Ashley McDermott’s career in the equipment leasing industry began when she joined Citizens in 2011. During her tenure with the bank, McDermott’s various experiences have provided her with the knowledge, skills and network needed to be a successful leader. She has held roles in the commercial operations group and the customer support team, and is currently the commercial operations manager. Her team of 12 is responsible for the day-to-day servicing needs of Citizens’ equipment leasing clients.
Throughout her career, McDermott has worked with strong leaders and female mentors who greatly contributed to molding her into the leader she is today. She strives to ensure that her team feels empowered, respected and valued. Rather than taking a delegation approach to management, she works alongside her team to achieve ultimate success.
In her opinion, the current economic environment is the biggest challenge facing the equipment finance industry today. “The cost of equipment and the interest rates have almost doubled in the last five years, which makes growth an expensive plan for any business,” McDermott says. “The higher costs and rates have forced lenders to restructure pricing as they need to pass on these increased costs of doing business to clients. This makes offering competitive pricing a challenge.”
Given the current economic environment, McDermott believes there is an opportunity for lenders to find ways to set themselves apart from competition. In her opinion, providing outstanding customer service is the best way to do this.
On an opportunistic note, McDermott says sustainability has become more than just a buzzword and as the demand for sustainable solutions grows, so does the need for new technologies and infrastructure. “Equipment finance companies have an opportunity to help clients identify and develop financing solutions to implement decarbonization technologies that can reduce emissions and cost, improve operating efficiency and align with stakeholder interests,” McDermott says.
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