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The banking industry is ever in flux… and as we settle into a new year, one of the big priorities that many institutions are facing is an adjustment to the increased prominence of digital banking.

According to the Bureau of Consumer Financial Protection 2019 Annual Report, outstanding credit card debt continues to grow, increasing to re-touch its 2008 peak of $870 billion. Additionally, the flow of 90 days or more delinquency for credit card balances remains elevated relative to previous years (BCFP).

Collections compliance could be in for some big changes in the near future. So that’s why we recently hosted a webinar to discuss how a proposed rule change to the Fair Debt Collection Practices Act and how it might affect collections technology and processes, if passed. In case you’re unfamiliar with the FDCPA, it is a federal law that governs debt collection practices. The FDCPA prohibits debt collection companies from using abusive, unfair or deceptive practices to collect debts. The presentation was very informative, but we also fielded questions from attendees near the end of the webinar. Here are just a few of the questions that were addressed:

Records are made to be broken, and we are seeing a lot of MeridianLink’s previous records being broken left and right. Since the User Forum held earlier this month that shattered the prior attendance record with more than 700 people joining us to learn more about how we can connect them to better, interest in our products and services has also never been higher.

We would like to thank everyone who joined us last week in Huntington Beach for the MeridianLink 2019 User Forum. Besides the record attendance and all of the buzz surrounding all of the latest developments regarding our products and services, we picked the Forum as the perfect place to unveil our new logo and branding.

Collections will never be the same.  XpressCollect, the latest addition to MeridianLink’s market-leading suite of products, has quickly been recognized as one of the most powerful and innovative collections tools. With its robust and intuitive platform, XpressCollect maximizes efficiency and minimizes costs. The web-based platform provides unmatched benefits that start with a sleek user interface that delivers the ultimate user experience. XpressCollect not only replaces tedious workflows of the past with increased automation, sophisticated analytics and easy-to-use functionality, it also evolves with your financial institution’s operations and goals. As you may know, we hosted an introductory webinar yesterday to provide more information about XpressCollect and its benefits. In case you missed it, you can request the recording link below. Here’s some of the Q&A following the presentation and demo to give you some more insight on how XpressCollect works: