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.
- The future of call centers is remote work, even post-pandemic. According to a recent J.D. Power study, 86% of 124 customer service organizations surveyed say they plan to implement permanent work-from-home models even after the pandemic passes.
- 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.
- Affirm, a “flexible and transparent alternative to credit cards,” recently raised a $500M Series G round. As we’ve noted before, flexible payment options are a real win-win: better for the customer experience, as well as a positive for payment plan retention as well. We hope that Affirm’s recent success signals a trend towards more flexible, personalized payment solutions in the future.
- 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.”
- In positive news about the (very) near future: LendIt begins on 9/29. If you’re attending, make sure to check out our virtual booth and the panel New Approaches to Collections in Times of Crisis, on which our founder and CEO Ohad Samet will be speaking. Here’s our round-up of other can’t-miss sessions.