Attending a virtual expo really appealed to me this year, especially since the economy has hit everyone hard and travel and time are an expense many of us can’t afford. The best part about the industry’s first virtual exposition was that it was free and you could attend from anywhere, the park, your home in your slippers, a coffee shop or your office.
The virtual expo had a virtual exhibit hall, live webinars and booths where you could download information, have a private or public booth chat and network. I stopped in to visit many of the booths and chatted with the folks manning the booth. It was great to see who was there, say hello to old friends and meet new people in the industry. I was able to connect and talk with specific vendors about their products and services and establish a relationship that I hope will help us to network with each other now and in the future.
I attended the webinar “State of the Industry – Trends and Predictions” put on by Kaulkin Ginsberg. They had a few different speakers and it was a very informative webinar. Some of the highlights that I took away from the presentation were that in 2010 it appears that smaller bills or invoices will be easier to collect and securing settlements will be easier. This makes sense due to the state of the economy and is a signal to all collectors to focus more on those accounts for more collections in 2010. Some other things talked about were the Fair Debt Collection Practices Act reform, which we all knew was coming. It was also discussed that the Federal Trade Commission will adjust who enforces it or who has rule-making authority. We should also look for an increased violation charge, significantly more than the $1,000.00 per violation charge now in place. Of course there will be more changes to the FDCPA and increased state enforcements of their specific laws. Collection agencies should look for increased data security requirements for agencies because they are handling sensitive consumer data.
The webinar also talked about student lending, and how private student loans are already in decline due to the economy and this will have a severe impact to the ARM industry in this sector. If you have been watching any national news or reading any national newspaper, you saw this one coming.
ARM service providers will see that 2010 will be a rebuilding year, once again due to the economy. Municipalities will increase their outsourcing which many agencies are already seeing. I know I have had more inquiries on my consulting in this specific area. This can be a good thing for agencies since it will help increase jobs in 2010. Surviving this recession will force many agencies to take drastic steps to be successful and if they focus on increasing their commitment to their compliance departments this will help them to be successful in 2010.
There was a question and answer period and someone asked, “Due to the economy, what positions are in high demand for the ARM industry?” The answer is, sales people and you can recruit good ones by offering incentives such as sign on bonuses, and senior level managers with experience with call centers. Many other things were covered, and I found the webinar to be engaging, informative and interesting. Something I would recommend and I look forward to attending more virtual expo’s this year.
Michelle Dunn, author of Starting a Collection Agency, how to make money collecting money 3rd edition.
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