Chevron ruling, levels of autonomous work, and digital collections

Summer is here – time for family vacations, barbecues, and enjoying the great outdoors. As we return to our work rhythm, let's catch up on what's new this season in consumer finance and tech.

In this edition of "Of Interest," we cover the Chevron Ruling's impact, explore the levels of autonomous work, and share exciting updates on Prodigal's advancements in digital collections execution.

Overruling of Chevron

Recent Supreme Court decisions suggest a shift in how Chevron deference is applied. This change could impact how the CFPB and other regulatory agencies enforce and interpret their rules. If Chevron deference is reduced, courts might scrutinize the CFPB's interpretations more closely, potentially limiting the agency's regulatory power.

Read more in this article – Supreme Court Overturns Chevron Doctrine from Joann Needleman , Ari Derman , Ryan Blumberg JD, MBA, CRCM , Mark Steger , and Steven Hoch at Clark Hill Law .

Chevron deference has historically given the CFPB significant authority to interpret and enforce consumer protection laws, supporting its mission to safeguard consumers in the financial sector. However, ongoing legal challenges may influence how this doctrine is applied in the future, affecting the CFPB's ability to regulate effectively.

Discover how Banks Stand to Benefit From the Supreme Court Decision on the Chevron Doctrine in an article by Stacy Cowley and Emily Flitter at 纽约时报 .

Levels of autonomy in AI-powered work

We spend 12 years in school, successively learning complex issues. Artificial Intelligence and Machine Learning is also a phased approach.

As lenders & collection agencies think about the role of technology and AI in their businesses, a simple easy framework lets you crawl and walk before you run.

Sarah Hinkfuss at Bain Capital Ventures has provided a clear and easy-to-understand framework for this AI platform shift, outlining AI capabilities and how we can integrate AI into our operations effectively.

Though it's from 2021, this article by R "Ray" Wang at IBM covers the Five Levels That Will Define the Future of Autonomous Enterprises exceptionally well.

Increasing revenue percentage from digital channels

Achieving profitable and scalable growth in digital collections requires more than just technology.

While purchasing the right tools is essential, it's not enough for long-term success. Effective digital outreach demands a team with the skills to monitor, test, and iterate.

Digital channels are as different from voice channels as being an excellent quarterback is from a great baseball pitcher. Having a good aim helps, but it takes a lot more specialization.

Here's a quick glance at what resources and skills you need to excel in collecting digitally:

If you are feeling overwhelmed, we are here to help – Prodigal can take care of your digital collections end-to-end. We build, execute, and continuously improve your digital campaigns.

With Prodigal, you can maximize the potential of your digital channels without creating a dedicated team.

If you need a helping hand for your digital channels, drop us a note.