According to data from BillingTree’s 2016 Financial Services Operations and Technology Survey, Cost Reduction was selected as an important area of focus in the credit union industry when it comes to plans for growth and profitability in 2016. What was equally interesting was that the data also showed that these same financial institutions were not planning on adding new technology or payment collection automation.

According to BillingTree’s 2016 Financial Services Operations and Technology Survey, 68.2% of credit unions and small banks take payments over the phone through a staff member. While this kind of personal service is definitely appreciated by the client, that tends to be one of the costliest methods of taking payments.

Property management is a very in-demand service. Management companies deal directly with prospects and tenants, saving you time and worry over collecting rent, handling maintenance and repair issues, responding to tenant complaints and even pursuing evictions. Property managers can be responsible for managing single-family residences, multi-unit apartment buildings, commercial buildings, office and retail space within a shopping center or strip mall and even entire shopping centers.

Today’s connected consumer expects a stress-free path to making payments and servicing their loans. With the advent of mobile devices, the ability to make payments or check their accounts anytime is no longer an additional service for you to offer. It has become a key competitive tool.

Today’s consumers are online and always connected. With the advent of mobile technology and the constant connection with the internet that they supply, consumers have come to expect an “anytime, anywhere” experience when dealing with friends and businesses. This includes paying for purchases, making payments on a debt and doing any kind of financial transactions. As a result, financial service providers can no longer consider Web-based financial technologies as an “additional service”; it is now becoming...

Electronic signatures have become the standard for payment authorizations and debt contracts. Each signed debit or credit purchase signifies a signed contract by the customer, who does not actively think about the contract and obligation for repayment. It is just automatic. So what impact could this have on a collection agency? Quite a bit. Collecting on a debt could involve an electronic funds transfer (EFT) and the consumer could be expecting to use an electronic signature for the transaction. This...

According to BillingTree’s 2016 Financial Services Operations and Technology Survey, member and customer retention is one of the top factors respondents cited as critical to growth and profitability for financial services organizations in 2016.

• BillingTree staff volunteer in annual Creativity Free Arts Day, big thanks to those that helped @FreeArtsAZ