There were a couple of interesting developments this week all set against a continued gradual improvement and stabilization of the pandemic in Europe.

There was a change, returning to the office, it is now starting to seem real. Conversations are now definitely starting to take on a more serious and deliberate tone.

Even I have the prospect of an in-person meeting in a few week’s time. I am not sure if I feel excited or concerned about the prospect of being back, with some risk… it does still, seem like there is a lot of uncertainty.

As discussed before it does seem likely we will evolve to some sort of hybrid model. People are clearly thinking about it and increasingly there are good articles being released exploring how to make the best of it.

• What Mix of WFH and Office Time Is Right for You?
• How to Nail a Hybrid Presentation

The second article here in particular I thought had some tips on running hybrid meetings (some people in the room, in person, and others working remotely).

In hybrid meetings, it is more important than ever that remote participants turn their cameras on in order to show their full presence. It is also critical that the presenter be able to engage visually with the entire audience, not just with those in the room.

To level the playing field even further, consider asking in-person participants to bring their laptops and turn their cameras on, keeping themselves on mute when not talking. It can also be helpful to have a screen in front of the room so that remote participants can be seen by everyone.

HBR: How to Nail a Hybrid Presentation

Above all, it seems virtual meetings have forced us to be focused and short in presentations and meetings. This sounds like this is something we all would want to also carry forward too.

Virtual Meetings

Yet, with Zoom fatigue setting in we also seem to be searching for new ways to reinvigorate online interaction. From funky to slick it seems like there is considerable innovation underway to make the most of working online.

I have been using Virbela, to some success, and it does replicate some of the in-person experience. With audio, voice and some spatial dynamics it is certainly different and a bit of fun. (I even saw the Bell Canada team used VR for their exec meeting too).

But, the elephant in the room on this is Roblox. Generally seen as a game, it already has all the modelling and interaction dynamics you need, just, at the moment, without voice. With a recent record IPO this could be about to become a heavyweight in this space too.

[I have been experimenting too… you can check out my Roblox world here, although I think this became more of an expression of what I really missed during lockdown… enjoy the cafe, beach and diving!… drop me a note if you are interested in Virbela, it is similar but more for business with voice]

Debt Collection and Recovery Business Sale

The other news this week was hidden in an earnings announcement with the decision by FICO to divest their Collections and Recoveries business. Whilst I am sure not much change in the short term, this is significant longer term for the UK market. It will undoubtedly create change and in turn, create opportunities for new and alternative providers in the market.

This whole market is very dynamic at the moment, and with lower costs of entry and now wide adoption of Software as a Service, changes and pressure will continue… it is one to watch closely.

Closure of Subprime division

Elsewhere Provident Financial also announced they would close their doorstep lending business too. This prompted several conversations online around whether borrowers, those who access this service, will now have fewer options and forced into the hands of less reputable lenders.

With high rates of interest, reflecting in all likelihood the already stretched nature of the customers financial situation, this does not sound like a good outcome. I wonder if there are options to provide better solutions for this segment of the customer base too.

Other Stories of Interest

• Under 35s keen to prove creditworthiness and share open banking data
• Inside the dark, labyrinthine, and extremely lucrative world of consumer debt
• Receeve: Why sending Collections Letters is Inefficient in 2021
• Why Use Muscle? Big Data Can Collect Debt
• Qualco: White paper on breathing space

In my interactions this week everyone pretty much mentioned being busy, really busy. It does seem economic and activity levels seem to be trying to make up for lost time, with average debt down, and indeed the banks seeing fewer loan defaults as a result of COVID, it all seems quite positive.

Averages can of course be misleading. If I have one hand over the fire and the other in the freezer, on average I am just right. In reality, however I am a getting toasted frostbite and something similar is happening here.

Homeowners, those with an income and typically older, generally seem to be doing better. They are making the most of lower expenses to pay down credit cards, debt and even save a little.

However, those with less stable income, still on furlough, typically younger, for them not much has changed. And, whilst record government support has kept arrears in check, this is reducing and impacts are gradually flowing through to individuals, the economy and the banking sector. With insolvencies starting to rise again, we could be starting to see some of this already.

May the 4th be with you

This week also marked another milestone, the UK Financial Services Bill (now Act) passed into law. Routed in updating regulation post UK leaving the EU, it also brings lending activity such as Buy Now Pay Later under greater regulation and amends wording for the debt respite scheme (breathing space).

Speaking of Breathing Space (debt respite), we are almost there. May 4th, next Tuesday, is go-live.

With the prospect of many people struggling as the result of the pandemic, it does seem legislation that is extremely timely. The volume of uptake and associated impact on lenders on this we will need to wait and see.

Undoubtedly however implementation challenges are more complicated than they may first appear though. I am expecting furrowed brows in some areas next week, as the implementation details become apparent.

Return of the office

On one hand, I am starting to hear of firm dates to return to the office (albeit part time, hybrid working) starting to trickle thorugh. On the other hand I have also been hearing anxiety about any return.

It is hard, amidst all the agendas in the media, positioning opinions on why we should return, to see what people actually think.

No doubt it is different by sector, but for many folks flexibility, short commute times and the trust given by employers to employees has been great. People have stepped up to the plate and delivered. Productivity has increased, albeit with an impact to creativity.

The clear desire is trying to keep the good bits, what has worked well, yet regain some of what we lost.

Cakeism maybe, but this a point outcomes such as a forced return in the office, only to still be on video calls all day, or a partial return (some of the team still at home) combined with a continued expectation of extra hours delivery despite losing time again commuting, will not be well received.

All we can say at this point is more change is coming. We will need to watch closely as it evolves and be ready. Planning for changing employee, customer expectations and leveraging all the new technology we have just installed is going to be important. Important for customer retention, employee retention, satisfaction and making the most of the situation to actually transform business processes, rather than return to old ways. Still plenty to think about.

It is a bank holiday in the UK next week, hopefully, the weather holds. Have a good long weekend everyone…