Credit unions: Once in a millennial opportunity

first_imgby: Jason VitugAs a millennial, I know we have lots in common with our grandparents. Our grandparents wanted simplicity, trustworthiness and personal connection when dealing with their finances. Millennials are no different, except we call those wants as technology, brand recognition and social networks. The words used may have changed, but what we seek is no different.During the coming of age of Traditionalist and Boomer generations, consumers were looking for alternative creditors and banking with a personal touch. This is exactly what millennials are doing today. We’re seeking alternative ways to save and obtain credit. We also want a personal connection with the companies that provide those services.Why hasn’t Moven or Simple become mainstream like Lending Club, Uber and AirBNB? Because these “bank disruptors” haven’t effectively communicated how they can help millennials achieve life goals. Lending Club provides an outlet to help someone financially with a potential for greater return. Uber has given us an option to not own a car but still empowered to get to our destination and AirBNB has provided the opportunity for us to travel more affordably.For our grandparents’ generation, credit unions offered the common person credit that helped them achieve the American dream. continue reading » 18SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

The credit union’s 3-step guide to resolving delinquent accounts

first_imgIt’s safe to say that the collections business has evolved. Not only the technology that lenders use to collect a debt and reach borrowers—i.e. the migration from land lines to cell phones—but consumers have evolved as well. They are more knowledgeable about their rights; by doing a simple online search, they can find out all of the intricacies of the CFPB, TCPA, and FDCPA.And while delinquencies are not what they once were thanks to an improved economy, America, and in turn, lenders, are not completely financially stable and immune from delinquency issues. Although the median household income has improved with economic expansion over the last six years, it is still down 4.5% from what it was shortly after the Great Recession began in January 2008, according to Advisor Perspectives. The fact is many families are still struggling, and 34% say that, financially, they are worse off than they were before the recession.So, how do collectors overcome objections from more sophisticated delinquent borrowers, and find a solution that both the borrower and the lender can accept? The goal should be to find a mutually beneficial solution that minimizes your credit union’s loss, while building and preserving rapport with troubled borrowers. While there is no silver bullet to collections, and every borrower situation is unique, I believe this three-tiered approach is a good roadmap to help collectors be more successful.Step One: ResearchBefore you speak to a borrower, you should do your homework. Knowing the borrower’s payment history will give you an idea of how to approach the situation. Do they have a history of late payments and NSFs? Pull their credit report to find out if they are paying their other bills, have escalating debt, an increase in delinquencies, or if they are using a higher percentage of their credit lines. Having a better picture of your borrower’s situation can help you get to the bottom of the matter more quickly when you do get on the phone with them. If your borrower is in financial trouble, you want to be able to have as many facts as possible so that you can work together to find a solution.You might also be interested in The Top 8 Characteristics of Successful Collection Agents.Step Two: Effective CommunicationNow that you have some background information on your borrower, you’re ready to talk to them and have them tell you their story. When you are talking to your borrower, utilize effective interviewing techniques—ask them questions to help validate an accurate reflection of their current situation. Ask open-ended questions and avoid questions that can be answered with ‘yes’ or ‘no.’ The key is to keep them talking and give yourself an opportunity to listen carefully and observe clues that will help you determine the root cause of delinquency.Step Three: “Close the Sale”Collections is a lot like sales, and it’s important for the collections department in your organization to have a strong sales culture. In order to do this, like other sales positions, it’s important to build rapport and trust with each debtor in order to build a collaborative relationship with the goal of establishing a solution. There are five steps to sales success:Listen to gain an understanding of the debtor’s situation.Listening to your borrower’s situation will help to build the trust and rapport that is so essential to a successful relationship.Use a persuasive sales approach to encourage them to arrange payment.Most collectors can anticipate common objections, so be prepared and have your responses ready to go.Communicate the advantages and benefits of paying you.   Why should your debtor pay you before one of their other financial obligations? What’s in it for them? Be prepared to communicate this benefit.Negotiate a successful outcome.The best negotiators focus more on what they can do for their audience than themselves. Negotiation is more about listening than talking, being respectful, and focusing on a common ground. You may ultimately want to get a full payment, but use your best negotiation techniques to get some form of payment—even if it’s just a partial—because after all, something is better than nothing, and your flexibility will go a long way with building that all-too-important rapport with your borrower.Close the sale.Before you get off of the phone, gain a commitment from your borrower and “close the sale.” Whatever the agreed upon terms are, make sure you collect payment, notate their promise to pay, or schedule their future date payment.While the collections business has in fact evolved with modern technology, the goal is still the same—creating win-win solutions for both the lender and the borrower. Learn how one of our clients, Rivermark Credit Union, was able to reduce delinquencies and improve right-party contact rates by outsourcing their collections. Click here to download our case study today! 67SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Daniel Boozer Dan Boozer joined SWBC in January 2010 and is the Vice President of Collections for AutoPilot Services.Prior to working at SWBC, Dan served as the National Manager for Customer … Web: Detailslast_img read more

