FAIRWINDS CU engaged SWBC to help them overcome their collections challenges. “There were a few motivators for choosing SWBC: Calls are made after-hours and weekends; they use better technology to streamline the collection process; and we gain access to an experienced, dedicated collection staff. SWBC was also a lower cost alternative to hiring or replacing internal employees,” said Steve Plotkin, Vice President of Collections at FAIRWINDS CU.
Since that time, FAIRWINDS CU has fully integrated the suite of SWBC risk management products into the credit union. “We utilize the full suite of risk management programs including Payment Processing, Collateral Protection Insurance Programs (CPI & Lender-Placed Insurance), Asset Recovery, and Collections. SWBC is a key strategic partner of the credit union,” said Plotkin.
By using SWBC’s collection services, FAIRWINDS experienced a substantial decrease in delinquency. In 2013, their delinquency rate was 2.30%, and by 2018, it had decreased to 0.59%. “More importantly, our asset quality has improved from 3.70% to 0.75% in the same time frame,” said Plotkin.