How to Win in 2018: New Loan Servicing Strategies
Bruce Newmark, COO of United Auto Credit, in collaboration with Shaw Systems and ACI Worldwide will discuss the new imperatives for loan servicing. Here’s a sneak preview of AFSA’s upcoming webinar.
Each year, you must up your game. Customers are raising their expectations for how they want to do business with you. Lenders have big plans to respond. 94% are rolling out new loan servicing experiences. Loan servicing executives will drive change by:
1. Decreasing risk with collateral protection. New technologies will make it easier for you to track the vehicle and within two days obtain the vehicle, sell it and get a deficiency balance.
2. Raising collector payments by 50%. Like word of “striking gold” spreading quickly and expanding riches from the first few to many more, lenders will implement a three-click call center payment process. Shortening call times with pre-integrated call center and payment processing technology increased collector payments by 50% for the first lender.
3. Closing gap with customer demands. 80% of customers want an easier billing and payment experience from their lender. 2018 will be action packed as lenders add numerous new options, with interactive eStatements as the heart.
Lenders plan to add:
a. Recurring payment – Customers using recurring payments have 50% lower delinquency rates-think debit cards and ACH.
b. Virtual collection agents – Websites that offer all the capabilities of your best collection agents reduce charge-offs by 10%.
c. Personalized messaging – 78% of lenders are interested in delivering personalized messages to customers throughout the billing and payment experience. This opens the door to alert customers of upcoming payments, answer customer questions before they complain and sell new products.
Discover the other major initiatives your peers plan for 2018 on AFSA’s upcoming webinar – Win in 2018: New Loan Servicing Strategies. Register today!
October 26th, 2017 by AFSA