Credit and Collection Industry Experts Reveal 2019 Surprises and 2020 Trends
Last year brought on the beginning of many changes for the credit and collection industry. The Consumer Financial Protection Bureau (CFPB) announced a Notice of Proposed Rulemaking (NPR), digital communications are becoming part of the conversation for debt collection, and data privacy concerns are now front and center.
Accounts Receivable professionals from all across the industry spent the end of 2019 reflecting on the surprises of the past 12 months and discussing their predictions for the future. Here’s what they had to say.
Others also see new technologies changing both how agencies run and how they are viewed by consumers. “My unpolished and slightly damaged crystal ball tells me that 2020 will be the year that emerging technologies, including artificial intelligence and machine learning, play a significant role in altering both the operations and outward perception of the traditional collection agency,” says Scott Wortman, Partner at Blank Rome LLP.
“Correspondingly, the biggest challenge will be integrating this technology into a highly regulated legal framework—that, on one hand, is static and stuck in the days of antiquity—and on the other—is inadequately and incongruously addressing global issues at the state level.”
"Credit and Collection Industry Experts Reveal 2019 Surprises and 2020 Trends," was published in PDC Flow on January 7, 2020.