SWBC Outsourced Collections Success Story | California Credit Union
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A Collections Success Story: California Credit Union

After switching their outsourced collections provider to SWBC, California Credit Union realized significant cost savings and their delinquency rates decreased 35% in the first 12 months. Learn how!

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After outsourcing their collections activity to SWBC, California Credit Union’s delinquency rates decreased by 35% in the first 12 months.

OBJECTIVES

    Reduce the expense of current outsourced collections provider
    Increase level of production
    Increase overall efficiency

SUCCESSES:

    Reduced delinquency by 35% in first 12 months
    Significant reduction in overall expenses

THE CHALLENGE

California Credit Union was a unique client for SWBC, as they were already outsourcing their collections to another vendor. Since they had already experienced an implementation process, they were familiar with the procedure, and did not face many of the challenges that new outsourced collections clients often experience.

Although they were not experiencing many of these challenges such as inefficient operations, high repossession levels, or the need to increase their collections staff, they were feeling the greatest impact in the overall cost of their service provider.

Learn how SWBC’s flexible, compliant, cost-effective service could help your institution lower delinquencies and cut your collections costs.

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The SWBC Solution

Marvel Ford, FVP and Risk Management Officer for California Credit Union, had a long-standing relationship with SWBC.

Through this relationship, she received demonstrations for multiple SWBC products. SWBC’s investment in their own infrastructure and technologies was evident throughout the multiple tours of their facilities.

After touring SWBC’s corporate office and the two state-of-the-art call centers, which included an abundance of resources and staffing, it was an easy choice to convert to SWBC.

California Credit Union experienced an immediate impact to their bottom line from switching service providers to SWBC.

“The immediate impact from changing companies was felt in the bottom line as our overall expenses dropped drastically due to SWBC’s fair and aggressive pricing system,” said Ford.

The SWBC Results

After successfully converting to SWBC for their outsourced collections activity—implementing in only 30 days—in June 2013, California Credit Union experienced a 35% reduction in overall delinquency in the first 12 months of using the service.

SWBC’s advanced technology, highly trained staff, and overall functionality has given California Credit Union a substantial strategic advantage.

The reporting functions, queue controls, and parameter tools available through SWBC’s AutoPilot® portal have also been effective in their successful management of delinquency and quality control.

Additionally, the leadership team at California Credit Union has gained significant peace of mind knowing that SWBC’s outsourced collections service is focused on helping them stay compliant. All collectors are FDCPA certified and adhere to all rules and regulations of the Consumer Financial Protection Bureau (CFPB), Telephone Consumer Protection Act (TCPA), and the Fair Debt Collection Practices Act (FDCPA).

With any new partnership, customer service is of the utmost importance when it comes to a smooth and seamless transition. SWBC’s Support Team is dedicated to the success of their financial institution clients and is committed to providing excellent service and support.

California Credit Union experienced—and continues to experience—a superior level of support from the SWBC team. “The support staff is professional and helpful and all issues are resolved in a timely manner,” said Ford.

“The immediate impact from changing companies was felt in the bottom line as our overall expenses dropped drastically due to SWBC’s fair and aggressive pricing system.

[Using the AutoPilot portal], we are able to analyze the trend of delinquencies of each of our products by creating a specific work list, queues, and reports that we can generate from the AutoPilot software. If one product needs more attention, we are able to change the parameters and focus on those specific products within seconds.”

– Marvel Ford, First Vice President and Risk Management Officer, California Credit Union






Working with SWBC, California Credit Union was able to reduce their cost to collect across all stages of the delinquency cycle.






Partnering with SWBC enabled California Credit Union to dramatically increase average call attempts per hour across all stages of collection activity.






Switching outsourced collections providers to SWBC allowed California Credit Union to collect thousands more each month across all stages of delinquency.

In Conclusion

Recognizing how robust SWBC’s service is and the multiple ways that it can streamline their operations, California Credit Union is looking forward to utilizing the other features included in the full suite of services and software. “We are looking forward to using AutoPilot to its fullest potential.”

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