Like many other industries, the repossession landscape is evolving as companies look to leverage technology and improve efficiency in their business. Tech can streamline operations, improve client relationships, and increase the number of asset recoveries an agent can complete.
For repossession agents looking to take their company to the next level, there are a variety of tools and resources available that can help your business achieve sustainable growth.
CRM Software
If your company isn’t already using a customer relationship management software (or CRM), it can be a great way to manage cases and improve the efficiency of your business. These platforms help keep lender and debtor information, documentation, and notes in one convenient database, allowing you to stay organized and provide a top-tier client experience. Some CRMs have even developed mobile apps, allowing you to update cases while on the go. Many platforms also integrate with trusted tools like RDN or iRepo and can import license plate recognition (LPR) scan data or manage assignments within the software.
Leveraging Data and Analytics For Sales
As part of your CRM subscription, you may have the ability to access key analytics and data about your business, including success rates, recovery times, and overall customer satisfaction. Knowledge is power, and having access to this data can be instrumental to winning business with new clients. Unlocking real-time data about your company’s productivity creates opportunities for increased profitability, as well as the chance to identify areas of improvement within your business.
GPS Tracking and Geofencing Alerts
Advancements in technology have made it easier for repossession agents to accurately track and recover assets. Some lenders install GPS tracking devices on vehicles to reduce recovery times, helping you to easily understand a borrower’s travel patterns and plan for a smoother recovery process.
Additionally, GPS tech allows agents to set up geofencing alerts which notify you when a vehicle moves from a prespecified location, such as a borrower’s home or workplace. This also decreases average asset recovery times so you can provide the best customer experience for your client.
Safety and Compliance Tech
Safety is of the utmost importance for all repossession agents, and tech tools can help ensure your security while on the job.
Repossession agents can utilize body cameras to record any interactions that may take place with a borrower. Taking video footage of these encounters can reduce the risk of escalation in a tense conversation, ensuring your protection. If an incident unfortunately does occur, having documented footage of the conflict can protect you and your business during any investigations that may occur. Some repossession agents also choose to install video cameras on their trucks for additional security and to eliminate blind spots while driving.
Compliance technology can also protect your business, helping you minimize risk and ensuring your agents meet all federal and state regulations. Tools like automated LPR systems and real-time asset updates both support your company’s compliance. Additionally, repossession professionals can use automated tools that generate real time audits and checks, keeping compliance top of mind and preventing any costly violations.
AI Applications
The rise in accessibility of artificial intelligence tools can streamline your company’s efficiency even further, optimizing other tools already in your arsenal. For example, AI can:
- Analyze historical GPS data to identify patterns and predict where and when a vehicle can be recovered.
- Optimize LPR systems to more quickly identify license plates for agents.
- Automate invoicing and payment systems to save time on administrative tasks.
- Interpret recovery data and analytics to provide recommendations for team growth and efficiency.
As AI tools continue to learn and improve, there are sure to be more opportunities to integrate artificial intelligence into your repossession agency in the months and years to come.
Kickstart Your Repo Business with Minute Man Wheel Lifts
Now is the time for repossession agents to begin auditing their current tools and identifying areas of opportunity to integrate technology into their business operations. It’s never been easier to take advantage of innovative resources to optimize your processes and establish a competitive edge over other agents.
Looking for more opportunities to take your company to the next level? Be sure to check out the Minute Man line of wheel lifts and accessories to streamline your business operations even more.
