The third-party debt collection industry—comprising collection agencies, business process outsourcers, debt buyers, and law firms collecting debt—is at a critical crossroads. Some collection firms are innovating to meet rising challenges while others are languishing and allowing their clients to view their services as a commodity.
From my first days as a private in the Army so many years ago, it was drummed into me that I needed to “know the enemy.” At that time, my platoon was regularly shown photographs and movies that depicted Soviet and Warsaw Pact soldiers in various states of fierceness. I have memories of the visions of hordes of burly soldiers in Soviet uniforms bounding through the snow and doing aggressive maneuvers. Our unit spent countless hours studying Soviet equipment, identifying tanks and aircraft, and delving into minutiae like a Soviet solder’s daily routine and diet. Yes—we knew our enemy.
For decades, sovereign wealth funds (SWFs) have preferred to remain in the shadows. Little was known about them and their nature as long-term passive investors helped keep it this way. In recent years, however, the nature of SWFs has begun to evolve. Alongside accumulating a large and growing pool of capital, the profile of sovereign wealth has been boosted by high-profile investments in disruptive technology giants, such as Uber and WeWork; a growing appetite to develop their own internal operations; and the close relationship between SWFs and national governments. In this post, I will outline three ways in which SWFs are becoming increasingly serious and influential players in the asset management space.
Money20/20 USA is a couple of weeks away, and the scars on my feet from last year’s event still have not fully healed. Money20/20 is the largest event for financial services, and it presents an amazing opportunity to find out what is happening in our industry as well as connect with colleagues from across the globe. This year, I’m excited to be hosting a panel with representatives from Western Union and TD Bank titled How Technology and Collaboration Will Bridge Banking and the Money Transfer Business.
By Sanjib Kalita, Editor-in-Chief, Money20/20
This article was originally published on Money20/20.
We are in the midst of seismic societal changes of how people interact and transact. Across societies, geographies and segments, digital is the new norm. Change has accelerated, placing greater value upon flexibility and speed. Historically, money and finance have been among the more conservative and slower changing parts of society, but this has changed dramatically over the past decade by viewing money as an instigator of change rather than a lagging indicator.