4 Keys to Quality Borrower Interactions

Communication with your borrowers is what keeps your business humming along. Whether it’s account updates or payment due date reminders, regular communication with borrowers builds loyalty and improves successful debt collection rates.

Use Personable Communication

Avoiding scripted or robotic messages and taking a more human approach to communication elevates borrower experiences from merely being a business transaction to a long-term relationship.

Personalizing messages with information unique to the borrower is a great way to show your investment and interest in them. Dale Carnegie said, “A person’s name is to that person sweetest and most important sound in any language.” Personalizing communication with the borrower’s name is an easy way to acknowledge and make sure customers feel special. We offer great options for setting up variables to use borrower data to create highly personalized messages with very little effort. Read on to learn about communication tools we offer that can help your business.

Keep Interactions Positive

Money is a sensitive topic especially when it comes to debt collection. Making an effort to be positive and friendly in every interaction no matter how difficult the conversation goes a long way. When encountering difficult situations let your borrower know you’re on their side and work with them to find solutions to problems.

Routinely Reach Out

We’ve all had that friend that only calls when they need something, and that never feels good. Reach out long before bills are due and seek opportunities to interact. Keep an ongoing dialogue with your borrowers. Reach out to new account holders, and make sure they’ve had all their questions answered. Perhaps sending a birthday greeting would be well received. Routinely send borrowers information about events and financing options or offers they may not be aware of.

Give Borrower’s a Way to Talk to You

Communication is a two-way street. Having accessible and well-advertised contact methods for your borrowers is key to knowing what needs your they may have that you can meet to improve their overall experience with your business.

Whatever method or platform you communicate with your borrowers on, be sure to acknowledge and respond to their messages in a timely manner, so they know you take their needs seriously.

We provide tools for financial institutions to reach out to borrowers via text messaging, emailing, or sending letters. All these options make it simple to contact your borrowers and better meet their needs.

Sending a Text or Email to a Borrower

Using our loan management software, users can right-click in any gray area on a screen to send a text or email to the borrower, as shown below:

This will pull up a window where you can select a text/email template for your message to the client. You can also select a wrapper, which is used for emails that include a header or footer with your company’s logo and contact information in the email. You may also have the option to type a message or part of a message yourself, depending on your institution settings.

You’ll notice variables such as FIRST_NAME or LOAN_DUE_DATE in the above image. GOLDPoint Systems account managers can help you set up variables custom to your institution to allow you to quickly and easily personalize texts and emails to customers with relevant information to them.

With the recipient and phone number or email address selected, you can click Queue Message in the right-corner of your screen to send the message.

Sending Letters to Your Borrowers

Our software can be set up to create mailings for borrowers through the Collection Queues system and in conjunction with Mail Merge in Microsoft ® Word.

To send letters, you’ll need to access the Queues Collection Collection Queues screen in CIM GOLD. With your established queues, you can send letters to entire groups of borrowers. Learn about different options for setting up these queues in this post.

From your selected queues you can create Mail Merge Letters to a queue of selected contacts. Full instructions on how to set up a Mail Merge through Collection Queues can be found here.

Good customer relationships are the backbone of a strong business. And we know that our software can help build and manage great borrower relationships.