Is Your Financial Institution Prepared for the Surge of Delinquencies Caused by the COVID-19?

on Tue, May 26,2020 @ 07:45 AM | By Kristina Quinn | collections debt collection xpresscollect
Summary   The COVID-19 pandemic has changed virtually everything about the way we live our lives. With many states being under a shelter in place order for almost two months, unemployment has skyrocketed. This blog examines the potential financial ramifications and how that will cause an increase in delinquencies. This blog covers:   The state of unemployment and projects the possible peak.   The current state of consumer debt and what lenders need to keep an eye out for.   How to prepare by implementing proper collections processes.   Read More:
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5 Must-Have Components within a Debt Collection Process

  One of the major concerns collections managers are facing right now is keeping up with rising delinquency rates. Banks and credit unions can empower their collections teams by providing them with robust software solutions, such as those offered by MeridianLink.   But how can you ensure you have software that makes your team as effective and as efficient as possible? Here are some core components to look for: Automated workflow Seamless integrations Easy-to-navigate user experience The ability to make custom queues Web-based application Learn more about the keys to effective debt collection software.
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