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Industry Concerns & Solutions in 2021

February 1, 2021

Recently, Bridgeforce surveyed senior executives from the country’s top credit and lending institutions to find out which issues are top of mind for our industry as we begin the new year. These industry leaders shared their concerns and solutions for 2021. Unsurprisingly, the continued fallout from the pandemic—including the challenges of effectively maintaining and retaining a remote workforce—remained top of mind. Here we share the survey results.

2021 Top Issues of Concern for Credit and Lending Organizations

COVID-19 and the related issues of running a remote workforce (ranging from recruiting and retaining a diverse workforce to accelerating digitization and automation across the business) surfaced as prevailing concerns for our industry. Also prevalent were concerns about controlling expenses.

Of the top five concerns, a changing regulatory environment due to the new administration ranked lowest.

Controlling expenses and handling sites that are affected due to a remote workforce can be managed. Read this blog on steps to a successful site consolidation. We recently worked with a client on their consolidation strategy and shared our best practices in the blog.

Survey results concerns

 

How Will Organizations Rise to the Challenge that these Concerns Present in 2021?

It’s clear that modernizing—from accelerating digitization and automation efforts to upgrading workforce and business operations via infrastructure, technology and tools—is key to addressing almost every top concern raised in our survey.

This industry-wide technological transformation will inevitably create a faster pace of operations while simultaneously generating data that is greater in both volume and complexity. Those changes will pressure organizations to do a better (and speedier) job of acquiring actionable insights from this growing “firehose” of data.

Read how Bridgeforce recently helped a bank accelerate their default digitization initiative and customer launch in this case study.

If you are looking to determine how to acquire actionable insights with data, watch a 30-minute webinar on coupling digital capabilities with website analytics to successfully engage with delinquent customers in a digital space.

We’d be happy to discuss the survey and how the results match what we’re seeing across the industry. If you’d like to discuss your concerns and solutions for 2021, contact us here and we’ll be in touch.