COVID, the CFPB, and Tech Have Changed the Game – Here Is How You Adapt

“Tactics is knowing what to do when there is something to do; strategy is knowing what to do when there is nothing to do.” - Savielly Tartakower, International Chess Grandmaster.

Many of those in the accounts receivable management industry today find themselves looking to deploy the right tactics to respond to several seismic shifts that have occurred in recent months: the deployment of remote workforces in response to the COVID-19 pandemic, responding to the Consumer Financial Protection Bureau’s (CFPB) debt collection rule and whether new leadership atop the Bureau will alter what has already been released, and rapid advancements in technology that are revamping how collection agencies operate. Each of these situations requires companies to make substantial, business-critical decisions that will likely affect their future.

Developing a strategy during a period of uncertainty can feel like trying to hit a moving target. You don’t want to waste time building a plan only to have it change as soon as you launch it. But the longer you wait for the clouds to part and an exact direction to be laid out before you, the longer you live in limbo, and that is just not a viable option for a company of any size at this time in our history.