The most effective recovery teams take advantage of all the tools and technologies at their disposal in order to locate debtors, recoup monies owed, and drive performance. The right tools that are highly specialized to the collection industry can improve efficiencies, and most importantly, increase your recoveries.
Now more than ever, it is critical that credit unions, and other institutional lenders do everything they can to maximize recoveries and reduce unnecessary charge offs. Building a strategic, data-driven approach is the key first step for internal collection teams to optimize their debt recovery process. There are three critical activities to take to begin building your approach.
The year 2020 was a year of unusual challenges – challenges that revealed a great deal about ourselves and about the institutions we rely on. Our financial wellness was no exception. The health crisis led to economic upheaval, leaving many in dire straits. Especially hard hit, were those whose fiscal houses were not in order.
Delivering excellent customer service to your members is more important than ever. Competition is fierce and new technologies are constantly shifting the landscape. At the same time, your members’ expectations have only increased across all facets of their lives. To succeed, great customer service is imperative.
Working from home has become top of mind and essential as a result of the COVID-19 pandemic. There are a variety of benefits and challenges. Work from home (WFH) arrangements can offer employees advantages such as work/life balance, eliminate commute times, and it allows employees to focus on projects at hand without office interruption. At the same time, employers can reduce office-related costs while attracting workers who are seeking more flexible conditions.
Social media is the most cost-effective and immediate way to reach your credit union members. To help you boost your social media efforts, we’ve developed quick tips for you to better connect with your members.
Social media is a cost-effective and instantaneous way to connect with credit union members, journalists, thought-leaders, influencers, and business partners. With 70% of Americans now actively using social media networks, your posts have the ability to garner a huge reach with relatively little spend.
The right conference can offer tremendous growth opportunities – both personally and professionally. But finding the right event in the credit union community can often feel like finding a needle in the haystack.
As 2019 approaches, how do credit unions leverage new, emergent technologies and advancements to their benefit? How do credit unions improve memberships, debt collection, and overall business vitality by anticipating consumer behavior in today’s digitally-connected marketplace? Learn more!
We’ve all heard it said before: “Attitude is everything.” But how does one master that all-important first step and establish a good attitude and then successfully translate that positive mindset into measurable results?
Credit unions looking to increase the overall effectiveness of their collection services and the recovery of debt should look to training – a pivotal factor that can align the functions of performance and compliance.
Credit unions have traditionally been proactive in providing financial education to their members. These efforts not only help improve financial literacy in the fundamental sense, but can also help change behavior – driving positive, real-world outcomes for those who participate.
However, the financial landscape is growing more complex and challenging. Financial wellness programs now need to consider issues like data security, mobile accessibility, online banking, etc.
Today, there are nearly 71 million millennials in the US. Officially they have surpassed baby boomers as the largest consumer segment. Learn how your credit union can create effective collections strategies that will engage this generation.
The topic of data security has risen to the top of the priority list for credit unions and their members alike. Learn how to determine if data security is a priority to the third-party collection agencies you're evaluating.
With the frequency of widespread data breaches increasing at an alarming rate, data security has become a huge concern for credit unions. Read how credit unions can become more diligent in addressing their data security needs.
Compliance is a critical component in debt management and collections systems. Learn more about how compliance impacts debt collection management and how credit unions can stay in control.
Who is the CFPB and how do they effect compliance regulations for banks, credit unions, lender, and other financial companies? Learn more about CFPB regulations and how you can help ensure your organization stays compliant in 2018.
When it comes to debt collection, credit unions are presently faced with unique challenges. With concerns regarding data security and compliance higher than ever, it's crucial to stay informed and up-to-date when it comes to federal regulations and general best practices - in this way we help credit unions stay compliant and secure. At ConServe these elements are the foundation of our performance standards and our credit union collection services.
This website contains articles and third-party links posted for informational and educational value. ConServe is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, ConServe. The information in these materials should not be considered legal advice, and is not intended to be a full and exhaustive explanation of the law in any area. This information should not be used to replace the advice of your own legal counsel.
