January 31, 2023 – Today’s consumer expects to transact with businesses anytime, anyplace, and any way—whether it’s online, via a smartphone app, or through a call center. Conducting business across multiple channels is challenging many collection firms as they adhere to new compliance guidelines and adopt the necessary technologies. Current market conditions are making it more difficult. Tomorrow’s operating environment will require smarter technologies to improve efficiencies, reduce expenses, and drive operational scale so companies can increase placements and maintain profit margins.
This report, sponsored by TransUnion, is the second in a two-part series that provides the latest annual look at the trends, challenges, and opportunities in the U.S. third-party collections industry. Part I focuses on the state of the industry, its operations and strategy as well as performance, and the workplace challenges facing third-party collection agencies. Part II examines the technology and tools used by third-party debt collectors, their methods of communicating with consumers, and the challenges they will face over the next two years. It primarily leverages the results of a survey of 140 U.S. third-party debt collection professionals conducted in late Q2 and early Q3 2022.
Clients of Aite-Novarica Group’s Retail Banking & Payments service can download this report and the corresponding charts.