Another interesting week of experience under the ‘official’ lockdown in the UK. This last week seemed more normal or at least routine… albeit long. It was a welcome respite from the dramatic changes the week before.
However there were of course still a few ‘observations’ of note this week… 🙂
- We are going to need expanded online storage for my phone with all the funny gifs and videos we have been sent… and yes some of them are really funny
- I am definitely now drinking much more tea than coffee… tea uses less milk and milk requires a trip to the supermarket… just need more biscuits!
- Am I becoming slightly jealous of Joe Wicks?! (like many husbands…lol). Joe is providing some great daily exercise routines for kids and keeping the rest of the family fit every morning… thank you it is really appreciated…. I need to join in!
- My LinkedIn connection criteria definitely feels like it is changing… a tricky one, but in a online world is a virtual meeting as good as a personal one…
- With everyone at home.. electricity and energy usage at home is going up… I can see it on the smart meter… need to turn that kettle off!
- Lastly on video calls, I need to remember you are always on screen… even looking at that spreadsheet or document… think I forgot a few times this week, to much hilarity…
Another week starts…
The UK has been in ‘official’ lock down this week due to Coronavirus. As with all new experiences you learn new things about yourself, the people and processes around you…. especially early on. Here are my observations from the first week.
- Something flips in your brain once lockdown is official… nothing, in reality, changed day to day, but I now have this burning need to go out
- Video calls are not that bad… they work quite well really…
- Beards are quickly returning to fashion as shaving ones face for the office stops!
- Working at home is more productive… although harder to give out signals that you are busy
- With the whole family at home all day, everyday… wow does the house needs cleaning more
- Okay I am saving on coffees, but still amazed at how much we all actually eat across a week
- Biscuits, Biscuits (cookies), there is are never enough biscuits, should have bought more..
- I actually got nostalgic about doing my expenses…. remembering the old days at the start of the month!
- Teachers do an amazing job…
- … as do post office staff, delivery workers, supermarkets, refuse collectors and of course all those in the medical profession… thank you
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