Best Debt Collection Practices
There are several reasons that borrowers become delinquent in their accounts. Ultimately, in the months to come, maintaining a positive customer experience must be a priority, especially in the face of this unique period of credit troubles. Here are a few steps and practices to consider when collecting debts: Be Proactive Rather Than Reactive LoanCirrus integrates …
Evaluating and Creating Debt Collection Policies
Given the current economic situation caused by the COVID-19 pandemic, logically one can anticipate that there will be a spike in volume— both in terms of new clients interested in borrowing due to financial constraints as well as existing clients who will fall behind in loan repayments. Some individuals and businesses who ordinarily would not …
Top 7 Must-Have Loan Collection Tools & Features
The right Loan Collections tools are essential for reducing risk and managing deliquencies, especially during the COVID-19 pandemic. Economic struggles are stifling businesses and employees alike, and worldwide, many lenders are experiencing issues with borrowers defaulting and difficulties collecting. As a lender, especially during this time, one must exercise proper risk management to ensure minimal …
Meeting Post-Covid Lending Demands
As the global economy continues to buckle under the pressure and strain caused by the COVID-19 pandemic, many people will turn to alternative lending to offset the impacts. How can you be prepared to meet such demands? Here are a few suggestions: Automate the Loan Process An increased demand for services means that your company …
How Has COVID-19 Changed Consumer Behaviour in the Financial Sector?
If there is one thing this pandemic has done, it’s making it very clear to businesses that if they are unable to do business without a physical location, they’re not fully taking advantage of digital advancements in their respective fields. For Lenders, in particular, the ability to Lend Without Branches, comes with many benefits: Grow loan portfolio …
How Lenders Accelerate Their Digital Transformation
Why do Lenders need Digital Transformation? Customer acquisition, “the business of getting new business” [as well as managing and growing the business you already have] is more dynamic than ever ̶̶ and not just in the current pandemic environment. People’s perceptions of financial institutions have changed largely due to: The influence of social media platforms; …
Lending Without Branches
A hundred years ago, banks and lenders had to figure out how to get close to people because people were largely sedentary and spatially distant. If you wanted to lend money, you would better go where people lived, it would have been difficult for them to come to you. Lenders addressed this challenge by building …
6 Ways Lenders Manage Fallout From Covid-19
Are you doing everything your lending business needs to do to manage the fallout from Covid-19? The Coronavirus pandemic poses a fundamental threat to lending institutions, particularly in the Microfinance space. Are you behind your competitors in dealing with this crisis? Find out key strategies and tactics that you may have missed. As an essential …
Building Your Team
There are no great businesses built by the singular effort of a person. Lending businesses are no exception. Your success in lending will depend in large part, on the quality of your team. So, how do we go about building the right team? First, know the business you’re building. The team does not decide what …
