Collections can be a frustrating process for managers and debtors. When members go delinquent on their loans, it can be a challenge for institutions to maintain the positive relationships that are so important in financial services.
To keep delinquencies from overwhelming your credit union, your team needs to constantly process new information, reach out to members, and create payment plans. At the same time, you need to keep up with evolving regulations at the state and federal level, being careful not to exceed mandated communication limits. Without a strong strategy in place to support collections, these items can cause credit unions to face high costs.
The solution is simple: efficient, easy-to-use software to help collection managers keep track of member accounts.
The right solution acts as a bridge between your collection manager and your members, offering a variety of customizations to fit your institution’s needs to easily segment delinquent accounts into relevant buckets and set up personalized payment plans that offer members a legitimate and realistic opportunity to settle their accounts.
An important aspect of a successful collections solution is that it records payments in real-time and alerts collection managers so they will not call on that account. Without that in place, you risk communicating with members whose payments are up to date, causing distrust in your systems and institution. Therefore, software that works in real-time is a priority for both collection managers and members.
The Importance Of Integration
The collections process uses a variety of tools track updated member information and physical devices such as a cell phone number to reach members via text. Such additional tools and systems can be costly and complicate the process for collection managers, who juggle multiple tools daily to update each account. An integrated solution allows collection managers to access all the tools they need in one location — even sending a text in real-time — all from one window. This keeps collection managers organized and eliminates administrative work, giving them back more time in their day.
MeridianLink Collect is a cloud-based solution that supports the day-to-day collections manager. The customizable system includes in-platform software integrations. It automatically updates in real-time and does not disrupt the manager's work. In the rare case your collection manager needs support, we have an in-house support team specific to MeridianLink Collect.
MeridianLink Collect’s key goal is to build that bridge between you and your members. Help your members get back on track today and learn more about MeridianLink Collect with a free demo. See how we can customize the product to meet your unique needs and discover the variety of third-party integrations we offer to support your collections process.