Blog

Data and Technology Tools Ease Impact of Pandemic-Related Staff Reductions

Many lenders had to cut staff due to COVID-19 when business shutdowns and government moratoriums on debt collections drove collection volumes down. As lockdowns and other restrictions have lifted and collections and recovery activity has rebounded, lenders who reduced headcount in 2020 are facing the flip-side of that challenge: they now have a surplus of debt to manage with fewer employees.

As businesses bounce back and need to re-hire, stimulus checks and other pandemic-related financial assistance programs – along with an abundance of open jobs across industries – have made re-hiring a challenge. Competition for quality employees has created a unique and significant gap in filling open positions. Lenders are looking at new ways to effectively and efficiently manage collections as they rebuild their businesses. One of these is technology.

DRN’s license plate recognition (LPR) data and analytics platform can ease the impact of a reduced staff by helping lenders make better decisions, analyze and manage risk, collect on loans and recover defaulted vehicles more efficiently. Strategic and proactive use of technology can maximize your team’s effectiveness and productivity, no matter the size of your staff – making you more successful.

 To learn more, fill out our contact us form.

About the author:

Noel Pena

Noel Pena

Sr. Channels Inside Sales Manager Noel leads DRN’s Inside sales team helping lenders from various sizes find solutions to collections and recovery challenges. Since 2016 he has worked with lenders to help optimize their collections and recovery strategies through DRN’s extensive suite of products.

Want to learn more?

News

Stay up to speed on DRN, industry and other news that affects your business.

Events

View our events calendar to see where you can experience DRN’s thought leadership and technology capabilities.

Contact

Looking for help, support or more information about DRN? Contact us today.

By using this site this site you agree to our cookie and privacy policy.