How A More Aggressive CFPB Will Affect Debt Collections

CFPB Will Affect Debt Collections As Rohit Chopra moves closer to confirmation as the new head of the Consumer Financial Protection Bureau (CFPB), the agency is already signaling that it will be more forceful in enforcement under the Biden administration.  While it remains to be seen how this will specifically affect the debt collections industry, […]

How Shrinking Tax Refunds May Impact Collections

Tax refunds shrunk by 17% Coming off the end of celebrations and splurging is the tax season. Starting from mid February until mid April, it is in full swing with people filing their taxes and looking forward to their returns. With 2019 being the first year taxes are being filed after the Tax Cuts and Jobs […]

AI Products: Build vs Buy

A McKinsey survey reports that nearly 50 percent of firms have fully adopted AI, while an additional 30 percent have implemented AI pilot programs. AI is gaining prominence in advancing areas, creating new business values across different industries. The increasing benefits of AI adoption have changed the equation from if to when and how as AI has become embedded across multiple sectors and […]

Are dialers predictive enough for collections?

Are Dialers Predictive Enough for Collections? Collections shops today face challenges with respect to efficiency due to traditional methods and poor customer experience(s). Moving forward, firms will find the most success in maximizing agent potential and utilizing it to the fullest.  This is done by reducing customer hold time and hang-ups, which also improves the overall customer journey. One […]

Going digital in collections to improve resilience against losses

With delinquencies on the rise, lenders need to transform their contact approaches now to suit customer preferences. Since the financial crisis, losses at many lending institutions have been historically low. The period of economic recovery after 2008 to 2009 was defined by accommodative monetary policies, strong demand from a burgeoning Chinese economy, and a massive […]