Debt Collection Services Procurement Intelligence: A Game-Changer for Businesses
The debt collection services category is anticipated to grow at a CAGR of 9.9% from 2023 to 2030. Customers nowadays are becoming more and more conscious about their finance. Rising financial stress due to inflation rate hikes, and supply chain issues are resulting in increasing consumer debt, which in turn is driving the demand for category. According to the Consumer Credit report by the Federal Reserve, outstanding consumer credit was valued at USD 4.7 trillion at the end of October 2022. Additionally, the adoption of automation in gathering and payment follow-ups, and the rising multi-channels of communication with customers are the trends in this category. During 2021, significant discussions revolved around the necessity for debt collection agencies to establish a comprehensive omnichannel footprint. Due to the implementation of Regulation F, which imposes constraints on the frequency of borrower contact by agencies and enforces communication through the chosen channel, this requi...