CCUCC Conference Recap, by Recovery Remedies

PRESS RELEASE

Wrapping up CCUCC 2018 and we are left with both an abundance of insight, and a confirmation that we have aligned our methodology perfectly with the current climate of the evolving Credit Union Collections space.

In talking with the 100+ Credit Union Lending and Collections professionals, there is consensus on several key issues:

Most Credit Unions are slow to change vendors as they have long standing relationships, this is causing a stagnation in revenue streams as accounts are sitting dormant for what should be several recovery cycles.
As Credit Unions look to increase membership and volume, more are offering products to a wider range of customers that may not have qualified in the past.” This can create a higher delinquency, resulting in increased in-house collections and outsourced recovery treatments.
Compliance and brand protection are becoming as important to the recovery process as monetary results, and there is a low confidence factor that most agencies can maintain results while adhering to compliance and valuing brand protection.
The majority of the Credit Union collection piece is underserved with quality outsourcing partners, due in large part to lack of potential volume from smaller Credit Unions.

Though the above mentioned factors seem to suggest a gloomy outlook, the overall sentiment was in fact just the opposite. The Credit Union leadership is ready to embrace the paradigm shift, and are eager to align themselves with like-minded forward thinking outsourcing partners. 2019 suggests a much different direction for Credit Union Vendor Management and agency relationships. Credit Unions are no longer asking for just vacuumed responses, rather they are demanding a higher degree of quality , a legendary platform , brand protection , while still yielding monetary results.

Recovery Remedies Corp. would like to thank all of the CCUCC members that took the time to speak with us , and we would love to hear some conference feedback from the members we did not get a chance to speak with.