Peregrin

Automating DMP processes is never a one-size-fits-all solution. Each bank’s requirements are as diverse as their clientele. Here’s how Peregrin can help: 1. Streamlined Digitalization: For lenders with moderate DMP volumes, digitalizing the process can bring substantial improvements in control and savings. 2. Legacy System Enhancement: Organizations with large DMP volumes often have legacy systems that lack reporting and modification capabilities. Our innovative solutions integrate seamlessly, enhancing control and reporting without costly rebuilds. 3. Regulatory Compliance Overhaul: Systems falling short of regulatory requirements need strategic repair and future-proof design. Peregrin provides expert consultation and external processing to address urgent regulatory needs. 4. Optimize Referral Strategies: Don't overlook credit counseling processes. A simple fix can ease the burden and improve overall operations. Ready to get started? Get in touch - visit our website https://peregrin.com/ #debtmanagement #debtmanagementprocess #DMP #improveDMP #betterDMP #automateDMP

Credit counseling is the best solution for financially distressed customers struggling with the burden of debt. 1?? It is the best way to avoid chargeoffs. 2?? It provides a reliable framework that matches debt solutions with their income levels. 3?? It helps them create a structured and realistic budget that gets them back on track with their finances. 4?? Finally, it offers free, unbiased advice and support that is bespoke to their situation and in their best interest. Not all credit counseling agencies are created equal though. This is why referrals matter - specially tailored ones that suit your customers’ level of delinquency, their needs and preferences. Furthermore, the success of your debt management portfolio depends on efficiency, accuracy, and responsiveness. So outdated systems from the 90s just won’t cut it. The good news? Peregrin can help - visit our website today at https://peregrin.com/ #debtmanagement #debtmanagementprocess #DMP #improveDMP #betterDMP #automateDMP

A major bank used to rely on traditional batch file automation for their DMP processes. They took in a 5x daily batch file from credit counseling agencies, processed it overnight, and sent it back the next day. This meant customers had to wait at least 2-3 days for a response, because of the intricate legacy credit counseling batch infrastructure. They were rapidly losing customers to faster solutions, which posed risks to both the bank and the customers. Moreover, the manual batch process was prone to errors, misreporting, and lengthy delays from incorrect proposals, and several risk events. With Peregrin as a trusted 3rd party service provider (and their robust internal API platform), we implemented a seamless API integration that transformed the bank’s DMP processes. As a result: 1?? Customers now receive answers in less than 24 hours, significantly enhancing satisfaction and loyalty. 2?? Errors and misreporting are virtually eliminated, ensuring compliance and reducing operational risks. 3?? Staffing requirements for manual exceptions have been slashed, leading to substantial cost savings. 4?? Peregrin's adaptable front-end interface seamlessly accommodates changes or variations in inbound records, ensuring a smooth processing experience. 5?? The bank's system is now future-proof, capable of processing any input format, be it batch or API, with ease and efficiency. In just one month, initial customer attrition rates were nearly halved, errors were detected and rectified proactively, and operational costs plummeted. Moreover, the platform's enhanced capabilities pave the way for true 60-minute decisions, poised to make a huge impact on attrition, liquidation rates and customer satisfaction. Want to find our how we can transform your DMP? Drop “DMP” in the comments below, or visit our website. #debtmanagement #debtmanagementprocess #DMP #improveDMP #betterDMP #automateDMP

What’s the true cost of not automating your DMP? Well, it could be thousands of $$ and a tarnished reputation.? →Automating your DMP can reduce your response time by 80%...reducing it from 10 days to just 2. Delayed responses may push customers to seek costly alternatives like settlement or bankruptcy, leading to significant losses for you. →With automation, review and decisioning take less than 2 minutes (versus the 7 or more minutes for paper or fax). This translates to hours saved annually and reduces the need for extra staff, keeping expenses down. →Finally, prompt support leads to customer satisfaction and positive word of mouth. Slow responses can damage relationships and harm your reputation, leading to missed opportunities. Don’t let manual processes drain your resources. Contact Peregrin today to get started with automation. #debtmanagement #debtmanagementprocess #DMP #improveDMP #betterDMP #automateDMP

Where do your DMP proposals *really* come from? The truth is that most proposals don’t come from being referred by your collectors. Rather, most of your DMPs are from individuals in the “Open Market,” who went online booking for basic advice on budgeting, credit strategies, and other ways to improve their financial situation. That’s how they come across credit counseling agencies. Less than 20% of these inquiries with CCAs result in DMP enrollment. The remaining 80% receive advice, suggestions, or other tools to manage their debt. Some go on to self-resolve, while others opt for settlement, further delinquency, charge-offs, or bankruptcy. Credit counseling is often the least expensive way to recover distressed debt for a lender. And without an active referral program, your collections efforts are not tapping into this valuable resource. You are leaving non-collection repayment up to chance. Let Peregrin help make those numbers work for you. Get in touch today to get started. #debtmanagement #debtmanagementprocess #DMP #improveDMP #betterDMP #automateDMP

