Despite ongoing challenges, the third-party collections industry was largely able to continue operations in the midst of a pandemic, according to a new Aite Group report.
Boston, February 17, 2021 — The third-party debt collection industry serves creditors and billers that have delinquent or defaulted accounts in the financial services, healthcare, telecommunications, or other industries. As such, these companies must develop tailored strategies and effectively communicate with consumers to ensure they collect as much of these obligations as possible. This year, the debt collection industry had to pivot to remote work environments and adapt to rapid regulatory changes, the shifting expectations of their financial institution clients, and consumers’ volatile financial conditions. Third-Party Collections, 2021: A Year of Pivots and Possibilities, the latest Aite Group report, provides insights from an annual survey of the third-party debt collection industry.
“As this uncertain ‘new normal’ period spurred by the pandemic stretches on, collectors are holding their breath to see whether consumers will continue to perform better than expected and whether their companies can remain in business,” says Leslie Parrish, senior analyst at Aite Group.
This report documents these companies’ top-of-mind challenges, the tools used and the outcomes achieved over the last year, and the overall composition of the industry. This research is sponsored by TransUnion and is informed by a quantitative survey of 209 third-party debt collection professionals in the U.S. conducted in Q3 2020. It is supplemented by 13 interviews of thought leaders in the third-party collections industry during Q2 and Q3 2020.
To request a press copy of this report or to speak with Leslie Parrish about this topic, please contact us at [email protected].
About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.