Dirty dozen targeted

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Activists slam KPK for discussing raise for leaders amid declining public faith

first_imgAntigraft activists have criticized the Corruption Eradication Commission (KPK) for discussing a salary increase for its leadership even as polls show declining public faith in the antigraft agency.KPK spokesperson Ali Fikri said the KPK had conducted a virtual meeting with the Law and Human Rights Ministry on May 29 to discuss a revision of the government regulation on the salaries of the KPK chairman and his four deputy deputies.Ali said the KPK did not initiate the meeting to discuss the raise. “Out of respect for the invitation [from the Law and Human Rights Ministry], we attended the meeting and delivered the chairperson’s direction that the discussion be left entirely to the government whether the preparation [for the salary raise] will continue,” Ali said in a written statement on Tuesday.Nevertheless, the antigraft watchdog Indonesia Corruption Watch (ICW) criticized the fact that the KPK had discussed the raise directly with the ministry as it posed “huge potential for a conflict of interest.”ICW activist Kurnia Ramadhana said that any salary increase would not be proportional to their performance, citing a recent survey from Jakarta-based pollster Indikator Politik Indonesia that found that public faith in the KPK had declined by seven percentage points to 74.3 percent compared with 81.3 percent in February.“The decline in public trust cannot be separated from the leadership of [KPK chair] Firli Bahuri, which has been severely lacking in achievement. The public has seen too many controversies from the KPK,” Kurnia said in a written statement published on Tuesday. Read also: 100 days of blunders: Watchdog slams new KPK chairman’s performanceHe added that the salary should not be raised during the COVID-19 outbreak.“As public officials, the KPK leaders must understand and realize that the handling of the COVID-19 outbreak requires an enormous allocation of funds, so now is not the time to think about yourself with this request for a raise,” he said.Kurnia urged KPK leaders to publicly reject the pay rise deliberation, adding that the raise should be given to the next elected chair and commissioners if discussions were to continue.Government Regulation No. 82/2015 stipulates a monthly income of Rp 123.9 million (US$8,783) for the KPK chair, comprising a Rp 5 million base salary and Rp 118.9 million in benefits. The four deputy chairs each receive Rp 112.6 million monthly, consisting of a base salary of Rp 4.6 million and Rp 108 million in benefits.Topics :last_img read more

Wednesday people roundup

first_imgEaton Vance Management, Goldman Sachs AM, PFA, BNP Paribas Investment Partners, JØP, Aries Pension & Insurance SystemsEaton Vance Management – Edward Perkin has been hired away from Goldman Sachs Asset Management by Eaton Vance Management (EVM). He will become EVM’s chief equity investment officer at the end of April. At GSAM, Perkin was CIO for international and emerging markets equity, and a managing director based in London. At EVM, he will report to Thomas Faust, chairman and chief executive of EVM’s parent Eaton Vance. Perkin replaces Duncan Richardson, who retired at the end of October last year, and Faust, who filled the role since Richardson’s retirement.PFA Pension – Group director Anne Broeng is leaving PFA Pension, the company said, to look for new challenges. Broeng will remain available to the pensions provider until the annual general meeting on 23 April, and ensure the transfer of her duties to the other directors – Henrik Heideby, Lars Ellehave-Andersen and Jon Johnsen, the firm said. Broeng has worked at the PFA group for 12 years and been a member of its management team since the autumn of 2009.BNP Paribas Investment Partners – Kate Hudson and Gaurav Tandon have been hired by BNP Paribas Investment Partners (BNPP IP) for its institutional marketing teams. Hudson will take on the role of head of European institutional marketing, and Tandon will be a digital specialist. Hudson, who will be based in London, has previously worked for Prudential Group, AIG Investments and Pinebridge Investments. Tandon, meanwhile, joins BNPP IP from HSBC, where he was a senior digital marketing manager.  JØP – Agnete Raaschou-Nielsen is stepping down as chairman of the Danish lawyers and economists’ pension fund JØP at the annual general meeting in April. She will be replaced by Anders Eldrup, who was previously a head of department at the Danish Finance Ministry and managing director of Danish utility DONG Energy. Raaschou-Nielsen has been chairman of JØP since 2009. Aries Pension & Insurance Systems – Helen Sudell has been appointed as pensions technical consultant at Aries Pension & Insurance Systems. In her new role, she will write and maintain legislatory updates for the Aries Pensions System, research areas for the system to cover and help members with technical queries, the company said. Sudell has previously worked at the Inland Revenue’s Superannuation Funds Office, Mercer and Incomes Data Services.last_img read more

