The service allows credit union borrowers to
resolve past-due loan payments hassle-free
SAN
ANTONIO and BOZEMAN,
Mont., Nov. 19, 2024 /PRNewswire/ -- SWBC, a
diversified financial services company, is proud to announce its
enhanced relationship with FICO®, a global analytics software
company, by introducing a comprehensive managed collections service
integrated with FICO's omnichannel customer communication
capabilities. This marks a significant milestone in revolutionizing
debt management solutions and enhancing borrower experiences.
The newly rebranded service, now known as Preferred Collect™, is
an innovative, white-labeled solution that allows borrowers to
resolve past-due loan payments easily and conveniently through
digital communication, empowering clients with seamless
communication across multiple channels. The integrated software
offers three distinct options tailored to meet clients' diverse
needs while leveraging FICO's cutting-edge technology.
This approach to consumer credit repayment uses text messaging,
email, Interactive Voice Response (IVR) technology, self-service
web portal, and live agents to engage with borrowers effectively
and personally. By fostering better engagement, this approach aims
to improve success rates in consumer debt repayment efforts. These
communication channels also help to streamline the debt repayment
process, minimize risks, and optimize collections strategies for
improved outcomes.
"Preferred Collect represents a significant advancement in debt
management solutions, combining our expertise with FICO's
industry-leading technology," stated Jeff
Mortenson, Senior Vice President of Contact Center Products.
"This collaboration allows us to offer our clients unparalleled
flexibility, insights, and efficiency in their collection's
efforts, ultimately driving better outcomes and improving borrower
satisfaction."
Key features of Preferred Collect include:
- Flexible Options: Clients can choose from three
comprehensive collections options designed to suit their specific
requirements, enabling them to customize their approach and
maximize results.
- Advanced Data Analytics & Performance Management:
Through SWBC's Reporting Portal, clients are able to see the
effectiveness of their collections strategies while gaining
actionable insights that enable result optimization.
- Enhanced Borrower Experience: Utilizing FICO's
omnichannel platform enables efficient and personalized
communications with debtors, enhancing the overall borrower
experience and increasing the likelihood of successful
payment.
"We are excited about our collaboration with SWBC through
Preferred Collect as it presents a significant opportunity in
consumer debt repayment," said Alexandre
Graff, Vice President for Global Partners & Alliances at
FICO. "By combining their collections strategy development and
operational expertise with our omnichannel customer communication
capabilities, we are confident that this solution will enable
lenders to collect more outstanding debt while making the process
easier and less stressful for borrowers."
For more information about Preferred Collect, contact us
HERE.
About SWBC
As a diversified financial services
company, SWBC provides financial institutions, businesses, and
individuals a wide range of insurance, mortgages, wealth
management, employee benefits, and more. Headquartered in
San Antonio, Texas, SWBC has
partners and divisions across all 50 states and manages business
around the world. No matter how wide its reach, SWBC always listens
to our customers' needs, analyzes their current situations, and
recommends customized solutions. For more information about our
innovative approach to personalized service, visit SWBC's website
at www.swbc.com.
About FICO
FICO (NYSE: FICO) powers decisions
that help people and businesses around the world prosper. Founded
in 1956, the company is a pioneer in the use of predictive
analytics and data science to improve operational decisions. FICO
holds more than 200 US and foreign patents on technologies that
increase profitability, customer satisfaction and growth for
businesses in financial services, insurance, telecommunications,
health care, retail, and many other industries. Using FICO
solutions, businesses in more than 100 countries do everything from
protecting 4.6 billion payment cards from fraud, to
improving financial inclusion, to increasing supply chain
resiliency. The FICO® Score, used by 90% of top US lenders, is the
standard measure of consumer credit risk in the US and has been
made available in over 40 other countries, improving risk
management, credit access and transparency.
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SOURCE SWBC
