We’re only one week into 2021, and it’s already an eventful year. The surging pandemic, lagging vaccine rollout, imminent political change, and turmoil in Washington are affecting every corner of the country, including the worlds of finance, fintech, and collections. Here are the articles we’re reading to help make sense of what this year may bring:
• Distribution of the COVID-19 vaccine in the US is much slower than expected, but economists are already looking ahead to what a post-vaccine economy could look like—especially in light of the recently passed $900B stimulus package. Economists surveyed by The Wall Street Journal foresee “tough sledding this winter, and then a rebound” in the spring. Likewise, Nobel laureate economist Paul Krugman predicts that “mass vaccination, pent-up demand, greater household savings, technological progress, and the Biden administration’s backing” will fuel a jobs boom later this year. Our fingers are crossed.
• Part 2 of the CFPB’s new debt collection rule is here. New guidelines around validation notices, time-barred debt, and passive debt collection are all covered in this section. Kelly Knepper-Stephens, TrueAccord’s VP Legal & Compliance, will be sharing her insights on the new rule at the ACA Huddle Webinar this Friday 1/8 (ACA log-in required). If you want to go even deeper on Part 2 of the new rule, you can download all 354 pages here.
• If you’re still processing 2020, we recommend checking out Forbes’ round-up of the winners and losers in fintech and banking from the past year, as well as PYMNTS.com’s list of trends that shaped the digital-first economy in 2020. Unsurprisingly, the Buy Now, Pay Later boom and the meteoric rise of neobank Chime and payments startup Stripe were noted as standout events in the world of fintech this year.
• If you’d rather look forward than back, we recommend checking out Tearsheet’s expert panel on what banking will look like in 2021. As longtime proponents of consumer-focused financial services, we love this prediction in particular: “Banks will have to find a way to duplicate personal, in-person relationships–but at scale and with a digital-first approach. This will be a priority in 2021.” To learn about TrueAccord’s method for creating innovative, personalized experiences in collections, check out our webinar on the future of digital debt collections.
• Our founder and CEO Ohad Samet recently appeared on the Wharton Fintech podcast to talk about TrueAccord’s mission to change the debt collection industry by empowering consumers with flexible, personalized payment options. If you want to even know more about TrueAccord’s vision for 2021, check out our Digital Collections Roadmap, a collection of tools and resources to guide your collections strategy this year. For an even deeper dive, check out our ebook, The Buyer’s Guide to Digital Debt Collection Solutions.