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How Peregrin Is Helping Banks and Lenders Survive COVID-19

COVID-19 is changing the way the world works. Millions of people have been put out of work and even more are currently working from home. However, some industries don’t have the ability to catch up as quickly to the work from home movement as others. Banking and lending institutions in particular are struggling right now, especially with helping cardholders and credit counseling agencies (CCAs) handle debt management plans (DMPs).

Peregrin’s process solutions for lenders are helping our clients weather the storm with less fall out. We can help your institution save money, increase security, and ensure prompt responses for consumers and CCAs.

Increase Consumer Security

Right now, banks and lenders are backlogged with calls that call centers would normally be able to handle. However, most call centers don’t have the right equipment to set all their employees up for remote work. With billions of people currently under a stay at home order, these centers just can’t keep up.

This has led some institutions to recommend that credit counseling agencies (CCAs) call automated lines and input the consumer’s pin to access information. This is a huge violation of security that could be catastrophic for all parties. Other institutions are following the rules but find themselves struggling to keep up with call volume from CCAs.

Peregrin’s system is 100% online with balances updated daily. When CCAs have automatic access to cardholder balances and information, they don’t have to reach out to banks directly, ensuring that private cardholder information stays private.

Saving Time and Money for Banks and Lenders

Lenders that don’t have automated processes for their DMP consumers are finding that they must staff up to handle the influx of calls from CCAs. Adding staff during this time is not only expensive but has the potential to lead to layoffs down the line.

For institutions that aren’t bringing on more employees, the current workforce has to take on the burden of extra calls while trying to accomplish their daily tasks in a completely new environment. Overall, it’s a difficult situation for everyone.

An automated system saves your institution money and gives your employees some breathing room. It also means that you don’t have to create a brand-new system to monitor DMPs and pass information on to CCAs.

Build Confidence for Consumers and CCAs

When cardholders and CCAs have confidence and trust in your institution, you’re more likely to do consistent business. It gives your institution the power to build relationships with people that you want to work with going forward.

For institutions working with automated DMP software, the COVID-19 crisis has made working with CCAs a non-event. It frees them up to spend more time focusing on what their cardmembers and other clients need during this uncertain time.

Working with Peregrin

If your banking or lending institution is struggling to keep up with CCA requests, know that you’re not alone. But also know that there is a solution. Peregrin’s automated solutions provide the following information to CCAs daily:

· Balance

· Most recent payment

· Delinquency

· Acceptance status

If you’re ready to automate your DMP processes, give us a call today at 1-800-231-2493 or contact us on the website.

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