Compassion in Collections: RBFCU is Putting Their Members First

Compassion, Meet Collections

When it comes to improving members' financial wellness, Randolph-Brooks Federal Credit Union (RBFCU) remains steadfastly committed. With over a million members and a focus on four main market areas in Texas, the credit union prioritizes member experience over all else.

Before partnering with January, RBFCU relied on traditional methods for collections, mainly leveraging outbound calls and mail. They had never before worked with a digital agency, but had a desire to expand their digital presence.

RBFCU knew that the right digital strategy could enhance member satisfaction and the recovery process. To achieve this, RBFCU partnered with January, a digital debt collection agency known for an empathetic and compassionate collections strategy.

RBFCU was driven by a desire to not only improve recovery performance, but decrease member complaints, streamline member communications, and create a positive experience for both parties. They saw January as the perfect partner to humanize and redefine their debt recovery process.

RBFCU noticed a quick return on investment after assigning several credit card, auto, and personal unsecured accounts to January. The success of this initial collaboration led RBFCU to place all of their charged-off accounts with January within the first year of their partnership. Notably, the recovery rate surpassed the 2% benchmark by the 10th month, and even exceeded 3% by the 18th month.

In conclusion, RBFCU's innovative switch to a digital, compassionate collection strategy has been a game-changer. Not only has it boosted recoveries and compliance confidence, but it also mirrors their mission to enhance member experiences and promote economic wellbeing. This compassionate approach has set a new standard in the collections industry, transforming the journey of debt recovery for borrowers and creditors alike.

Read the full Compassion in Collections case study, here.