How credit unions can prevent revenue loss in 2021

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Anthony Fattore Anthony Fattore is an Arizona-born writer, currently working on multiple novels, short stories, and articles. For now, he pays the bills with content creation. He studied English Literature at Northern … Details It often feels counterintuitive for financial institutions to write off bad debts. After all, a loan portfolio is an asset to any financial institution’s future revenue. Also, if a financial institution cannot practice debt collection effectively, how can other businesses follow suit?With more people losing their incomes due to this pandemic, credit unions have asked themselves this same question.The ProblemThese days, lending organizations are facing more regulatory scrutiny than ever before. As a result, operating costs and risk has gone up. Margins are tighter, and regulation has increased. So, if debtors don’t make payments, the situation looks bleak. The skyrocketing number of past due debts has exacerbated the problem, and the future becomes more and more unclear as to whether businesses will recover.An environment now exists where practices surrounding debt collection need to change to accommodate this increased risk. Yet, if collection practices are aggressive, the possibility of breaking the compliance regulation exists, not to mention the sheer reluctance to pay.How can financial institutions resolve this problem?Every financial institution has in place a reserve for bad debt. However, the traditional solution of writing off bad debts after 90 days is just not acceptable anymore. So, what can companies do? In the end, it comes down to making it easier to make payments while also analyzing the previous behavior.The SolutionToday, financial institutions’ tight margins mean it is essential to take a different approach toward mitigating risk. Intelligent analytics could prove to be important in this respect. It’s possible to identify patterns and avoid a higher percentage of risk by analyzing previous payment behavior. This allows companies to develop new strategies and make a more accurate forecast of incoming revenue. The latest predictive analytics and machine learning can optimize revenue recovery.It can do this by helping to determine the debtors who have the greatest likelihood of paying. This allows a company to put in place a more efficient accounts receivable management system. Our software will enable businesses to create custom reporting to choose what data is most important to them.Improving Payment SystemsWhile intelligent analytics have a role to play, making the process of paying easier is the right solution. The more difficult it is to make payments, the less revenue a company will receive. This is the reason why it is paramount to find the right card services for credit unions.Credit unions and other smaller financial institutions need to increase the number of ways in which people can make payments. By relying on paper checks, the chances of receiving monies owed on time dwindle dramatically. In the modern world, institutions that fail to utilize the internet are on a losing streak. They will lose out to competitors that can offer the facilities and systems that consumers demand.Streamlining the payment process is key to this. By offering IVR systems and web portals, institutions cater to the needs of today’s consumers. These systems make it easy to use preferred payment methods. They also allow debtors to make payments at a time and location to suit them. By merely facilitating easy payments, the chances of receiving timely payments increase.In short, data suggests providing more convenient payment methods to your members is the easiest way to increase on-time payments in general.How BillingTree Can HelpBillingTree offers cutting-edge payment solutions for financial institutions. By providing advanced card services for credit unions, we simplify the process of making payments. No longer do credit unions, and small financial institutions need to write off bad debts. By taking steps to streamline the payments system, the process of debt recovery becomes simpler. Not only can financial institutions increase their revenue, but they can also maintain their brand integrity. Your member’s safety should take priority, so it only makes sense to couple that with convenience. By utilizing contactless forms of payment, you’re setting yourself up for success in 2021 and beyond. To learn more about what BillingTree can do for your business, schedule a free demo today! This post is currently collecting data…center_img This is placeholder text last_img read more

Moses manager threatening Spurs, Chelsea transfer plans

first_img Loading… Inter Milan are ready to rumble the transfer plans of Chelsea and Tottenham. Antonio Conte could be about to get one over on his former club Chelsea and Tottenham as Inter Milan look to secure three deals this summer, says Gazzetta dello Sport. Chelsea want to sign Dries Mertens on a free transfer, but Inter are keen to snatch the 32-year-old away from the Blues on a free transfer.Advertisement Spurs could be also be affected by the Italian outfit’s transfer business as it is claimed they will move for Thomas Meunier, who will become a free agent this summer from PSG. read also:Moses manager Conte missing COVID-19 test And Conte also wants to raid Tottenham to lure Jan Vertonghen to the San Siro this summer. FacebookTwitterWhatsAppEmail分享 Promoted Content9 Most Disturbing Movie Dystopias20 Completely Unexpected Facts About ‘The Big Bang Theory’10 Risky Jobs Some Women Do7 Universities In The World With The Highest Market Value11 Most Immersive Game To Play On Your Table Top14 Hilarious Comics Made By Women You Need To Follow Right NowThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreWho’s The Best Car Manufacturer Of All Time?6 Great Ancient Mysteries That Make China Worth VisitingTop Tastiest Foods From All Over The WorldReal World Archaeological Finds That Would Stump Indiana Jones7 Ways To Understand Your Girlfriend Betterlast_img read more

Sororities increases spring recruitment

first_imgPanhellenic sororities participating in continuous open recruitment have extended bids to 64 women this semester. This number shows a significant increase to the amount of women who have chosen to participate in COR.“This is the first year we’ve seen such large numbers, which can be attributed to more chapters participating in COR,” said Panhellenic President Caroline Cannan. “Last year we had 39 bids, so we’re hoping for a full double.”COR is an informal recruitment process that takes place during the spring and provides transfer and spring admits a chance to rush for a sorority without having to wait for formal recruitment in the fall.After formal recruitment was held last fall, chapter totals were increased by National Panhellenic guidelines, allowing several houses the ability to expand. As a result, six out of 12 sororities are participating in continuous open recruitment this semester.“It’s up to the individual chapters how they pursue [recruitment],” Cannan said. “Some have hosted more publicized formal events while others choose to get to know girls in a very individualized process.”This semester, recruitment events have ranged from larger activities, such as cookie-decorating parties, to one-on-one outings for coffee or lunch, depending on each chapter’s approach to COR.Cannan explained that informal recruitment provides a more relaxed alternative to fall recruitment.“Fall recruitment is a very formalized system where girls visit every house and narrow down day by day, whereas informal recruitment is much more relaxed since you can reach out to the houses that you see a potential fit in,” Cannan said.Melanie Allegretti, president of Sigma Delta Tau, joined her house through COR and explained that she has found that the less formalized structure brings in several girls each spring. Sigma Delta Tau has extended 14 bids this semester and plans to have a second round of COR in the coming months.“We love finding more girls with similar values and ideals, so if we can increase our chapter size, we can make a bigger difference in things like philanthropies and making connections,” Allegretti said. “COR is a really fun way to engage with new people on a one-on-one level. I actually met my little through COR last semester.”New members through COR receive “big sisters” and go through the same general initiation process as individuals who go through formal recruitment. Later in the semester, new members are initiated according to national guidelines so that they are eligible to recruit new members formally by the next fall.Over 1,000 women participate in formal recruitment each fall, but the opportunity to go through informal recruitment is not as widely known.To promote COR this year, Panhellenic had representatives at the orientation for spring admits and transfer students to compile a list of women interested in COR, which they gave to eligible chapters. They also answered questions at the involvement fair and sent letters to incoming women about the chapters participating in COR.“Some girls decide they want to wait [until formal recruitment] and go meet every single chapter, but I encourage those who are even a little open to COR to check it out,” Cannan said. “You never know what connections you’ll be able to make, and if it doesn’t work out, you can always wait.”last_img read more