Need to Know

Change is impactful. For better or worse, however, when it comes to change in a business environment, it can mean a major shift in day-to-day operations and could even impact your bottom line. When you're busy running your financial institution and ensuring that your customers' needs are being met, it can be challenging to keep a pulse on all of the regulatory changes the various government agencies are handing down. Fortunately, our partners over at MasterQueue, are staying on top of regulatory changes that are coming down the pike, particularly, when it applies to debt collection and asset recovery.  

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Why it's Beneficial to Retain Customers with Overdrawn Accounts

Today’s uncertain economic conditions and the lasting effects of the credit crisis have left financial institution executives scrambling to develop and implement consumer retention strategies to drive revenue. Today’s tech-savvy consumers expect convenience, personalized service, competitive fees, and rewards. Their receptiveness to Fintech to perform services which were historically trusted only to the traditional financial institutions, is another challenge facing the financial services sector. However, institutions that add value to the lives of their consumers through savvy decision making and marketing, innovative product development, and success tracking are rewarded with loyalty.

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