We all saw how prevalent collections were during the recession a couple years ago. But now that the recession is supposedly over, what's up with collections? Well, CUNA Council'sDarla Dernovsek has written a very interesting white paper on the topic, entitled:"Collections in a Post-Recession Environment". It's a fascinating read that resulted in a fascinating discussion we had on her unique angle to an issue credit unions continue to experience. But Dernovsek doesn't focus on citing issues that credit unions have experienced, she steps up to provide proactive solutions many are practicing today to mitigate their collection operations -- which actually improve member relationships. It was a pleasure having Dernovsek and her insight on the show. Check it out when you get a chance. Good stuff!
What you will learn...
1. We've all heard about collections during the recession -- a lot, so what's the status in the collections environment now that the recession is supposedly over?
2. You mention in your paper that credit unions are dealing with a new type of delinquent members. What do you mean by this?
3. Collections is simply a sticky issue. How do you preserve a member once they've experienced collections?
4. You spoke with a number of credit unions in this white paper. What are a couple of the "refined" ways they have conducted their collections efforts?
5. Loan modifications seem to be a very "credit union/helping" way of mitigating member collections. How prevalent is this practice, instead of going straight to collections?
6. SchoolsFirst implemented a particular technology to help it with collections. What was their experience with it?
7. You mention outsourcing in your paper. What are the benefits to outsourcing collections activities?
8. To wrap up: What do you hope readers will gain from this white paper on post-recession collections?
"Collections in a Post-Recession Environment" white paper
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.