This week, the Office of the Comptroller of the Currency (OCC) asked U.S. financial institutions (FIs) for their help in “improving the financial capability and financial health of their customers.”
Articles
Enhancing Customer Experience – Collaborative Strategies Between Creditors And Collection Agency Collectors
In today’s dynamic business environment, collection agencies are embracing advanced tools like speech analytics and quality assurance (QA) departments to monitor collector calls, ensuring compliance with legal regulations. While adherence to these regulations is crucial, it’s equally important to embrace a broader perspective, echoing the sentiments of Starbucks’ Founder, Howard Schultz, who famously stated, “We are not in the coffee business serving people, we are in the people business serving coffee.”
Resolving the Customer’s Financial Situation?
After building a solid rapport with your customer over the phone (see the Building a Relationship Over the Phone? blog if you missed it), it is essential to delve into the matter at hand and offer assistance in tackling their financial hurdles. Understanding the customer’s current situation is paramount. Once you have gained clarity on their circumstances, the next step is to Match their needs with the array of resources and programs at your disposal, designed to aid customers with their accounts.
Effective Compliance Monitoring: Lessons from the Dreaded 25 MPH Flashing Radar Speed Limit Sign
– And, How To Apply It To Monitoring National Repo Forwarders –
We’ve all encountered that dreaded 25 mph flashing speed limit sign, especially in residential areas bustling with activity. It serves as a constant reminder to adhere to the rules of the road, but it also offers valuable insights into effective compliance monitoring tools that extend far beyond traffic regulations. So, what can we learn from these flashing radar speed limit signs when it comes to compliance monitoring? Surprisingly, quite a bit.
Building a Relationship Over the Phone?
After countless collection calls and careful observation, I have come to a key realization: forming genuine connections with people you may never meet face-to-face is vital for productive conversations. While some may argue that building relationships over the phone is unrealistic, I beg to differ. Let’s talk about some practical tips to make this happen smoothly during your next collection call.
Auditing Your Third-Party Collection Agency for Success
In the complex world of debt collection, third-party collection companies play a pivotal role in helping businesses recover outstanding debts. However, ensuring that these entities operate ethically, efficiently, and within legal boundaries is crucial. This is where audits come into play. Auditing third-party collection companies isn’t just a routine task; it plays a crucial role in maintaining compliance, safeguarding customer interests, and preserving your company’s reputation. Key considerations when auditing your vendors include both emphasizing alignment with company criteria as well as adherence to state and federal regulations.
A Collector or an Astronaut?
As someone who has been a collector and collection leader since 1987, I have developed a unique perspective on the value of collectors and astronauts. I often pose this question during my training sessions with collectors to gauge their understanding of the value they bring to people’s lives. A collector who excels in their role can profoundly impact individuals and their families. This leads to the intriguing comparison: who adds more value to people, the work of a collector or that of an astronaut?
Transforming Customer and Collector Interactions With Call Monitoring
In any field, success often hinges on continuous improvement through coaching and feedback. Whether you are an elite athlete, a talented singer, a seasoned business professional, or a dedicated collector, refining your skills based on input is paramount to consistently delivering excellence. In this blog, I aim to underscore the importance of prioritizing the customer and collector interaction for both collectors and managers within a collection organization.
Credit scores decrease for the first time in a decade as more borrowers fall behind on payments
Consumers have been increasingly relying on credit cards to make ends meet, and it may be finally catching up with them. The national average credit score, which has steadily increased over the last decade, fell to 717 from a high of 718 in the beginning of 2023, according to a report from FICO, developer of one of the scores most widely used by lenders. FICO scores range between 300 and 850.
Credit Union Assets and Delinquencies Grow in the Fourth Quarter
ALEXANDRIA, Va. (March 12, 2024) – According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions rose by $88 billion, or 4.1 percent, to $2.26 trillion over the year ending in the fourth quarter of 2023. Insured shares and deposits grew $37 billion, or 2.2 percent, to $1.72 trillion. The delinquency rate at federally insured credit unions was 83 basis points in the fourth quarter of 2023, up 21 basis points from one year earlier.