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Collections and Recovery Blog

The Right Bank Collection System Helps When Providing Credit to Underserved Individuals and Businesses

By: Rob Daley | December 20, 2017

With the proper bank collection system in place, helping to monitor risk and debt recovery, financial institutions could extend credit to previously underserved markets such as with low-dollar personal loans, and small businesses. The issue for many banks and credit unions is how to attract and serve many individuals and businesses lacking traditional creditworthiness. More […]

How to Grow Your Community Bank’s Net Income with Small Dollar Loans, Business Loans and the Right Collection System

By: Rob Daley | November 30, 2017

Thinking small, as in short-term low-dollar personal loans, and businesses seeking funds to grow, could help financial institutions cultivate assets with the right bank collection software helping to monitor the risks. Underserved individuals and small businesses present a challenge for community financial institutions. In recent years, nonbanks and alternative lenders have challenged conventional financial institutions, […]

Leveling the Collection Compliance Playing Field with Technology

By: Rob Daley | October 2, 2017

A constant and growing compliance burden for banks and credit unions adds to escalating costs and puts a heavier burden on vigorous collection systems to maintain order and help ensure profitability. Debt gathering is a billion-dollar industry with swelling and multifaceted legal concerns for financial institutions across departments but especially when gathering fees owed. This […]

Improving Lending with Best of Breed Collections with or Without Dodd-Frank Reform

By: Rob Daley | August 1, 2017

Regardless of the extent and outcome of Dodd-Frank reform, and other legislative changes, bank collection system software still needs flexible and robust capabilities to accommodate any changes to existing regulation or lending volume; investor, guarantor, insurer collection requirements, competition pressuring net income require today’s banker to employ every tool available. There may be good reasons […]

Banks and Credit Unions Are Increasing Loan Volume With Modern Collection Systems

By: Rob Daley | May 30, 2017

The pressure on community financial institutions to increase loan volume is so intense that many consider slightly lowering credit standards or providing lower-interest borrowing than in the past. That puts a heavier burden on vigorous collection systems to proactively manage any elevated risk and help ensure profitability. Those banks and credit unions face increasing competition […]

Reducing Collection Compliance Risk for Community Banks and Credit Unions

By: Rob Daley | March 28, 2017

Is your collection department in compliance? Are your representatives up-to-date on state, and federal applicable regulations? Is your collection automation technology up to date, and capable of enforcing adherence to your institutions legal obligations? Are agents representing your community bank or credit union in an honest and ethical way? Debt gathering is a billion-dollar industry […]

Open Source and Cloud Help Make Collections Affordable

By: Rob Daley | December 23, 2016

Open-source software and cloud architecture helps provide cost-effective and flexible collections systems. It also moves bank debt recovery toward digital frameworks and business models. A cloud computing platform − a network of servers hosted internally, through a third-party provider or via a hybrid of both – allows banks and credit unions to move technology to […]

Debt Collection Among Top Consumer Complaints in 2016

By: Rob Daley | December 8, 2016

The Consumer Financial Protection Bureau released a monthly snapshot highlighting consumer complaints about financial services. The report revealed problems with debt settlement companies and a great opportunity for financial institutions using robust debt collection services. When consumers submit a complaint that falls outside one of the bureau’s major complaint categories, their complaint falls under the […]

Reliable Collection Systems Reduce Bank Collections

By: Rob Daley | November 7, 2016

It is now more important than ever that financial institutions have a reliable and compliant debt recovery system because they simply cannot afford to write off bad debts or ignore customer experience. Some 77 million Americans have a debt in collections, which amounts to 35% of consumers. Meanwhile the Consumer Financial Protection Bureau also reports […]