MIAMI-Technology is playing a critical role in managing delinquency portfolios and remaining competitive at the largest financial institutions according to panel of banking and credit experts at the recent National Collections & Credit Risk Conference here.
With so many individuals newly delinquent and not used to dealing with the collections side of their financial institutions, communication across multiple channels is key.
"People don't look like the customers we're used to dealing with. There are a lot of people who are with us the first time," said Tom Feely, senior director of collections at Sallie Mae. "My biggest challenge is just getting people to call me. And once you get over communication, it's about fulfillment."
Newly delinquent individuals can be embarrassed about their financial situation and are often looking at many ways to get out of their financial woes. Workouts and modifications have become extremely competitive among the biggest banking players and some consumers are even looking to debt settlement companies before their primary financial institutions according to Jeff Gartland, manager of collections at US Bank.
