Of all the articles I publish to help commemorate and celebrate the past year, this might be the toughest. Asking people to summarize an entire year in one word is no easy feat. That makes it doubly surprising that this year, for the first time ever, two participants used the exact same word. What are the odds of that happening? Read on to learn the different words that professionals from across the industry will use to remember 2023.
Kristyn Leffler, Resurgent Capital Services
Uncertainty. In 2023, the ARM industry was anxiously waiting for news and direction from regulators on medical debt, FCRA rulemaking/credit reporting, and licensing (CA). At the same time, private companies that used the Twilio backbone halted the use of their SMS service for debt collectors. Similarly, the industry scrambled in the spring to understand the implications of a new Visa merchant code for collectors. Of course, no discussion of 2023 would be complete without also touching on the rapid rise and adoption of generative AI (ChatGPT) and its impact to businesses. As icing on the cake, access to capital and the cost of that capital rose rapidly throughout the year, posing challenges for anyone looking to expand. This environment also hit the wallets of consumers, as we watched delinquencies rise. Change was unfolding on all these dimensions simultaneously and rapidly. And yet, here we are in 2024. We all made it through the year! 2024 will certainly continue to surprise us but as one of the oldest professions in the world, I know we will continue to innovate and iterate to adapt to these continued uncertainties.
Megan Hebert, Specialized Collection Systems
My word: Adaptable! This could be overly optimistic, but I believe our industry has showcased remarkable adaptability in response to the technological advancements, changes to consumer behaviors, new laws and regulations, additional demands from our clients … the list goes on. I think embracing a willingness to be adaptable is half the battle! This is true for all the players in the ARM industry – collection agencies, debt buyers, law firms, and the vendor partners that support our crazy industry. This year, we have had to pivot, adjust strategies, and integrate innovative technologies to properly enhance the collection process; all while remaining compliant (obviously). For those that maybe didn’t spend much of 2023 adapting, make it your word in 2024! I know I will continue to adapt.
Mike Frost, Frost Echols
The one word to sum up 2023 for me is ADAPT. In 2023, the ARM industry underwent notable transformations, adapting to an environment influenced by evolving economic conditions and technological advancements. With a focus on consumer-centric approaches, many debt collection agencies embraced innovative strategies to engage consumers through preferred communication channels. Regulatory frameworks became increasingly stringent. Advocacy group and state and federal regulators pushed for stricter regulations and reduced or eliminated credit reporting of various debt types. Overall, the debt collection industry did what it does best in 2023 – adapt.
Jon Balon, Williams & Fudge
My word to start 2023 was “STOP” and I chose that word so I would pay attention to things that did not provide value towards my goals. For example, “STOP” being on my phone in the evening versus getting to sleep earlier or snacking for no reason after dinner. The word “STOP” also followed me into the workplace, and I paid more attention to where my time was being spent. This led to analyzing and evaluating the number of manual tasks I was completing, the number of meetings being held, etc. It forced me to ask, can this be automated, are these efficient, what projects are we working on that no longer align with strategic objectives, etc. “STOP” forced me to make adjustments, to automate processes, to eliminate time spent on manual tasks, to cancel inefficient meetings, and halt work on projects that no longer made sense.
As I “STOP” to reflect on 2023 and my word for the year, I can’t think a better word to truly describe 2023 for me; even as contradictory as it may sound, for someone who works in an industry and environment that is continually “evolving.” There are so many examples that I am sure we all have seen; for me the evolution of technology, my relationships in the industry, the landscape of the industry, the strategies applied, they all have rapidly evolved throughout this past year. During 2023 I can think of many examples where each week built off the previous, examples of brainstorming and collaboration with peers in the industry, related to effective structure of consumer messages, and iteratively making changes to enhance processes. It was a fast, dynamic, and transformative year, marked by continuous development, adaptation, and change.
As I go into 2024, my word for the year is “BUILD.” My focus going into the year is to build on the foundation created from stopping actions that were getting in the way and treating everything as an evolution. As I set goals for 2024: I will be building up to running a Half Marathon, while also building knowledge and skills professionally, creating a structure for my team to individually build upon their skillsets and plan to continue to build relationships with the awesome people that are in our industry.
Terry Merrell, First Financial Resources
My word for 2023 is grateful. FFR has made some significant changes this year in our technology, structure, as well as moving into new office space. I have learned to not only set realistic expectations during each phase of change but to adjust and be willing to not have everything go as planned. However, what I am most is grateful for the team we have built and continue to build, the ownership, and the vendors that we work with. I entered this industry in 2021 with no background in ARM only to find that it is an industry where technology and customer service are colliding and that is what has intrigued me from the very first day. I have had the pleasure of learning and building in two areas that I am most excited about and for that I am grateful. Here’s to a successful 2024!