SWBC Launches Preferred Collect™ with FICO®

Rhea-AI Summary

SWBC has announced an enhanced partnership with FICO to launch Preferred Collect™, a comprehensive managed collections service integrated with FICO's omnichannel communication capabilities. The white-labeled solution enables borrowers to resolve past-due loan payments through multiple digital channels, including text messaging, email, IVR technology, self-service web portal, and live agents. The service offers three distinct options and features advanced data analytics through SWBC's Reporting Portal. This collaboration aims to streamline debt repayment processes, minimize risks, and optimize collection strategies while improving borrower satisfaction.

Positive

• Strategic partnership with FICO enhances SWBC's technological capabilities
• Introduction of multiple digital communication channels for debt collection
• Implementation of advanced data analytics for performance tracking
• Customizable solution with three distinct service options

Negative

• None.

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

SAN ANTONIO and BOZEMAN, Mont., Nov. 19, 2024 /PRNewswire/ -- SWBC, a diversified financial services company, is proud to announce its enhanced relationship with FICO®, a global analytics software company, 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.

About SWBC
As a diversified financial services company, SWBC provides financial institutions, businesses, and individuals a wide range of insurance, mortgages, wealth management, employee benefits, and more. Headquartered in San Antonio, Texas, SWBC has partners and divisions across all 50 states and manages business around the world. No matter how wide its reach, SWBC always listens to our customers' needs, analyzes their current situations, and recommends customized solutions. For more information about our innovative approach to personalized service, visit SWBC's website at www.swbc.com.

About FICO 
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail, and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4.6 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.

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SOURCE SWBC

FAQ

What is SWBC's Preferred Collect™ partnership with FICO?

Preferred Collect™ is a managed collections service that integrates FICO's omnichannel communication capabilities to help borrowers resolve past-due loan payments through digital channels including text messaging, email, IVR, web portal, and live agents.

What features does SWBC's Preferred Collect™ offer?

Preferred Collect™ offers three customizable collection options, advanced data analytics through SWBC's Reporting Portal, and enhanced borrower experience through FICO's omnichannel platform for personalized communications.

How does SWBC's Preferred Collect™ improve debt collection?

It improves debt collection by providing multiple communication channels, streamlining the repayment process, minimizing risks, and optimizing collection strategies through advanced data analytics and personalized borrower engagement.