Remote work to continue in 2021, lenders say

Many auto lenders are planning to keep their offices operating remotely until mid-2021 due to ongoing pandemic concerns. GM Financial ’s offices will remain remote until at least June, according to President and Chief Executive Daniel Berce, and Exeter Finance ’s operations are also out of the office, said Stacey Giles, executive vice president of human resources. Giles noted that employees will be brought back on a rotating basis at “some point in 2021.” Dallas-based Exeter currently has 1,300 employees working from home for its corporate headquarters and operations centers, Giles said, adding that the lender has yet to announce a return date. Auto lenders pivoted quickly in March to focus on remote workplaces . Months later, lender executives say they are still concerned for the health of their employees and customers. New COVID-19 cases are expected to continue spiking through December, according to a Dec. 2 report from the U.S. Center for Disease Control and Prevention , which forecasts between 690,000 to 1.7 million new reported cases for the week ending Dec. 26. While Navy Federal Credit Union is in no rush to get all employees back into the office, the Vienna, Va.-based lender is already implementing protocols for when employees do return, said Keith Hoskins, senior vice president of Greater Pensacola Operations for Navy Federal. Looking forward, employees can expect to see “more telework, differently configured workspaces, and new health and safety measures on campuses and in branches.” Navy Federal initially transitioned 85% of its staff to work out of the office in March, but branches are now partially open to accommodate customers, Hoskins said. “We’ve successfully maintained our 24/7 contact center service, evolved how we provide service in our branches, and we've reimagined workflow across the organization.” Exeter’s team also plans to integrate enhanced safety protocols with a playbook that will likely include employees “completing a daily, personal health assessment, as well as taking precautions like working in the office on a rotating schedule, washing hands frequently, wearing masks and maintaining social distancing,” Giles said. Returning to the office may present a significant adjustment for employees, Giles added, just as it was unusual to shift to working remotely back in March. “We plan to give our employees plenty of advance notice when we do it, and we will continue to follow all the recommended protocols for keeping people healthy and safe.” Ally Financial President of Auto Finance Doug Timmerman indicated in October the lender was planning long-term work-from-home for its some of its collections team.

Remote work to continue in 2021, lenders say

Banks to decrease reserve balances through yearend

Subprime lending share nears Great Recession lows

Related Posts

Weekly Wrap: An all-in interest rate cap looms, inclusive lending in the spotlight

Tricolor Auto launches AI-powered software service

Credit Unions eye growth after flat 2020

Subprime lending share nears Great Recession lows

INNOVATION & TECHNOLOGY

Volvo to go electric-only and shift sales online from 2030

Digital lending lags despite consumer expectations

CORONAVIRUS

Q4 brings positive delinquencies, mixed originations for auto finance

Carvana enjoys Q4 hike in finance GPU, origination volume

SPONSORED

Collateral Protection Insurance (CPI): What is CPI and what does it do?

Driving Customer Loyalty, Retention After Total Loss

When tough times hit, proactive strategies pay

About

Contact Us

Follow Us

Remote work to continue in 2021, lenders say

Already subscribed? Log in below.

Banks to decrease reserve balances through yearend

Subprime lending share nears Great Recession lows

Related Posts

By subscribing you agree to our Terms of Use and Privacy Policy

CORONAVIRUS

SPONSORED

About

Contact Us

Follow Us