What’s so hard about Hardship Assistance?
With delinquency on the rise, it’s more important than ever to help members stay out of collections. Throughout RuthAnn Rigges' 20-year career in financial services, she’s been passionate about doing just that. With experience managing collections departments at large and small organizations, RuthAnn has been successful in transforming the loss mitigation experience for borrowers and staff.
During this session, Riggs will share best practices about what steps credit unions can take to set up fair and equitable hardship assistance programs and make them widely available to credit union members while mitigating credit risk.
Creating hardship assistance programs that are fair, equitable, easily managed and can stand up to regulatory scrutiny.
Deliver Unparalleled Member Experience
Strategies for recognizing types of financial hardship and appropriate programs for each type, while staying hyper-focused on member experience and continuous improvement that will achieve business success.
Developing a Board-Approved Policy for Hardship Assistance
Create a hardship assistance policy to create approval parameters, decreasing decision time to get solutions to members faster. Tips for reporting on program outcomes to validate the policy.
Empower frontline reps
By streamlining all processes to emulate self-service channels, front-line representatives can feel confident that they are providing the right solution to address members’ specific needs.