This year I am privileged to have been asked to research, explore and predict some what of the future holds for us in Collections and Recoveries.
Arum is 21 and whilst it is always fun to reflect on the past, we also thought it would be fun to project this to the future. Spending time with businesses across the industry UK most days, these predictions are based on an extrapolation of the trends and experience we see today.
Agree or disagree, let me know what you think.
The 10 predictions are
- Higher volume and risk within collections, default rates in unsecured collections will increase
- Increasing use of Robotics (RPA) and Artificial Intelligence (AI) to improve operational efficiency and customer experience
- The FCA has already been setting de-facto customer treatment standards and these be increasingly adopted across non-regulated sectors
- New processes will be needed to manage the increasing importance of the rental economy
- The Head of Collections role change dramatically and become different
- The customer will finally be king (yes really this time)
- We will see the end of collections call centres as we know them today
- There will be an increasing privacy divide in society, requiring change and control to manage
- Increasingly there will be multiple cloud based collections systems, rather than a single one
- Yet more direct involvement and regulation by government, it is not going to stop
… and one extra that did not make the list!
- A major focus on cost control as prime customers retreat to financing via secured loans
It will be interesting to see how many come true…. you can read the full report here… 10 predictions on the Future of Collections and Recoveries