Grow Revenue, Control Costs, and Increase Membership

Grow Revenue, Control Costs, and Increase Membership

How smarter collections activities can help your credit union.

Blog post by Marney MacFadyen, Vice President of Sales, Credit Control, LLC. Marney is a life-long fan and supporter of credit unions. Credit Control is the NAFCU Services Preferred Partner for Consumer and Commercial Loan Recovery Services. http://www.nafcu.org/CreditControl/

One of the most enjoyable aspects of my role as a NAFCU Preferred Partner is that I get to talk to so many credit unions around the country.  Most often, I talk with loan recovery specialists.  They tell me about the Consumer Financial Protection Bureau (CFPB) and how it impacts their ability to do their jobs, or about best practices and benchmarks they have found useful, or how they help their credit union colleagues understand what they do and why it’s so important.  These stories drive everything I do.

For many people, “collections” is a dirty word.  Most have some negative perceptions of the people who work to recover past due loans.  And occasionally, we see an article or news piece spotlighting the misconduct of a rogue collector.  Understandably, many credit unions are concerned when they see news like this, and out of an abundance of caution may be reluctant to collect from their members for fear of negative backlash or legal liability.  As a consumer and commercial loan recovery veteran, I can say with complete confidence that there is a right, just, and helpful way for all credit unions to assist with and recover problem loans.

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Survey Says: Members Want to Be Understood

Originally posted on SAS Voices.

Guest post written by Pamela Prentice, Chief Resource Officer, SAS Institute, Inc.

SAS is presenting at NAFCU’s Technology and Security Conference, Feb. 11–13 in Las Vegas. Learn more »

These days, we can interact with businesses anytime or anywhere. Technology gives you convenience and choice—on how and when to do business. We can do our banking, shopping, and travel planning through our computers and mobile devices when it suits us.

At the same time, technology provides businesses with more information about us. Through our purchase transactions, online visits, and other interactions, businesses capture data about who we are, what we like, how we shop, and how we behave. We leave a trail of information behind us. And businesses can use this information to target their products and services to us in many ways: online, through the mail, through our mobile devices, social media, and more.

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Unavoidable, Impending, Undeniable, Ineludible, Imminent CHANGE

Guest post written by Kristin Locklear, Account Executive for Credit Unions at SAS, the world leader in predictive analytics.

The SAS Institute is the NAFCU Services Preferred Partner for Business Intelligent, Predictive Analytics Software, and Risk Assessment.

President John F. Kennedy once said: “Change is the law of life. And those who look only to the past or present are certain to miss the future.” Change can be perceived as good or bad. The mere notion of it can bring hope or set off alarms. What we learned in Boston is that change is inevitable. In fact, you can bet that changes are occurring as I type these very words.

It can be difficult to wrap your head around change. Fear of the unknown can cause a business to remain in a historical state or slightly less progressive, what I call “the state of wait.” Even more counterproductive is the state of paranoid (re)action, rather than proactive momentum. So how do we move from say reaction to anticipation, to preparedness and effective action? How do we embrace inevitable evolution of risk and develop our own Productivity Campaign?

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Zen and the Art of Operational Excellence

The classic 1970s novel ‘Zen and The Art of Motorcycle Maintenance’ spends a couple of hundred pages exploring the question of how you define quality, among many other things, including motorcycle maintenance.  I don’t remember anything at all it said about spark plugs, but the discussion of what the term ‘quality’ means really stuck with me.

In a meeting last week someone made the observation that they thought their organization was ‘world-class’ when it came to operational excellence.  I’m not sure that I would agree, having experienced first-hand their service as a client. That reminded me of the book — how do you define operational excellence in the context of a credit union, without just falling back on the ambiguity of ‘I know it when I see it’?

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