This video is part of the iA Think Differently series. Written by or recorded with members of the iA Innovation Council, the series showcases thought leadership in analytics, communications, payments, and compliance technology for the accounts receivable management industry.
Today I'm talking with Dan Womack, Senior Director of Engineering and Product Management at Ontario Systems, and also a longtime member of the iA Innovation Council. Ontario Systems is one of the largest collections platform providers in the industry. Most likely know them best from FACS and Artiva and The Collection System (TCS). Many also know them because of Rozanne Andersen and their team of compliance specialists who are an integral part of the product development process.
He told me that much of what they're seeing in the market now isn't so much 'thinking differently.' Dan says what he has seen over the years is that the collection space has been primarily an evolution industry, not a revolution industry. So he is mostly seeing a desire to go faster on things that had already been in the works: different communication channels, different segmentation methods, different automation capabilities, different technologies that can be deployed in automation, and machine learning.
Dan has a pretty big job at a company that is relied on by many in the industry. Listen in to hear what keeps him up at night.
[Editor's note: If you are interested in topics like strategy, testing, and scenario planning, you should not miss insideARM's next conference, iA Strategy & Tech - a completely virtual event - July 21-23. It's a masterclass in collections strategy.]
The iA Innovation Council is a collaborative working group of product, tech, strategy, and operations thought leaders at the forefront of analytics, communications, payments, and compliance technology. Group members meet in person (and lately, virtually) several times each year to engage in substantive dialogue and whiteboard sessions with the creative thinkers behind the latest innovations for the industry, the regulators who audit and establish guardrails for new technology, and educators, entrepreneurs and innovators from outside the industry who inspire different thinking.
2020 members include:
Absolute Resolutions Corp.
AllianceOne Receivables Management
Capital Collection Management
Crown Asset Management
Enhanced Recovery Company
Healthcare Revenue Recovery Group
NCB Management Services
Phillips & Cohen
Professional Finance Company
Radius Global Solutions
Spring Oaks Capital
State Collection Service
The CMI Group