The Buzz at RMAi 2023
We’re just getting home from the 26th Annual Receivables Management Association International (RMAi) conference in Las Vegas. How about you?
If you missed it, or are just too exhausted to remember anything right now (we feel you), here are the top three conversations among attendees we heard on the floor.
Compliance, Compliance, and Did We Mention Compliance?
The number one buzzworthy topic everyone at RMAi 2023 was talking about? Compliance.
From Regulation F (lovingly known as Reg F) to general CFPB compliance to the Hunstein case, compliance remains top of mind for folks in collections.
With governmental changes and potential repercussions of Hunstein-inspirited litigation, industry compliance is trapped in uncertainty. How can receivables management remain in compliance if the landscape is constantly shifting?
Auditing every call for compliance isn’t possible manually, but software can make sure you’ve got an eye on the task. You’ll want to find a tool with the ability to monitor and analyze every behavior on every call.
Whether we’re officially in a recession or not, economic issues including layoffs, rising interest rates, and extreme credit usage all indicate the coming of increasing defaults.
Because we heard this concern from different sides of the receivables business, we noted the different forms it is taking. For originating lenders, nonpayment obviously interferes with the core business of loan servicing and repayment. For collections and debt buyers, it’s a more positive business opportunity.
But for all parties in receivables management, more defaults also mean a greater need for staff, which circles to our next buzzy conversation topic.
Hiring and Retention
The most common reason managers identified for struggling to hire and retain employees was how tough receivables management work can be, including:
- Time pressure
- Negative interactions
- Compliance knowledge
That last issue is particularly tricky right now: staff churn coupled with constant shifting in compliance requirements means constant training and re-training, which puts a lot of pressure on managers.
With the tight labor market expected to continue for years, receivables management teams will need to do more with less.
What to Do Next
Technology isn’t a miracle cure for compliance changes, economic woes, and the ailing labor market, but it can help.
Look for a best-in-class software solution to reduce time-consuming administrative tasks, individually coach agents through interactions, and support compliance and quality assurance tasks without overloading representatives or managers.
See You Next Year!
We always appreciate what a positive and welcoming community we find at RMAI and in the industry in general. We’re already looking forward to next year!
Did we miss you? Let’s catch up and get started in supporting your team.
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