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.
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