ABN Amro scheme expects ‘limited effects’ from Brexit

first_imgABN Amro’s Dutch pension fund expects only “limited effects” to the services provided to the €29bn scheme by UK asset managers and banks when the UK leaves the EU.In an update on its website, the ABN Amro Pensioenfonds said it had assessed three scenarios to measure the impact of Brexit on asset management contracts, assuming that UK managers continued to comply with the requirements for service provision in the Netherlands.The pension fund assessed the possibility of a mutual agreement on supervision between the EU and the UK, allowing UK providers to continue their operations in the EU. It also analysed a scenario in which UK providers requested permission from individual EU member states.It also examined the potential effects of UK asset managers and banks setting up EU-based entities to enable them to continue their services with a European passport from this base. UK and Dutch regulators to increase co-operation ahead of Brexit The FCA and DNB signed a joint agreement in June to formalise a partnership aimed at protecting and enhancing the integrity and stability of the financial systems in both countriesMoody’s: No-deal Brexit ‘manageable’ for EU asset managers The credit strength of asset managers in the UK and the remaining EU countries would not “materially” weaken in the event of the UK leaving the bloc without a withdrawal agreement The ABN Amro scheme said it had developed a step-by-step plan to manage all processes, starting with taking stock of all suppliers likely to be affected by Brexit.It subsequently consulted with all affected parties to ensure service provision could continue under every Brexit scenario, and made backup plans in case services unexpectedly could not be provided.The pension fund said possible turbulence in financial markets was among the biggest risks for pension funds. It specifically cited market volatility, the value of sterling and the ability to settle transactions.Renegotiations of trade treaties between the UK and the EU could also affect investment and payment services, as well as transaction documentation, the scheme added.It also said that the European Payments Council (EPC) expected little change in the money transfer system it used to pay benefits to a small group of UK-based pensioners.The system is likely to become similar to those used by non-EU members Norway and Switzerland, the ABN Amro scheme said.The UK is due to exit the European Union on 31 October.Further readinglast_img read more

Ashley frustrated with Newcastle sale delay

first_img The Evening Chronicle says Ashley is believed to have been left frustrated after another week of no progress on the takeover front. The Toon owner was hoping for some type of guidance on where the deal was as it stretches into the third month. He is ready to seek clarity from the Premier League to find out exactly why the owner’s and director’s test has taken TWICE as long as normal when it comes to the sale of a top-flight club.Advertisement However, he is now reaching the point where he will have to sanction financial plans for the 2020/21 season and give club staff an indication of his plans for the club in the next few months. Ashley has been in the United States during the lockdown but has still been tackling day to day business on the retail front and has been working on UK time to attend video conference meetings. read also:American tycoon prepares Newcastle bid as Saudi takeover falters The hold-up is a combination of time taken for top-flight staff to set up Project Restart as well as the longstanding piracy row as Premier League chiefs look to determine the link between beoutQ and the would-be backers from Saudi Arabia. The results of the World Trade Organisation’s investigation into piracy will also be revealed next week with answers on who is responsible for pirate service beoutQ set to be made public. FacebookTwitterWhatsAppEmail分享 Newcastle United owner, Mike Ashley, is frustrated over delays regarding the club’s sale.center_img Loading…last_img read more

