In the UK & Ireland (UK&I), the importance of collections services is pronounced given the current socioeconomic landscape. Navigating the intricacies of such services in this ever-evolving landscape requires a deep understanding of regulations, cultural nuances, and diverse business practices shaping the financial environment.
In 2023, enterprises in the UK and Ireland (UK&I) spent around GBP2-2.2 billion on debt collection services, with a notable growth spike of 8-10% in 2022-23.
With growth expected to continue, and economic challenges such as inflation, high energy costs, and rising interest rates driving higher default rates, there is a growing demand for specialised payment collection outsourcing services that not only aid in recovering debts but also assist customers in managing financial challenges, providing financial education, and alleviating debt burdens.
This report examines the considerations of the UK&I market, covering key topics such as:
- trends in the UK&I payment collections market
- customer vulnerability and the current state in the UK&I
- regulations governing payment collections in the UK&I
- key considerations for selecting the right provider
- generative AI's impact on the payment collections market
Maintaining ethical and legal practices throughout the payment collection process is important to uphold trust in the financial system, especially during these challenging times. By prioritizing integrity and compliance, businesses can navigate the complexities of the payment collections market with confidence and resilience.
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Everest Group
Everest Group is a leading research firm helping business leaders make confident decisions. We guide clients through today’s market challenges and strengthen their strategies by applying contextualised problem-solving to their unique situations. This drives maximised operational and financial performance and transformative experiences. Our deep expertise and tenacious research focused on technology, business processes, and engineering through the lenses of talent, sustainability, and sourcing delivers precise and action-oriented guidance. Find further details and in-depth content at www.everestgrp.com.
