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Broken. Think about that word. Does it mean a system once worked but no longer does? Does it mean the system still works, but is no longer fit for its intended purpose? Or does it work exactly as designed—just inefficiently, expensively and without the ability to scale? Those are not the same diagnosis. Before replacing…
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I saw a LinkedIn post. A collections industry veteran proudly introduced her new business and website, hanging out the shingle, available for consultation. Expertise in Compliance. And based on her accomplishments and the hefty endorsements from industry rock stars, no doubt she is an expert. And she will do well. Then I thought. Wait. What…
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Six years into managing the back office of a collection agency, I have a unique view of the industry’s technological transformation. I see it from the finance seat. And what has happened is impressive. AI, first perfected in contact centers and now rapidly transforming collections, is changing the economics of the business. The speed of…
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There was a time when the economics of a collection agency were pretty simple. Measure how many accounts one collector could effectively handle: Accounts per Collector, or ACR. The higher the number, the lower the cost to collect. Collections was primarily a telephone business. Agents dialed phones and talked. Wrap-up time—writing notes, setting arrangements—was time away from the…
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Financial Foundations with Jim Curham 