Collections & Recovery Bold Predictions for 2023

What can collections & recovery executives expect in 2023? Here are bold predictions for 2023 from four industry thought leaders:

Dave Hanrahan, Co-Founder & CEO of Kredit:

Digitization will continue in 2023 and be critically accelerated by the CFPB’s new attention on Dodd-Frank Act Section 1033 rulemaking. Depending on how the CFPB defines “covered financial institutions”, recovery organizations may be required to furnish consumers’ account data through whichever 3rd party technology platform a consumer wants to access information on their behalf. Those consumer-selected platforms will likely be different from organizations’ traditional payment portals. Organizations should start preparing their technology and operations for that contingency now. The shift will result in significantly higher inbound recoveries and benefit organizations who can harness the trend to their benefit.