Another innovative technology is gaining traction in the mobility space.
Loans, at times, go bad and it is a tough event when your organization needs to repossess collateral. It is “MONDO HARD” if the collateral is a motor vehicle and the borrower has left the state. Tracking the borrower down and finding the vehicle can present a number of challenges and the longer it takes, the greater the risk of locating the vehicle in a less than favorable condition. Driven off and written off!
Well your problem has been solved. Spireon is a company that has created a Web Based SaaS application known as Mobile Resource Manager and it is used to manage and locate things on the go such as motor vehicles.
The product is a web portal (located on Spireon servers), that tracks a vehicle using a combination of a device installed on the vehicle, GPS technology, and a cellular service. Need to find a vehicle? Just login and locate. Late Payment? The system can communicate to the borrower reminding them that their payment is late or you can disable the vehicle when the borrower parks it for the night. It will be there when the tow truck arrives to reclaim your asset. The device is installed at the time the loan is made as a condition of the loan—fully disclosed, in other words.
It is a powerful combination and can protect the collateral assets of your institution or your commercial customers that have rolling assets and it can save you thousands in collateral recovery costs.
The product that Spireon offers financial institutions for auto loans is LoanPlus CMS and it represents another innovation in the continuing trend of exploiting the mobile space in a creative and relevant way.
Financial institutions should embrace the mobile space and vigorously look at how to internally apply the increasing availability of mobile space technology to your financial institution.
Here’s an idea for you, challenge your staff. Sponsor an Innovation Week at your institution. Ask your staff to get together in teams and submit ideas! Make it real and make it fun… and make the prize real too! The theme… What does the Digital Native expect?
Food for thought; the Digital Native expects your institution to earn their business through innovative competition.
- Community Banks Get Reporting Reprieve from Regulators
- Loan Delinquencies Set to Increase as Support Reduces, Warns Moody’s
- Bank Apps Being Used More Than Ever, ABA Finds
- Enhancing Diversity & Inclusion in the Financial Sector: Practical Strategies for Recruiting and Retaining Diverse Talent
- Bank of America to Co-head Quest for Merger Deal for Ailing Italian Bank