Case Study:
Meridian Financial Services Expands Digital Collections Communications With Consumers

Meridian Financial Services logo

“If the compliance changes do get implemented, we will be able to react in a timely fashion, and a large part of that is because of Nordis and Expresso.”

 

Greg Sheperd
President, Meridian Financial Services

  • Customer Since 2010
  • Expresso, Print/Mail, Email

The Challenge

With changing regulations and consumer habits, Meridian Financial Services, a collection agency for the vacation ownership industry, is rethinking its outreach strategies. Phone calls and mail are less effective as consumers increasingly interact digitally. Automated calls are under fire, with the recent Federal Communications Commission ruling that encourages blocking robocalls by default. The Consumer Financial Protection Bureau is considering further restrictions, including limiting weekly collection calls and how collectors handle recorded conversations. Posing another type of operational challenge for collectors, the CFPB is also proposing to allow electronic delivery for compliance correspondence, such as validation letters, that currently must be mailed.

The Solution

Meridian is leveraging Nordis Technologies’ Expresso® platform to digitally connect with customers. Already using Nordis’ solutions for developing and mailing collection notices and other customer correspondence, Meridian is also creating and delivering electronic statements to customers who opt in. “It’s about conversing back and forth, which email and texting make possible. More and more consumers are using these methods to communicate,” said Greg Sheperd, president of Meridian. The firm plans to quickly innovate further through more digital compliance and focus on customer experience if the CFPB enacts the new rules. “The consumer experience is everything,” Sheperd said, so catering to vacation owner
preferences makes good business sense: “A debtor today is an owner in good standing tomorrow.”

The Benefits

  • Simplified Compliance. Present only state and federal disclosures and disclaimers that apply to each individual customer and quickly revise as needed to meet changing state and federal rules.
  • Improved Customer Experience. Offer omnichannel options, including print/mail, email, SMS/text, automated Certified Mail and digital wallet.
  • Secure e-delivery. Send various types of emails, including secure emails that require user authentication and manage consent for electronic delivery.
  • Automated record retention. Set archive duration based on unique program requirements and easily update to meet legal requirements with archiving feature.

ExpressoFinancial, a CCM platform that enhances the consumer finance experience, logo (253.36)
For Credit and Collections

Collection firms, mortgage loan servicers, auto lenders and other consumer financial companies use our cloud solutions to create and deliver documents, plus collect payments, which facilitates compliance, expands secure digital options and enhances customer service.

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