The pandemic has forced banks and credit unions to revisit their debt collection strategies and proactively plan their 2021 budgets to include advanced tools for collection management in banking.
Banks and credit unions anticipate a much greater volume of past due account delinquencies that require consistent follow-up with borrowers to avert default and ultimately written off loans.  Lenders who replace their inefficient manual collections management efforts with CARM-Pro Collection and Asset Recovery Manager – Professional debt collection management software system will be best-positioned to handle the volume increase and manage the associated risk without hiring additional staff.