The service allows credit union borrowers to resolve past-due loan payments hassle-free

SWBC is proud to announce its enhanced relationship with FICO® 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:

1. 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.

2. 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.

3. 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.