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Key Takeaways
The most valuable asset in the collection space is the ability of collectors to connect meaningfully with members to resolve issues like delinquent loans.
There has been a significant evolution in the collections strategy, particularly within credit unions, with increased focus and investment in collections.
The importance of metrics and data analytics in collections has grown, leading to improved training and strategic discussions at leadership levels.
Effective communication strategies, including the use of advanced technology like dialers and texting, are vital in modern collections practices.
Past perceptions of collections as a neglected area have changed, with more credit unions recognizing its importance in the customer experience.
Implementing technology in collections processes requires a foundational understanding and skills among personnel to be effective.
Text messaging is becoming a preferred communication method, with...
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