As both credit unions and members recover from the Great Recession, a thoughtful approach to strengthening collections makes it possible to find solutions for members, reclaim loan funds, and refine lending operations.
So says “Collections in a Post-Recession Environment” from the CUNA Lending Council. This white paper suggests taking these collections strategies, culled from successful credit unions:
Visit cunalendingcouncil.org for more information.
Handle Complaints The Right Way
Irate members are a blessing in disguise—they let you know where your credit union falls short and allow you to make amends, says John Tschohl, founder/president of the Service Quality Institute.
He cites a J.D. Power and Associates study of retail banks that reveals 25% of customers who experienced a problem in the previous 12 months definitely or probably will switch providers in the next year. And 55% of customers who had a problem or complaint weren’t satisfied with the resolution process.
Tschohl suggests several steps for dealing with irate members:
Just as important as doing the right things when soothing an irate member is not doing the wrong things, Tschohl says, such as:
When you handle complaints the right way, Tschohl says, “you will be rewarded with a satisfied customer—and a customer who will be loyal to you and your organization.”
Next: With Passwords, ‘Popular’ Isn’t Good