Spring 2025: Credit & Collections Technology Think Tank review

3rd June 2025
Arrears and Recoveries
#2025 credit and collections think tank#featured

Credit Connect hosted its first Spring Credit & Collections Technology Think Tank in York, which saw credit and collections strategies discussed by thirteen professionals from a variety of industry sectors at the Milner Hotel

The event Chair, Chris Warburton from ROStrategy said “Thanks to everyone who attended the Credit Connect Think Tank event in York and for making it such a great event.  Some really interesting insights and definitely a few things to take away around regulation, data and customer engagement. There was no shortage of ideas and it looks like we are certainly going to be keeping busy!  Many thanks to Colin White and the entire Credit Connect team for making this happen.”

Speaker, Jason Wassell, Chief Executive Officer from CCTA, said “I really enjoyed taking part in the Credit & Collections Think Tank, and helping with the opening panel. I thought the day was a valuable opportunity to hear different perspectives from across the credit industry, and I appreciated the chance to share some of the challenges and priorities facing smaller lenders.

“The conversation around regulatory reform was especially timely, with recent announcements around the Consumer Credit Act and the regulation of Buy Now Pay Later. I am glad to see it generating thoughtful debate. Events like this help bring the sector together and make space for honest, constructive dialogue.”

Samuel Baker, Director of Collections at 118118 Money, said, “I thoroughly enjoyed my time at the Credit Connect Think Tank. thought the speakers generated some thought-provoking discussions that seemed to be very well received and discussed, long after the event finished.”

Arren Khan, Chief Growth Officer from The Digital DRA, “I thoroughly enjoyed the first springtime Think Tank – lots of good speakers who tried to bring something different to the table. As my first time speaking at an event like this, I really valued the opportunity to contribute to such a forward-thinking discussion. It sparked some important conversations around customer experience, innovation, and the responsibility we all share in shaping better outcomes. Bring on the next one.”

Whilst Neil Costello, UK Marketing Director from Lowell said “It was a dantastic event and vitally important to hear and share industry views. As shared, my personal opinion is all brands should know what is being said about them, and at what scale both positive and negative, across key social channels and TikTok is the one exponentially growing.”

Commenting on the event, host Colin White, Founding Director at Credit Connect Media, said, “It was great to see such a great mix of credit and collections professionals take part and attend the Think Tank and the Commercial Credit event, which also took place on the day. There was a lot of great content.

“We have had some great feedback from the attendees at the Think Tank and Conference, and I look forward to hosting the Autumn event on 20th November in Manchester.

“I was also pleased to launch the new annual Industry Leaders list and present the first-ever industry recognition to Malcolm Hurlston CBE. I would like to thank our advisory panel and COEO for supporting this new initiative.

Chris Dick CEO from Registry Trust said “We are pleased that our Founder, and active board member, Malcolm Hurlston has received the lifetime recognition award. It is further testament to Malcolm’s ongoing contribution to the sector and his philosophy of promoting better markets while protecting consumers. Registry Trust celebrates its 40th anniversary this year, so the timing of this recognition could not be better, and helps demonstrate the significant and lasting impact Malcolm has made.”

The Think Tank was sponsored by: Ardent Credit Services, COEO, Liberatam Qualco, TCN and Yakara. Whilst the Commercial Credit and Collections Conference was supported by Marsh McLennan, PKF Littlejohn Advisory, CICM and Global Credit Recoveries

The insights from the Think Tank event were recorded and will be available on Credit Connect’s YouTube channel later this year.

The next Credit & Collections Technology Think Tank will take place on 20th November 2025 in Manchester. The event will be followed by the announcement of the winners at this year’s Credit & Collections Technology Awards.

If you are interested in speaking or becoming a sponsor for the next event then call 01622 535075 or email colin.white@credit-connect.co.uk for more information. More online events will be confirmed soon.

Spring Think Tank Questions round-up

  • The government has finally announced the review of the CCA. Could there be any risks/unattended consequences of removing the statutory notices?
Eleanor Demuth from JaJa Finance: “Regulation has not had much impact as we were already doing most of what is required.
I don’t know what the intent is in terms of removing statutory notices but I can see that consumers could argue that they are not fully informed of the consequences of default etc. i can already see that people do not typically read t&cs properly and i think they surve a useful purpose when people get into payment difficulties by drawing attention to what they need to do.”
Jason Wassell from CCTA: “Yes, while there is broad support for a review of the Consumer Credit Act, we have concerns about just moving all of this over to the FCA handbook. For example, the removal of statutory notices carries real risks. These notices, though often criticised as outdated or complex, do provide clear, mandated communication to consumers at key points in the credit lifecycle. They do need to be reviewed, and they need to be amended but we need that structure.
“The government’s direction suggests a shift towards greater reliance on FCA rules, but the FCA’s rulebook may not replicate the same legal clarity, consistency, or enforceability. Without proper safeguards, we could see inconsistent disclosure practices or less robust consumer rights. Modernisation is welcome, but it must be done carefully. We support reform that improves readability and relevance while maintaining core protections.”

