The buzz at RMAI Executive Summit 2023

piggy bank with sunglasses on sand by awesomecontent on freepik

We packed our swimsuits and water wings to head to Monterey, CA for the RMAI Executive Summit and we were not disappointed. 

Golf, beach, and the coolest people in receivables management.

Here’s what everyone was talking about:

1. Regulations

We’re always talking about regulations in receivables management, but this time the big conversations were around the CFPB.

Talk about the CFPB has been busy lately on all fronts, so that’s not surprising. Here’s what we talked to a few people about:

Time-barred debt collection (check out this Troutman Pepper podcast if you want to get caught up)

Small business data collection (Reuters has the scoop)

Medical debt (insideARM has a great recap)

2. Talent

Hiring and retention, as always (have you seen this recap of the webinar on tips for hiring and retaining the best agents? We still think about it on the daily).

Unemployment is still happily hanging around 3.6%, so basically we’re not going anywhere.

But the conversation took two different turns this time:

First, we were excited to sponsor a great panel: Enhancing Consumer Communication Through Generative AI.

It’s something we’re passionate about - we’ve committed to focusing on communications in consumer finance specifically, and generative AI is the tool we use to accomplish that.

And we’ve seen companies doing such cool things with our solutions to address staffing issues - from slashing ramp time to freeing agents from repetitive administrative tasks to improve their quality of (work) life and their KPIs.

So we were happy to talk to so many people who are seeing the possibilities to use custom-built generative AI to ease their staffing woes.

Second, there were some new and fascinating ideas floating around about DEI in the industry, as well as where the next generation of leaders are coming from (and the Venn diagram of those two topics was awesome).

3. Cybersecurity and compliance

Looping back to regulations, now that we’re living under the FTC Safeguards Rule, it’s made us all think even more about how we’re taking care of our data. 

This isn’t a bad thing - it’s always a good idea to double-check, especially when we’re managing sensitive customer information.

Added to that is the maybe-maybe-not CFPB small business data collection (see above), and the SECs rules around cybersecurity disclosures (doesn’t affect most of us directly, but the conversation was big).

And compliance is always a central topic of conversation, especially around us - it’s such a big part of why people come to Prodigal - ProInsight is our favorite gateway to show teams all the cool things they can do with AI. We’re so far beyond old-school technology.

Home again, home again, jiggity jig

Welcome home! Did we miss talking to you? Or did you want to know more? Drop us a line - let’s catch up.