Third-party collection services are providing self-service platforms for consumers to deal with their debts and informed collection journeys based on consumer preferences
Boston, February 23, 2022 — While the third-party collections industry has been on what one industry thought leader termed “a roller coaster ride,” a significant share of the industry believes that 2022 will present challenges as well as opportunities for their company to grow. In a new Impact Report sponsored by TransUnion, Collections Insights 2022: Differentiation by Transformation, research and advisory firm Aite-Novarica Group documents the experiences of the third-party collections industry over the past year, including overall trends impacting the industry, top-of-mind challenges, and opportunities they hope to seize.
“Third-party debt collectors should engage with consumers through the communication channels they prefer and allow them to learn about and take action on their defaulted debts,” said Leslie Parrish, Strategic Advisor at Aite-Novarica Group. “Providing these capabilities will not only facilitate a better customer experience and therefore improve collection rates, they can also reduce call center staffing burdens.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.