Are you tired of long phone calls from credit counseling agencies? Here are 3 ways banks can make things easier and cut down on these calls: 1?? Use Automation: Invest in systems that can give real-time updates about accounts. This way, credit counseling agencies can get the information they need without having to make lots of phone calls. It also helps prevent mistakes and makes everything faster. 2?? Share Your Policies: ? Share your policies with credit counseling agencies. This includes things like where to send payments, the interest rates on debt management plans, and who to call for help. When everyone knows the rules, there are fewer questions and fewer mistakes. 3?? Use Secure Email: Use secure emails to communicate with agencies. This way, you can send important information quickly without worrying about it getting into the wrong hands. Your turn now - can you think of a 4th? Let me know in the comments below. #DebtManagement #Automation #Solutions #debtmanagementprocess #improveDMP? #automateDMP

Ready to witness something extraordinary? Take a deep dive into your DMP portfolio and examine stick rates – how long consumers stay on the program – for 3, 6, 12, and 24 months. (Hint: 12-month stays often indicate strong future retention). Next, analyze the same data for your top 30 agencies. What can you do with this valuable insight? First, evaluate your practices – can you do more to reduce early failures? Then, dissect both the failures and successes. Are there patterns based on balances, previous history, or risk scores? Is the retention rate consistent across agencies? If not, consider referring your customers to higher-retention agencies to reshape your portfolio's retention profile. If running or accessing this data isn't a breeze, talk to Peregrin. We offer a range of standard reporting, including analyses like this. And if we don't have what you need, we'll create it or fetch the data for you. Drop “DMP” in the comments below for a FREE demonstration. #DebtManagement #Automation #Solutions #debtmanagementprocess #improveDMP? #automateDMP

Don’t leave your customers to deal with their debt alone. If you don’t have a structured referral system with your collections and customer service teams in place, this can: ?? Create undue stress and anxiety for your customers. ?? Cause them to struggle to manage their repayments and end up defaulting. ?? Mean that they disengage from the debt management process completely, impacting your cash flow. Here’s how you can help: ? Identify a few trigger phrases your customers use when talking about their debt, helping your agents recognize when to make a referral. ? Choose 4-5 credit counseling agencies you trust, and pass on their contact details to customers. ? Use a centralized referral service that streamlines how you direct your customers to the relevant assistance channels that your customers have performed best with. Adopting a proactive approach to debt management is a win-win: your customers trust that you care for them, and there is a higher likelihood they will repay their debt. Check out our website https://peregrin.com/ to see how we can help.

Maybe you’re like me – when your spouse or partner gives you their opinion about something, you sometimes nod your head, not giving full credence to what they’re saying, for whatever reason. Then someone with a more objective, detached viewpoint comes along and says the same thing, and you take notice – “hey, I need to look into that!”. It’s a lot like that in sales. Heck, it’s a lot like that in your own organization – you mention something to your boss, then a few weeks later they come back with this “great idea” they heard that sounds very much like exactly what you told them! Remember that sales phrase I had mentioned in an earlier post –? “it’s either the glory or the commission”? That’s where that comes from. As a salesperson, you advise. Often the prospect comes back with this “great” idea they heard, so you say “Great!”? and move forward. And when you’re with someone who’s being told the same idea that you had, and it gets a positive reaction, it’s a moment of joy. At a recent conference where a number of lenders had gotten together, one of our customers said to another lender – ‘You gotta look into Peregrin. They took a years-long project and made it happen in months. Totally fixed the problem.”. (You’ll see where I’m going with this, I promise!) We’ve been talking to this prospect for years about process improvement, through a number of management and personnel changes. But this one exchange resulted in an invitation to talk. And really, that’s all we ask for. Sure, it would have been great if we’d been the ones to convince him – but it also helps when someone else can be a trusted guide, especially when that reflects well on us. At the end of the day, all we want is customers to trust us!

Do you have the opportunity to lead a change at your bank? In that case, the one thing to remember is this – any process improvement should give everyone involved the chance to contribute and be rewarded. As the saying goes in sales – you can get the glory or the commission! Well, the salesperson gets the commission. So what’s in it for you? To figure it out, ask yourself a few questions: ?? Does the proposed solution reflect well on you? Does it show that you are aware of the financial, technological, and political realities of your bank and how to move things forward? ?? Does the project align with? management’s goals? Will you be seen as a results-driven team player? Or will you seem discontent, always trying to change things? ?? Does the project help you advance professionally? Are you an innovator, a driver, or a maverick? ?? What does this do for your career – at the bank and otherwise? Remember, sometimes the opportunity doesn’t align with the focus of one’s management. That presents an opportunity for management education, which can turn you into a salesperson for the project, and you don’t get commission – so it must provide sufficient glory for your effort.