Empower your employees to work smarter, not harder.
Sponsored by SWBC
Imagine being able to create efficiencies, alleviate employee stress and lower delinquencies with your collections efforts. Knowing the right tools to implement at your credit union can help you reach these goals and ultimately allow you to streamline your collections process. Streamlining your collections process could have a significant impact on your bottom line and how you do business.
When technology and collections intersect, your credit union will save time, maximize employee resources, remain competitive, reduce its regulatory burden and become more productive. The right software and support allows you to begin creating more seamless workflows and an improved experience for your staff and your members.
Collections plays a critical role in your institution’s financial health. Limited resources, personnel and time are common denominators for many collections departments. Do the following challenges seem all too familiar as your team works delinquent accounts?
- Lack of automation creates additional work for your collectors
- Collectors experience difficulty communicating through workflows
- Collectors using multiple programs to complete daily tasks
- Frustration with queuing capabilities
- Heavy dependency on IT department to execute pertinent changes within the collections application in a timely manner
If you can relate to any of these challenges (and more), know that there is hope! Embracing change through the deployment of technology can solve your institution’s most prevalent collections challenges. In our our ebook, How Technology Can Give Your Collections Operation a Boost!, we discuss five benefits that the right tech can have on your credit union’s collections efforts. It all starts with improving efficiency and productivity.
Improved Efficiency and Productivity
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 3rd party products and services, which assists a collector in his or her daily efforts within the 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.
Since businesses are losing 20–30 percent in revenue each year due to inefficiencies, finding ways to combine tasks and services to improve efficiency and create a more productive workforce is more important than ever for financial institutions.
Check out the full ebook, with four more benefits, to learn how technology can help you solve your collections challenges, empowering your employees with the right tools that allow them to "work smarter, not harder." Download here or by clicking our banner.
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.
