Prepare now or pay later: strategic collections investments in economic headwinds
Better Debt
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“We’re either getting on board with AI or getting left behind. When things start moving at such a dramatic growth curve, what other option do we have?”
In this compelling discussion, industry veterans Adam Parks (Founder, Receivables Info) and Josh Foreman (CEO & Founder, InDebted) examine the critical strategic investments collection organisations must make to navigate the challenging economic landscape ahead — from AI adoption to digital communication strategies.
Key takeaways include:
- AI’s accelerating adoption: The percentage of collection companies exploring AI saw a 40% increase in just one year. Despite initial skepticism, 61% of companies now find AI to be a worthwhile investment, with that number rising to 75% for larger companies.
- The shift to customer-centric collections: How collections has transformed from a performance-driven operation to an e-commerce business focused on customer experience, with some leading organisations now measuring consumer repeat purchase likelihood based on the collections organisation they interact with
- Economic warning signs: Analysis of TransUnion’s data showing alarming trends in credit originations and consumer payment behaviors that signal potential market disruption exceeding 2008 recession levels
- Strategic workforce solutions: Practical approaches to talent challenges when 88% of companies report hiring difficulties, including technology augmentation to do more with less
- Digital communication imperatives: Why the shift to mobile (some agencies seeing 90% mobile traffic) and self-service options (88% now using payment portals) are no longer optional, but essential for survival in the new collections landscape
