Driving for Innovation in Debt Collection

For any industry group to be worth the time, it has to deliver value. For insideARM, bringing the Consumer Relations Consortium (CRC) and Innovation Council members together to solve industry challenges doesn’t only add value to our members, it fundamentally shapes the future of the ARM industry. It’s truly what drives the insideARM team.

Over the last sixty days, insideARM, in partnership with our CRC/Innovation Council members, have been on a quest to develop an industry innovation roadmap as part of our #BetterWay project.  

What we’ve accomplished:

• Gathered data through seventeen hours of interviews with member companies to identify top challenges
• Analyzed results and provided a comprehensive view of where we need to focus
• Shared priorities in our April Innovation Council meeting in Washington, DC
• Facilitated solution design session for priority #1 with industry creditors, agencies and technology leaders 
• Engaged a working group to advance progress on the process that started in Washington

Categories rising to the top:

BRIDGE THE GAP - building trust during and after the handoff of customers from the creditor to the agency; contact information, customer preference, consent management, etc.

SUBSTANTIATION - streamlining and improving the ability to validate the existence of the debt across servicing parties; historical account information, statements, etc.

BIG DATA - exploring ways that the plethora of data housed and stored across companies and platforms can be safely leveraged for industry trends, modeling and analysis

DATA STANDARDS - addressing the fact that agencies and creditors work with dozens – or even hundreds – of ETLs (extract, transform, load) across their client base. This initiative would explore how to establish a uniform approach that provides benefits for creditors to adopt the standard. 

What now?

We get to work - the first working group of CRC/Innovation Council members has been commissioned to advance the findings and explore ways to bring them to market.

We’ll be sharing further insights on the #BetterWay Project at the First Party Summit, June 4-6 in Dallas, TX. 

Session Overview

Panel Discussion - The Path to a #BetterWay

Thanks to many industry leaders committed to finding a “BetterWay, we’ve gained tremendous insight into the core challenges requiring innovation across the ARM industry. Get a glimpse into the highly impactful and strategic work and what it will mean for you.

Brad Bartram, COO, Pairity AI

Isaac Goldman, COO, Vertican Technologies

Ed Bray, Head of Collections and Recovery Strategy, Citizens Bank

Michael Meyer, Chief Risk and Chief Security Officer, MRS BPO LLC

Amy Perkins, Chief of Content and Industry Intelligence, insideARM

Click here to see the full agenda and register to attend.