SWBC utilized resources in staffing and technology to help Partners FCU increase their collections rates, effectively decreasing the volume of repossessions by 50%. This helped improve both their balance sheet and their bottom line.
SWBC has a high utilization rate, meaning that the time our collectors are at their desk waiting for a dialer to present a call to them is very short. The dialer typically sends more than 100 calls per hour. In Partners FCU’s more manual environment they were capable of getting through about a quarter of that. SWBC’s team of collectors was able to make more calls per hour, creating more opportunities to talk to borrowers and more opportunities to cure the loan.
In addition, SWBC’s right-party connect rate is higher than most providers in terms of the number of borrowers the collections team speaks with. This is due to the efficiency of the dialer technology and because of the fact that the collections agents are calling people when they are home—during the evening and on weekends.
With these improved efficiencies, Partners FCU was able to collect on more loans. With some additional updates to their collections strategy, this increased collections rate had a direct effect on the volume of their repossessions.