The future of debt collection
"Credit Quirks" (Creditkronkels) is a regular column in the professional journal of the VVCM (Dutch Association for Credit Management). Written by Ultimoo Incasso's Managing Director, Arjan Stigter, the column explores trends, news, and other compelling topics from the world of credit management.
I can hardly imagine it, but the calendar says otherwise: 2023 has already come to an end. Traditionally, this is the time when plans for the new year are presented. Looking back and making plans is a curious thing; after all, the transition from December to January is essentially no different than, say, the shift from September to October.
On the other hand, you have to seize a moment somewhere to assess whether what you are doing is actually progressing as originally envisioned. I must confess that, given the circumstances, this is often not the case. Take the example of COVID-19 in March 2020. At a moment like that, all plans can be tossed into the bin, and you must ensure you are flexible and able to pivot quickly. Looking back, I was pleasantly surprised—not by the situation itself, but by the adaptability of colleagues and resources that only truly becomes apparent under such pressure.
Trends in 2023
Quite a lot happened in our field in 2023. We had to investigate the AI hype, deal with the shortening of the MSNP/WSNP (debt restructuring) terms, the postponement of the Wki (Debt Collection Quality Act), and the tight labor market—and those are just the external factors. However, three years ago, we set a "point on the horizon" for 2025; a goal that seemed quite distant and, at first glance, nearly unachievable. At the time, the question was raised: is it even useful to set such highly (read: "too") ambitious goals? Now, three years later, I can answer with a definitive and resounding "yes." It forced us to search for new ways to reach our targets regardless of the obstacles.
Thinking outside the box and being creative in devising solutions is key. When you hit those milestones, you notice everyone feels a tremendous sense of pride and energy. So, go for a goal that triggers you, pushes you out of your comfort zone, and obligates you to think differently. There is a reason why disruptors are often the ones who win... Every entrepreneur should arm themselves against the status quo; try to be that disruptor yourself.
New Plans for 2024?
For us, this is not necessarily the moment to create entirely new plans, but rather to fine-tune existing ones. We have taken stock and see that in terms of automation and staffing, we are on track to meet our goals for improved efficiency and effectiveness. Regarding growth, we see this as a logical consequence of our strategy, and we are arriving exactly where we want to be. 2024 will be the year we reap the rewards of three years of hard work on new ways of working. We are ready for it.
Do you still need to make plans? "Aim for the moon. Even if you miss, you'll land among the stars."
Arjan Stigter
Managing Director, Ultimoo Incasso
