Are you ready for it? (Delinquencies, that is)
This just out: Americans now owe a collective $1.13 trillion on their credit cards.
So, what are financial institutions doing to solve this growing challenge?
Organizations that effectively support their customers to achieve greater financial health and make repayments all have one thing in common: they’re using SpringFour. Here’s why:
SpringFour’s technology was incredibly quick and easy to adopt. It naturally fits into our collections processes and systems with minimal training needed…
The results have been remarkable on multiple fronts. We’ve referred over 800,000 customers to SpringFour resources, with food bank assistance being one of the most utilized options.
Clients who accept help have fewer future delinquencies, defaults and losses. And we’ve quantified multi-million-dollar savings from avoided losses for both consumers and BMO.
But some of the most valuable benefits are less tangible. When we proactively stand by customers during difficult times, they remember us when things improve and direct more business our way.
By connecting consumers to vetted financial resources, this B-Corp enables consumers to meet their financial objectives, reduce household expenses, and avoid payment delinquencies. It’s a win-win solution, and one that is much needed.
Typically when customers are struggling with repayments, they are experiencing distress and maybe even trauma. It can be difficult for these families to hunt for resources, including payment assistance and social support programs. Financial institutions have the opportunity to become a trusted resource, putting people’s financial health front and center, in good times and in bad. That is a strategy that will truly pay off for all.
SpringFour is synonymous with impact — for organizations and their customers. That’s why we kicked off the year by winning the Real Leaders Impact Award, which recognizes top companies that are scaling solutions to meet pressing issues.
We were also excited to join Theodora Lau for a great conversation on One Vision Podcast. She says it best:
“How do you build a customer-centric financial institution? Being hyper-focused on your customers’ needs definitely tops the list. Especially in an environment where financial uncertainty is keeping many consumers up at night, banks are in the best position to act as an empathetic and trusted partner for those in need.”
SpringFour can help you address delinquencies quickly, efficiently — and with empathy. SpringFour is a proven and effective delinquency solution. Our data and client list speak for themselves. Don’t get left behind.
Connect with us at impact@springfour.com to get started.
Thank you,
Rochelle Nawrocki-Gorey
CEO & Founder, SpringFour
Awards and Recognition
