Looking to Reduce Collections Costs? Invest in Your Collections Technology!
Updated: May 18, 2022
To the surprise of many, delinquency rates are currently at an all-time low following a year of incredible economic instability. So, you might think it’s an odd time to begin thinking about collections efficiency, right? Not so fast. The economy has been stabilized with programs such as enhanced unemployment, stimulus packages, foreclosure and eviction forbearances and more. Well, all good things shall come to an end, and we believe the end is near for many of these stabilizers. Add to that a population that is desperate for travel, entertainment, and just about any other form of the freedom that has returned and it’s a fair assumption that we may also be seeing the end of fiscal responsibility for many. After being stuck inside for a year, a trip to Vegas becomes much more appealing than that boring old car payment.
Now is the time to start thinking about how your institution is preparing for the inevitable wave of delinquency on its way. With it will bring an additional cost to your collection operations budget, which traditionally would be in the form of additional staffing. Did you know that the average salary of an entry level collections agent is now over $37,000? And this does not even include the cost of benefits, training and potential turnover. What if your institution could save money while investing in software that is guaranteed to increase the efficiency of your entire collections team, potentially eliminating the need for additional headcount completely?
Enter Coastal Collections Solution! This state-of-the-art collections software maximizes your team’s production by consolidating and automating many of their daily time consuming tasks. Administrative functionality allows you to build queues tailored to fit not only the needs of your institution, but also for each individual employee. This ensures each member of your team remains on task and ensures no accounts slip through the cracks. Agents will have the ability to send e-mails, SMS text messages as well as dial out with the click of a button. You can even have rule-based letters set to send automatically at specific points in delinquency, ensuring not only timely and compliant outreach to borrowers, but also freeing your team from the time necessary to create these letters on their own. Building delinquency reports is quick and easy, allowing you to create at-a-glance daily reports, or complete delinquency board reports in seconds. In short, better technology can help improve every aspect of your collections process, without the cost of additional staffing.
Unfortunately, there is little a financial institution can do to prevent the looming rise in delinquency. It will be in the preparation for it that will determine which institutions continue to excel. Instead of waiting for delinquency to rise, why not make an investment in your technology that will allow your current staffing the ability to manage the highs and lows of delinquency for years to come? To learn more about how Coastal Collections Solution can save your institution time and money while putting a smile on your collections team’s faces, contact Coastal Outsourced Solutions now! After all, nobody will remember summer 2021 as the summer of saving.
– Richard Fernandes