GFF President Forde’s views on Guyana’s historic Gold Cup debut

first_imgQuestion – Describe how you felt seeing your team take the field against the United States?Wayne Forde – It was an unforgettable moment that will remain with me for the rest of my life. To hear our National Anthem being played before the 19,000 + fans who were in attendance, most of whom would have heard of Guyana for the first time and the millions watching from around the world, was truly a solemn moment of national pride.This was nothing short of a remarkable opportunity for our country and football, which has set in motion an avalanche of International goodwill towards the sport. On June 18, 2019, Guyana announced its presence to the global football community with a commanding performance against the second strongest team within our Confederation. We now have to build on this visibility and maximize the commercial opportunities it will generate in the coming months and years.Question – What are your thoughts on the team’s performance against the defending champions?Wayne Forde – The Golden Jaguars earned tremendous international respect by demonstrating that we have the quality to play at this level. I am very proud of the players, Coach Michael Johnson and the entire technical team.We were never under any illusion about the quality of the US team despite their poor form recently. The plan was to play positive football to prove to the world and ourselves that we can compete at this level. Anyone with an honest pair of eyes would agree that the final scoreline did not represent the true story of those historic 90 minutes.The USA Senior Men’s National Team’s annual budget is 100 million US Dollars. Their technical staff comprise 40 professionals, they travel around in a private jet and the list goes on. This is simply the cold reality of what we competed against on June 18.Question – Do you believe we have the players to push for the 2022 FIFA World Cup?Wayne Forde – I am confident that we now have the quality of players and the professional setup to pursue any goal. Once the programme becomes fully commercialized and self-sustaining, we will be able to accelerate the activity level of the team. While these are early days and a lot of learning and networking is taking place, we have to remain optimistic.The GFF has set itself two difficult goals, the first being to qualify for the Concacaf Gold Cup – that box has been checked off; and the second goal is to qualify for the 2026 FIFA World Cup. We will achieve that goal as well.Question – What is the GFF’s long term strategy for the Senior Men’s National programme.Wayne Forde – The Golden Jaguars is an important asset of the GFF, unfortunately to date, we have been unable to monetize this asset. This is due primarily because of our ranking, inconsistency and poor visibility up until recently. We have been deliberate and strategic in reversing this situation, the challenge now is to build on the recent gains. The ultimate goal is to create a National team programme that is attractive to sponsors both locally and internationally. This will allow us to redirect the investment that is going into this programme, towards the Academy Training Centre (ATC) programme and other areas of football development.Question – What do you have to say about the Local vs International players discussion?Wayne Forde – I am very respectful of the views of fans and other stakeholders despite how few they are, but I am afraid they are missing the bigger picture. Football is a business and, in business, sometimes you have to make practical decisions in order to yield the best returns on your investment. I am confident that in time they will see the logic in what we are doing.I am happy that all of Guyana is behind our Golden Jaguars as they continue to make history before a global audience.Question – How is the GFF coping with the financial demands of the Gold Cup campaign?Wayne Forde – It is extremely challenging indeed but it is a necessary investment. We have to lean very hard on our creditors in order to cover many key areas of the team’s operation.Question – Did the government provide any support to the GFF, financial or otherwise?Wayne Forde – We have requested financial support from the government and continue to lobby for their support, unfortunately, we have been unsuccessful to date. It is terribly disappointing given the positive visibility this team is bringing to the country; we, however, have to remain optimistic that there will be an improvement in attitudes toward sports in general.The first evidence of a shift in attitude toward sports at the National level would be the refurbishment and sustainable maintenance programme of school grounds right across this nation. Until we understand the enormous impact this will have on the early discovery of talent, all other initiatives will be nothing more than window dressing. It is very frustrating to witness the successive lack of understanding of the correlation of youth crime, obesity, early pregnancy, literacy etc. and sports.Question – What are your expectations for the remaining two games?Wayne Forde – I am absolutely confident that we will be competitive in each of our remaining games. We are respectful of the teams in our group but will play positive and attractive football while we search for our first win.last_img read more

