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The Atlantic Federal Credit Union Transforms Collections with Lexop’s Digital Platform

Case Study
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The Atlantic FCU collected more than its annual contract value in just one month and achieved a $12.94 return for every $1 spent using Lexop’s digital collections platform. By automating manual tasks, they saved time, reduced operational strain, and improved member satisfaction.
PROBLEM

An Inefficient, Manual Collections Process

The Atlantic Federal Credit Union, serving 17,000 members with $250 million in assets, faced significant operational challenges with a traditional collections process. With a small team of only two people, their approach was time-consuming and labor-intensive. Manual phone calls and letters strained the team’s capacity, and scaling to handle spikes in delinquency was difficult. Members, too, faced inconvenience, as contact was limited to business hours, adding to the stress of being behind on payments.


Additionally, The Atlantic FCU found that handling minor delinquencies, such as those 16 to 59 days past due, took up more time than it was worth. The collections team spent valuable time on routine tasks, like following up on minor delinquencies, which didn’t significantly impact the credit union’s financial performance.

Cost of Loan Servicing

“Lexop has been a great partner in helping us come up with solutions. The entire Lexop team was vested in making sure we were successful. I think that's also the benefit of working with smaller firms who are engaged and really believers in their solution and what they're selling.”

amero
Anthony MeroCEO, The Atlantic FCU
SOLUTION

Lexop’s Automated, Member-Friendly Collections Platform

Lexop provided The Atlantic FCU with a digital collections platform that automated routine tasks like payment reminders through email and SMS. This allowed members to pay on their own terms—anytime, anywhere. The platform’s flexibility was key: it enabled The Atlantic FCU to automatically handle follow-ups for delinquent accounts across different segments, freeing the team to focus on more complex cases.

As part of their onboarding process, The Atlantic FCU integrated Lexop while implementing automation features into their core system and adopting a new payment gateway. Despite these changes, Lexop fit seamlessly into their tech stack. The credit union pulled its own import sheets from the core system, allowing it to maintain control over their data and processes without disrupting other workflows.

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“Our collections manager has been amazed. When you see the numbers out of the gate in the first month, you realize how much of a difference it makes. Lexop allows us to handle the low-hanging fruit while our team focuses on more complex transactions.”

amero
Anthony MeroCEO, The Atlantic FCU
RESULTS

Immediate ROI and Improved Efficiency

In the first month, The Atlantic FCU collected more than the entire value of their annual contract with Lexop, achieving a $12.94 return for every $1 spent. This high ROI was attributed to Lexop automating the low-value tasks that had previously overwhelmed the collections team, allowing them to focus on more complex cases without being bogged down by routine work.

After launching the first Lexop campaign, The Atlantic FCU saw an immediate increase in member engagement. Payments started coming in quickly, often outside of business hours—2 AM, 6 AM, or on weekends—demonstrating the flexibility and convenience Lexop provided. The user-friendly interface empowered members to manage payments on their own schedule, reducing the need for agent intervention and the hassle of manually making a payment. This positive response reinforced the effectiveness of Lexop’s approach in improving both the collections process and overall member satisfaction.

Looking ahead, The Atlantic FCU plans to expand Lexop’s use to other loan portfolios, including unsecured loans, and to further segment delinquent accounts for targeted messaging. With Lexop’s scalability and customization options, The Atlantic FCU is confident in evolving their collections process to meet future needs.

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"The moment we sent out the first campaign, we started taking payments right away. It was just amazing. The receptivity from the member base was automatic. It’s not embarrassing... [members] just click here, they execute the transaction, 1-2-3, and it’s done."

amero
Anthony MeroCEO, The Atlantic FCU
CONCLUSION

Key Takeaways for Credit Union CEOs and Lending Executives

  • Immediate ROI: The Atlantic FCU saw more than their annual contract value in collections in the first month.

  • Operational Efficiency: The platform automated routine tasks, freeing up valuable time for the team to focus on more complex cases.

  • Improved Member Experience: Members were empowered to manage payments at their convenience, leading to increased satisfaction.

  • Seamless Integration: Lexop fit easily into The Atlantic FCU’s systems while they implemented automation into their core system and integrated with the REPAY payment processor.
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