Bridgeforce's Top Articles of 2024
Welcome to a special edition of the Real Experience Advisor. This is our last newsletter for 2024, so we're taking a look back at our readers' favorite articles from the year. From debt collection strategies to de-mystifying credit furnishing and disputes to proactive risk management, there's an informative article waiting for you.
Cost Management in Banking: How to Master the Margins
Cost management took center stage for our clients this year, with financial institutions feeling the pressure to streamline operations. While many have resorted to staff reductions, alternative avenues exist to drive cost efficiency. In this article, see strategies to enhance cost-effectiveness with an emphasis on the role of innovation, collaboration, and disciplined execution in mastering the margins.
5 Elements That Make an Efficient Disputes Management Framework
What does it mean to have a successful disputes management framework? It means you have a customer-first approach that actively identifies and handles consumer disputes - particularly when disputes are on the rise. By creating a straightforward process to organize, investigate and solve disputes fast, you can weather any storm. This article breaks down the five key elements of a strong disputes management framework that has controls, consistency, accuracy, and a customer-first approach.
Embracing Agile to Enhance Compliance Risk and Control in Your Bank
Adaptation of compliance risk and control into an agile methodology can be accomplished if an effective program is designed, established and monitored. Agile's core principle of introducing incremental "bite-sized" functionality reduces scope creep, sharpens focus, and fosters ongoing improvement. These are the considerations to take when embracing agile in your compliance management system.
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Education and Hardship Solutions for Customers in Financial Distress
Banking customers in financial distress need special care to avoid growing past-due balances and chronic delinquency. Lenders should provide robust hardship solutions and education to customers who lack a core understanding of the consumer banking financial system. These are our proven approaches for supporting customers in financial distress.
Navigating Auto Finance Rules: Key CFPB Focus Areas
The United States auto finance market has seen substantial shifts in the past five years, with soaring new and used car prices, more debt, and increasing delinquencies. These economic changes, plus recent CFPB activity, gives us a good indication of which auto finance rules should be given special attention by lenders. In this article, we outline proactive measures that can help auto lenders mitigate risks and build trust with regulators and consumers.
Thank you to our outstanding team for providing the insights that matter most to the financial services industry this year. They bring the #RealExperience that helps us deliver #RealResults to our clients.
We'll see you in 2025.