- February 12, 2019
- Posted by: Phillip W. Duff
- Category: Agencies, Business plans, International, Jamaica, Latest Post, Nearshore call Centers, Opinions
As always I post a blog to inform others what I saw and felt during the recent conference. I have been going to the debt buyers conference for many years and its has changed over the years from Caesars Palace to the Mirage and now the Aria the last few years. But I saw a couple things I did not expect at this years conference. Yes I saw the normal drinking and glutenous food but I also heard things that made me take notice.
So let’s start with the exhibitors of which I was one. We had the normal letter vendors, software providers and data providers as well as nearshore from Mexico and Jamaica. There were some new vendors that are doing things like disaster calling strategies. There were a few agencies and a few debt buyers exhibiting. Overall the exhibitors were diverse and whats needed in the industry. My booth was busy due to my booth models and the meetings I set up prior to arrival in Las Vegas but I also had several new prospects stop by that see nearshore as the next solution to profit margin losses. I did think it was interesting to see one of the biggest software vendors in a 10 foot booth instead of a bigger presence. I guess they are focusing on other industries these days.
I met with several people interested in nearshore operations and was surprised to see how many are considering that strategy change in 2019. I was also surprised to also hear how many debt buyers who had exited the business were returning with a vigor. I am unsure what is driving that change as usually when someone exits this arena they do not return in the same manner. But several old timers are ramping up debt purchase entities and seem excited by the possibilities.
Another trend that I am noticing is the trend of agencies to change their client strategies. Meaning they are switching the focus of the agency from one type debt to another. I saw big debt buyers that started in the credit card space and had moved to Medical and now have moved to first party servicing. I see guys who were focused on credit card 5 years ago have moved to medical or commercial. Some have moved to subrogation and other specialty fields. It shows that specialization is better than a big agency that does it all. Creditors want someone that is tuned to just their accounts.
The trends are clear nearshore is hot in 2019, specialization of products is the new focus of agencies and the industry is once again growing.