Five-time Grand Slam champion Sharapova ‘says goodbye’ to tennis at 32

first_imgBy Frank Pingue(REUTERS) – Maria Sharapova’s fellow players described her as inspirational and praised her fighting spirit, following the Russian’s announcement of her retirement from tennis at the age of 32 yesterday.The injury-plagued Sharapova, renowned for her never-say-die approach to the sport despite regularly being hampered by shoulder problems, won five Grand Slam titles.World number one Novak Djokovic heard about Sharapova’s retirement after he reached the Dubai Duty Free Tennis Championships quarter-finals and asked the crowd to applaud her for everything she has accomplished.“She’s great fighter. As dedicated as someone can really be in our sport,” said Djokovic. “The willpower and the willingness to kind of overcome all the obstacles she had, especially … with injuries and surgeries and trying to fight back, come back to the court and play on her desired level.“It’s truly inspirational to see what mind of a champion she has. I’m sorry that it had to end with an injury obviously but at the same time she had a fantastic career and she can be proud of herself.” It was Sharapova’s victory over two-time defending champion Serena Williams in the 2004 Wimbledon final that propelled the-then little-known 17-year-old to superstardom and riches. She went on to win almost $40M in prize money, becoming one of the highest paid sportswomen in the world and one of the most recognisable athletes on the planet.Twice Wimbledon champion Petra Kvitova, who knows the challenges of returning to competition since her career was stalled after a knife attack, commended Sharapova for always demanding more of her body than it would allow.“She’s been an amazing competitor, she never gives up,” said Kvitova. “Even if she didn’t play well she was still believing in her game and still being aggressive and believing in her shots, which I’m really admiring.” Tennis great Billie Jean King said on Twitter that ever since Sharapova, who has also established a confectionary company called Sugarpova, won her maiden Grand Slam title she has been a “great champion”.“A 5x major champion and a former World No.1, her business success is just as impressive as her tennis achievements,” wrote King. “Maria, the best is yet to come for you!” A winner of 36 WTA titles who completed her career Grand Slam at Roland Garros in 2012 and spent 21 weeks atop the world rankings, Sharapova was at times the biggest attraction in her sport.“She will be greatly missed by her millions of fans around the world, but I know this will also mark an exciting new beginning for Maria,” said WTA chairman Steve Simon.“I look forward to following her successes in the years to come as she steps away as a true champion of our sport.”last_img read more

Carnegie recognizes USC’s commitment to community

first_imgThe Carnegie Foundation for the Advancement of Teaching recently cited USC as one of 115 colleges and universities notable for their collaborations with neighboring communities.The Carnegie Foundation, an independent policy and research center committed to transforming and improving American higher education, issues classifications every few years naming colleges and universities that meet various goals outlined by the foundation’s mission.Daily TrojanThis year, the foundation invited schools with exceptional commitment to community engagement to apply for the Community Engagement Classification, which was first offered in 2006. USC applied in September, and was notified this month that they had received the classification.“Through a classification that acknowledges significant commitment to and demonstration of community engagement, the Foundation encourages colleges and universities to become more deeply engaged, to improve teaching and learning and to generate socially responsive knowledge to benefit communities,” said Anthony Bryk, president of the foundation, in a press release.Bryk said that in awarding the classification, the foundation went beyond national data and evaluated the specific community outreach programs at each of the schools.After receiving applications for the classification, the foundation worked with the New England Resource Center for Higher Education to review examples of the schools’ work in their communities.For USC, the classification is a welcome acknowledgement of a focus on community interests that was a hallmark of former President Steven B. Sample’s administration and continues to be a priority under President C. L. Max Nikias.One of the programs that helped earn USC its classification from the Carnegie Foundation was the Joint Educational Project. Since its founding in 1972, JEP has become one of the nation’s largest service-learning programs, said Tina Koneazny, associate director for administration and educational outreach with JEP.“It’s a huge honor and it really validates all the work we’ve been doing in the community for the last several years,” Koneazny said.The programs at JEP aim to turn community service into service-learning by combining volunteer work with academic coursework. At the center of the project are eight-week programs that give students opportunities to volunteer in the community in roles such as mentoring and tutoring.“We’re giving USC students the opportunity to learn and grow through their work in the community, while the community still benefits,” Koneazny said.Cole Finney, a freshman majoring in theater, said he thinks collaboration between the university and the surrounding community is good for USC.“Helping out in the community improves USC’s image with our neighbors,” Finney said. “It benefits both sides and is important for the growth of the school.”In addition to JEP, a number of other student-run service organizations and projects at USC were also cited as part of the classification, including Trojan Health Volunteers, Writers in the Community, Troy Camp and the Neighborhood Academic Initiative.Maxine Welcome, co-executive director for Troy Camp, said the volunteers seem to gain just as much from the experience as the community children do.“As long as we continue with the philosophy of helping our community and getting involved with the neighbhorhood that we live in, we’ll be in a good place,” Welcome said. “From what I see, I’m really impressed.”Koneazny said the collaboration between students in different academic schools contributes to JEP’s ability to affect a variety of sectors in the community.“It’s really all across campus, not just at JEP or a specific volunteer center,” she said. “It’s all different pieces of the university coming together for this honor.”last_img read more