Default Risk: Cash-Strapped Members Need Proactive Hardship Assistance
December 4, 2023
A free webinar brought to you by CUNA Strategic Services and Constant.
Featured Speakers: RuthAnn Riggs and Catherine Powers
With rising costs and unemployment, escalating borrowing rates, and dwindling savings, credit union members face the very real threat of not meeting their financial obligations, including loan repayments.
The best way to keep a member out of collections is to make sure they never fall behind on payments in the first place. It’s especially important now that hiring and retaining experienced, empathetic collectors is difficult, and the old methods of contact aren’t working. Credit unions offer proactive assistance during severe storms and natural disasters and should consider extending similar programs to their members in the current environment.
It's human nature to remember who helped when times were tough. In this webinar, we'll explore:
- Creative programs to help members who are struggling financially
- How to keep members current without overwhelming your back office or hiring new employees
- The importance of enabling members to self-serve: preserving their dignity by avoiding uncomfortable discussions about their financial hardship
Constant's executives, experienced in managing billions in retail debt, grew frustrated with legacy core system constraints and manual operations. They boldly transitioned loan servicing from manual to digital self-service, reshaping the operations landscape. Constant’s mission is to empower members to self-serve online and help credit unions grow through meaningful interactions with their members.