Problem:
Patelco Federal Credit Union, based in San Francisco, knows that payment
collection can be challenging in tough economic times. In 2006, Melvin
Bell, Vice President of Collections at Patelco, saw that consumer
loan and credit card delinquencies were on the rise and so was his
need for more resources and workspace.
Solution:
SWBC was able to offer Patelco a comprehensive suite of collection
services includingoutbound reminder calls, mail, payment collection,
repossession and remarketing. Bell chose which services best fit his
business model, and tailored an efficient collection program to
match. At the end of each business day, through secure data transfers,
delinquent files are automatically downloaded into an SWBC database.
SWBC’s collections experts make initial contact with members
informing them of their past due status, encouraging them to make
payments over the phone or obtaining promises to pay if one cannot
be made. The actions taken and recorded conversations are then uploaded
back into the credit union’s collections platform.
Results:
By allowing SWBC to make evening and weekend outbound calls, Patelco
increased its chances of reaching its past due borrowers, without
having to add resources. In the last 60 days, SWBC has made on average
2,900 phone calls and contacted 1,370 individual members each month,
collecting $1 million for Patelco. Additionally, SWBC secured promises
to pay on accounts totaling $5.6 million, resulting in decreased delinquencies
and potential charge
offs. Mr. Bell has been able to save valuable time and increase his
cash flow, while refocusing his staff on other tasks.
Contact:
Julie Ring
Vice President, Marketing
P: 866-438-7922
E: jring@swbc.com
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