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New tiered service to help CUs collections
LOS GATOS, Calif. (8/11/09)--Solutions in Finance Inc. (SIF) is offering a tiered consulting program for credit unions who want to improve their collections operations. Demand for consulting is strong, so SIF has expanded its staff and service to simultaneously help credit unions nationwide, the company said in a release. The program’s five levels include:
* Tier 1, created for credit unions that need immediate help. SIF visits the credit unions onsite, makes recommendations and assists in managing the implementation process. * Tier 2, which offers an onsite audit by SIF analysts. The result is a 15-point findings and recommendations document reinforcing best practices and areas that need improvement. A roadmap for credit unions’ management to improve their lending or collection operation results and analytics is provided. * Tier 3, a consulting service with a full, onsite analysis of the lending or collection operation followed by a partial findings document and full recommendations document. * Tier 4, a lower cost, onsite analysis. Analysts conduct a virtual audit based on videoconferences and available reports. They target the credit union’s problem areas and deliver in-depth analysis. * Tier 5, a remote, off-site consultation with limited documentation.
“As we have seen in the financial services landscape, organizations that refuse or don’t know how to adapt to the changing times won’t survive very long,” said Bill Garcia, SIF CEO. “Those financial institutions that learn how to correct their mistakes quickly will be the ones that come out of [the recession] stronger.” SIF is based in Los Gatos, Calif.


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