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Key Takeaways
Credit unions prioritise protecting their members over maximising profits, leading to a more compassionate approach in collections.
The use of AI technology is instrumental in fraud detection and risk mitigation in the financial industry.
Utilising different communication methods, such as phone or in-person interactions, helps in building strong relationships with clients in collections.
Providing education and options for settlement can lead to positive outcomes for both the financial institution and the member.
Key Statistics
Penalty of $500 per attempt for violating regulations on text message communication in collections.
Over 50,000 members at the credit union being discussed.
Key Discussion Points
The importance of balancing firmness, professionalism, and compassion in collections interactions.
Strategies used to mitigate risk in the financial industry, such as fraud detection and dispute resolution.
The impact of charge-...
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