Samuel Baker from 118118 Money: “Statutory Notices are often viewed as costly, unnecessary, and confusing (to customers) – however, they do provide the industry with a common method of customer communication, consistent in frequency, format and tonality. Removing them could lead to a lack of commonality/uniformity in the way in which firms approach collections, causing greater confusion amongst customers, particularly those with multiple creditors.”

  • How has industry regulation impacted your company?
Jason Wassell from CCTA: “The evolving regulatory environment has had a profound impact on our members and the companies we represent. For smaller lenders, in particular, regulation has brought increased costs, reduced product flexibility, and—at times—a chilling effect on innovation. While the shift to FCA oversight has undoubtedly raised standards and improved outcomes in many areas, the burden of compliance has grown heavier, especially for firms without large compliance and risk departments.
“Unfortunately, we have seen many firms choose to withdraw products or exit the market altogether, not due to misconduct but rather due to uncertainty or the disproportionate cost of compliance. Regulation needs to support fair competition and financial inclusion. Currently, there is an imbalance, and therefore, we work to ensure that the voice of lenders is not ignored.”
 
Samuel Baker from 118118 Money: “The biggest changes I’ve seen are a greater consideration for customer and risk – this has often led to more polarised discussions, but the approach taken thereafter has been with a greater understanding of customer and conduct, as well as commercial outcomes. Greater levels of resource – the frequency and demand of regulatory changes has forced firms to increase the volume of second line personnel to support and advise.”
  • With a focus on engaging customers, younger customers are using TikTok as their search engine. Should the sector utilise TikTok more?

Arren Khan from The Digital DRA: “Yes, it’s something we’re aware of. Meeting people where they are is key, but the real challenge is getting them to engage in the first place.

“Debt can feel scary and confusing, and social media has spread a lot of misinformation about what we do. That’s why we believe in showing up and explaining our role in a simple, honest way. Platforms like TikTok could help break down fear and build trust, but there’s a fine line between raising awareness and giving advice, so it needs to be done carefully.

  • How do you ensure the right outcomes are provided where customers self-serve?

Arren Khan from The Digital DRA “The first step is making sure customers can truly self-serve – not just make a payment. Too often, I see journeys shaped by internal tech limitations rather than customer needs.

“Second, outcomes need to be monitored closely. Most of us sit on DCA panels where performance is reviewed across multiple metrics – not just payments – so poor outcomes would stand out quickly.

“Third, follow the data. We have access to a huge amount of customer insight. It’s not just about whether they can pay, but whether they should. If someone sets up a plan but the data shows they’re clearly overindebted, signposting to PayPlan or offering breathing space could lead to a far better long-term outcome than pushing them further into difficulty.”

  • Is the word AI being bandied about a bit too easily, when in actual fact we are now actually using and interrogating the data we have for what it was intended?

Richard Grinham from COEO: “Yes, the term AI is definitely being used rather loosely at times. In many cases, what’s being described as “AI” is actually advanced data analytics, automation, or rule-based decision-making—technologies we’ve had across the industry for quite a while. The real shift we’re seeing now is that organisations are finally able to harness their data more effectively, often using tools that help them make faster, smarter decisions from insights that were always there.

“In that sense, we’re not necessarily witnessing a huge leap forward but a culmination of long-overdue progress in how data is utilised. Additionally, it feels like more co-pilot opportunities are becoming prevalent to help support teams, suppress menial tasks and increase oversight of activities.”
  • AI is being adopted in credit decision-making and collections – what upsides/downsides have been seen?

Richard Grinham from COEO: “Whilst we don’t use it for Credit decision, we regularly utilise AI models to analyse vast datasets to improve accuracy and speed in collections processes. This can consider a broader range of data points, like transaction history, to provide more nuanced profiles for customers.

“However, over-reliance on automation may fail to account for individual nuances and exceptional cases, especially in collections, where human empathy and discretion can be key to support customers in their resolutions.
“Utilising AI models, for us, will always be a co-piloting opportunity and we recognise the need to continue validating the accuracy of the outputs with human insights and scrutiny.”

* ALL EVENT DATA AND POLL RESULTS ARE COPYRIGHTED TO CREDIT CONNECT MEDIA  AND SHOULD NOT BE USED OR SHARED WITHOUT OUR PERMISSION

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