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Key Takeaways
Empathetic Communication: The stigma surrounding collection processes often induces fear and anxiety in customers, which can be alleviated through empathetic communication.
Member Experience Focus: Credit unions prioritise member experience and personal engagement over transactional interactions, setting them apart from larger banks.
Supportive Relationships: Establishing a supportive relationship early in the collections process can lead to more effective resolutions for members in distress.
Customised Solutions: Understanding the individual circumstances of members allows for customised solutions rather than a one-size-fits-all approach.
Eliminating Embarrassment: The credit union's approach aims to eliminate the embarrassment associated with collection interactions, promoting a sense of belonging.
Financial Education: Financial education is critical in helping members avoid future pitfalls and fostering a stronger financial foun...
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