DigitalMailer has found a new way to save credit unions money by cutting out print and postage, reducing man-hours and increasing customer response.

As mentioned in the CU Times article "Northwest FCU Cuts Delinquencies, Costs With E-Mails", DigitalMailer helped Northwest Federal Credit Union come up with a new way to reach members who were behind on their loan payments.

From the article:

The credit union had over 55% of its member’s e-mails on file and implemented a new policy that required members taking out a loan to provide a valid e-mail address.

The credit union works with DigitalMailer on other digital communication products, so [Cindy Cherry, Northwest’s collection manager] approached the provider with the problem.

"I listened to the problem and thought with that number of e-mail addresses, they could stop or knock out a lot of the accounts before they got to the 15-day mark," said Ron Daly, president/CEO of DigitalMailer.

"This is technology that bank and credit card companies have used for years, it’s just about getting credit unions to start using it."

Northwest’s success was self-evident. Of 1,605 collection e-mails sent, 845 members have paid before the 15-day delinquency mark. They were able to find bad e-mail addresses and follow up with members who had missed their notification. Even though the number of delinquencies is still high for Northwest, the process of dealing with them is getting faster, more affordable, and more effective.

DigitalMailer can do the same for you!

Are you dealing with a high volume of delinquencies and limited collection resources? The DigitalMailer Automatic Relationship Builder can give you:

• Accurate reporting of e-mail opens, click-throughs and forwards
  
• Easy-to-use template creation system
  
• Easy list management
  
• Fast, reliable delivery

DigitalMailer is offering a new FREE webinar:
Just a Reminder...How to make collections faster, easier, and more affordable

that explains collections email in depth. Visit the webinar page on our website for information and to sign up for the debut webinar on November 16.

To get started with collection e-mails, contact DigitalMailer today at info@digitalmailer.com or at 866.994.4900 ext. 115.

Labels: Collections, Credit Union News, Credit Union Tech, email, Loans

Click Here to Read the Full Version of "Just a Reminder..."