The Digest: September 2020, part 2

By on September 25th, 2020 in Industry Insights

In this edition of The Digest, we’re looking towards the future. After all, Q4 is right around the corner, and after that, 2021 will be here before we know it. Here are the headlines we’re thinking about as we look ahead.

  • TrueAccord CEO Sheila Monroe gave her thoughts on what’s next for collections in the latest episode of one of our favorite financial services podcasts, Credit Eco 2 Go.  Sheila shared her optimism on the potential efficacy of multimedia collections communications and emphasized how “the one-size-fits-all approach” is no longer a viable option for reaching out to consumers in debt.  
  • Chime is now the most valuable consumer fintech company. Speaking to Chime’s appeal, CEO Chris Britt noted, “Nobody wants to go into bank branches, nobody wants to touch cash anymore, and people are increasingly comfortable living their lives through their phones. We have a website, but people don’t really use it. We’re a mobile app, and that’s how we deliver our services.” The future of mobile banking is looking brighter than ever.
  • What does the financial future of American families look like? If the present is any indication, there may be painful times ahead. A new NPR poll finds “very substantial proportions of households reporting that their savings have been depleted by the pandemic (if they had any savings to start with).”  Robert J. Blendon, executive director of the Harvard Opinion Research Program, predicts that “it’s going to get worse because there is nothing for the people we surveyed who earn under $100,000 a year to fall back on.”