-1.jpg "Top Debt Collection Service Companies in Canada")
It is expected that the demand for debt recovery agencies is going to increase manifold amid an economic slowdown across the world. As factors such as interest rates, disposable income, and economic growth rates play a crucial part in the demand for debt collection agencies, the industry is set to soar in the coming years.
Like others, the debt collection services sector is expected to witness the impact of the technology revolution. An increase in the rate of collection coupled with a decrease in operational costs are projected to follow the mass adoption of technology in the industry. The global debt collection services market is set to reach a maximum value of US$ 30.2 billion in 2023. The market is further expected to grow at a CAGR of 2.7 percent for the next ten years and end up at US$ 39.4 billion by 2033.
Bringing to light the key developments in the depth collection space, this edition of Financial Services Review underscores how organizations are leveraging the latest services and solutions to drive business efficiency. It features thought leadership articles from Douglas Maxwell, Chief Financial Officer at American First Finance, and Jerry Duan, Vice President, Director of Treasury Analytics & Stress Testing at United Community Bank. Maxell emphasizes the importance of maintaining strong communication channels with lenders in today’s landscape and underscores the role CFOs play in recession planning. Duan highlights the growing need for community banks to shift into a data-rich business model to maintain a competitive edge with government or large-scale private banks.
The issue also features Papazian | Heisey | Myers, a law firm that brings with it a wealth of knowledge and breadth of experience dealing with all manner of debtors and their efforts to obfuscate and delay the inevitable repayment of their usually long overdue debt. It meets the challenges created by new debtor tactics, in part by focusing on seeking court assistance through mortgage-related litigation.
In this edition featuring the most prominent debt collection service providers, we hope you find the ideal partner that delivers the best practices in debt collection services and fulfills your needs for a financial partner that fosters growth and development for your organization.
