The Digest: October 2020

By on October 15th, 2020 in Industry Insights

For this edition of The Digest, we’re taking stock of what we’ve learned so far from the economic impacts of COVID-19, its implications for collections and emerging fintech trends. Here are some headlines that caught our attention:

What to keep an eye on:

  • The New York Times recently published a fascinating data visualization report that shows that the number of job losses that are permanent is increasing, providing “a view of the dynamics shifting beneath the surface…of potentially lasting consequences of the crisis.” 
  • The future of upcoming stimulus payments remain uncertain, with this timeline of events explaining how we got to where we’re at today. There may be some movement made this month, as McConnell stated on Tuesday that the Senate will vote on a limited coronavirus stimulus bill.
  • We’ve seen the rise of many “buy now, pay later” providers, and on the heels of its $500M Series G round, Affirm has now confidentially filed to go public. Affirm will join Afterpay as the second pay-later fintech to hit public markets. While there haven’t been many fintech IPOs this year, Affirm’s listing could encourage others to do the same via IPO, direct listing or SPAC route.
  • In a long time coming, the CFPB is getting ready to update its rules around collections and technology, with text messaging and emails formally recognized as communication channels. We’re waiting with bated breath, and proud that the work we’re doing in pioneering digital collections meets consumers on their preferred channels.

What we’re excited about:

  • We’re honored that our very own Sheila Monroe has been recognized as one of the Top 25 Women Leaders in Financial Technology of 2020 by The Financial Technology Report.
  • We’re hosting a webinar next Wednesday 10/21 on the future of digital collections. TrueAccord’s Chief Product Officer Laura Marino & our team of product experts will give a behind-the-scenes look at TrueAccord’s latest product features that deliver peace of mind to consumers and enhanced results to creditors.