Why Compassion in Collections Won't End After COVID
FICO, Temenos and NASA Federal Credit Union discuss COVID's impact on collections
The economic crisis brought on by COVID was sudden, and its disruption went beyond financial, as families navigated fears about contracting the virus, the shutdown of schools and local business, and a turbulent government response. NASA Federal Credit Union was uniquely positioned to respond to this unprecedented challenge. Having invested in digital banking solutions and omni-channel communications platforms that facilitated member communication and self-service, they were able to quickly and proactively communicate and provide a consistent and supportive message to members who had profound questions and concerns about their finances. In this webinar, we’ll share lessons learned about delivering a consistently compassionate member experience – and why this is the future of collections, even after we conquer COVID.
- What does a “compassionate” collection philosophy looks like versus “traditional” collections - and why has it taken us so long to get there?
- What is the role of technology in delivering this messaging consistently throughout all of your member experience channels?
- How can you standardize processes to overcome the disruption in your operations?
- How can credit unions become more proactive in identifying accounts that analytics tell you will probably become delinquent – and communicating with them before the account becomes delinquent?
- How can you significantly improve member self-service, including the ability to work out payment holidays and payment plans, using analytics to drive these offers?
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