Looking Ahead to 2020 and Beyond
January 15, 2020
Looking Ahead to 2020 for the Financial Industry: Digital, More Growth and a Bit of Uncertainty
by John Sanders, Co-Founder and Managing Director, US Practice
It’s the new year and, as always, we’re all reading the tea leaves to see what 2020 will bring.
We see exciting opportunities on the horizon—and not simply because it’s a new year. For us, 2020 marks an important milestone—it’s our 20th anniversary. It’s a fantastic opportunity for us to be introspective about what our clients, and the industry, have taught us about the important role that planning and process play in achieving results, especially in the face of change and challenge. We’re excited to offer up those lessons to all of you during the coming year.
Let’s take a look at what the year might bring. The continued digitization of banking efforts and the onset of new tech-based products and tools will connect us to our customers more than ever, giving our industry unprecedented opportunity to bring the best value to the consumer experience. And, along with this opportunity, we will inevitably face challenges—whether from a shifting economic cycle or changes in the laws that regulate our industry—that will test how we plan and how we operate.
This expert series focuses on where we think our industry is headed—and what you can do to ensure that you are in the best position to rise to opportunity and meet the challenges ahead.
We see our industry continuing to move to a growth mindset as it emerges from the compliance fatigue that started in 2010. As we continue to focus on growth in 2020, we must stay the course in upholding the standards of the industry—complying with regulatory expectations, furnishing accurate data to CRAs and being prepared to service customers by their channel of choice when in default, or any other activity across the credit lifecycle.
Credit Cycle Juxtaposition
What will the new year bring to the economy? It seems that half the indicators we’ve seen suggest that an economic cycle is more imminent, while the other half show that everything will be great. Whether preparing for a potential credit cycle or throttling volume as part of a growth strategy, now is the time to think about the strength of your back-end infrastructure to ensure that your business mission is properly supported regardless of an uptick or downturn in the economy.
20 Years as the “Source of Truth”
2020 will be a special year for Bridgeforce, as it marks our 20th anniversary. We founded the business back in 2000 to bridge the gaps between business strategy, operations, and technology. And that’s how our clients use us, as their “interface layer.”
It really works—we’re proud to tout a reengagement rate of more than 95%. In our capacity as bridging and translating the divide between tech/automation and very real business needs, we’ve been trusted as our clients’ source of truth for nearly 800 mission-critical projects.
Our time-tested model of delivering real results with real experience could not be more relevant in 2020. We consider it a privilege to partner with our valued clients to achieve success and we look forward to rising to the challenges and opportunities that the upcoming year will bring.
2020 Expert Series—Looking Ahead to 2020
2020 Collections: What Success Looks Like
By now, you’ve probably noticed that there are no shortages in the number of predictions regarding the scale and timing of the next economic downturn. While we can’t accurately predict how this negative macroeconomic event will play out, we do know what’s ahead in 2020 for debt collection: More consumers will default on their loans. That means that we’ll see more lenders collecting—for the first time—through digital channels. If you’re lagging behind in digital, opening a digital channel is a critical step to both safeguard and boost your debt collection revenue in 2020…[read more]
How to Survive (and Thrive) in a Competitive Market
The financial services operating environment has evolved significantly over the last five years, shaped by regulatory and technical change aimed at promoting a more accessible market for new entrants while reducing the perceived advantage of the incumbent players. The dominance of aggregators and intermediated sales channels has created a price comparison culture in the UK. Looking ahead to 2020, there has never been more choice for… [read more]
Successful Technology Transformation in 2020
Let’s make THIS our New Year’s resolution: No more IT projects that fail to deliver on their intended result. If you work in the financial services industry, you know that every new year brings challenges—from regulatory scrutiny to consumer behaviors—that are difficult to predict and even harder to control. There is one thing that you can control, however, and that’s how you plan for and implement IT projects that… [read more]
Cross-Risk Governance Integration: Control the Release Valve on the “Pressure Cooker” of Risk in 2020
With economic predictions running the gamut and a 2020 election bringing political uncertainty, we are often asked by clients, “where should I focus our compliance efforts?” Our answer: “Cross-risk governance integration.” These four words might be short, but they represent quite a bit of work. Here’s why… [read more]
Deep and Wide Focus on Consumer Credit Reporting Practices in 2020
You can count on one element in the financial services industry to remain steadfast—or even heightened—in 2020: regulatory scrutiny and litigation on consumer reporting practices. Despite the fact that the CFPB public enforcement actions have lessened, the CFPB and state Attorneys General will continue their laser focus on consumer reporting. Why? Increasing consumer credit reporting complaints to the CFPB and disputes to furnishers have also been steadily rising.
2020 promises to be no different—we expect these trends to continue as consumers become more savvy. That means that the commensurate CFPB and regulatory scrutiny will continue. And if the administration changes after the 2020 election… [read more]