Most businesses, financial institutions included, are always looking for ways to save money on basic operational costs. The goal is to run a lean and mean operation, right? Efficiency is the name of the game when you want to keep your shareholders—your members, in some cases—happy and, ultimately, pass on those cost savings to them in the form of lower loan interest rates and higher deposit account interest rates.
When it comes to collections, cutting costs can seem like an impossible feat when you have limited resources in staff, time, and technology. After all, there are only eight hours in the workday, and your collectors likely have a difficult time reaching delinquent borrowers during typical working hours.