Creating efficiencies, lowering employee stress, and decreasing delinquencies are probably on most credit unions’ wish lists. In today’s environment, it’s no surprise that when collections and technology intersect, good things happen. Having the right tools implemented at your credit union can assist with checking items off your wish list! When you streamline your collections efforts with technology, it positively impacts many of your business functions — including your bottom line.
Sometimes we don’t know what we don’t know. That’s when it’s important to have the support you need to help guide you on implementing the right software to create a streamlined collections workflow. A well thought-out plan will not only impact the experience of your members and employees but also can:
Maximize employee resources.
Allow you to remain competitive.
Reduce regulatory burdens.
Below is a short excerpt from SWBC's latest e-book, How Technology Can Give Your Collections Operation a Boost!
One of the primary reasons why technology has become key to so many businesses is the fact that it allows employees to work faster, increasing the amount of work a single employee or team can accomplish, improving overall efficiency.
In the realm of collections, technology allows collectors to work through assignments faster by removing manual processes and replacing them with automation. For example, tracking of promises to pay, letter, and note generation can automatically be notated on the borrower’s account, eliminating manual clicks, thereby increasing the collector’s productivity and efficiency.
Technology also allows convenient integration of third-party products and services which assists a collector in their daily efforts within the user’s platform. Automated integration of these services in a single desktop reduces the need to use multiple systems to generate and notate collections activity, resulting in more streamlined operations, higher productivity, and efficiency. For instance, let’s take a look at taking a payment over the phone — perhaps one of the most beneficial actions a collector can take to remedy delinquency. The integration of a payment solution that enables the collector to seamlessly launch an application in their queue, while they’re on the phone with the borrower, is priceless in terms of efficiency and productivity. And providing that collector with multiple options for payment and automated notation continues to take productivity to another level.
Read the complete e-book today and learn how technology can help transform your collections challenges and create efficiencies for your employees.
Click to download.
Author: Cyndy Stewart is Vice President of Business Development for AutoPilot Services at SWBC.
Headquartered in San Antonio, SWBC is a diversified financial services company that provides a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states.