In a market that seems to have reached its maturity stage, where margins are under pressure and risks are growing, this appeal sounds like a call to reflect. Perhaps it is time to wonder whether the individual, or merely competitive, approach is still sustainable. Perhaps it is time to rethink relationships within the NPL sector, trying to imagine a new balance between cooperation and specialization.

The 2025 NPL&UTP Congress, promoted by Alma Iura, wants to be the answer to this need for discussion. Much has already been done, but there is still one open question: is the level of cooperation between the different sides of the industry really sufficient? New synergies between banks and servicers could be explored, for example on early warning, on the outsourcing of labour-intensive activities, or on data sharing. Servicers and investors could together develop asset-light models, new origination formulas, and more stable partnerships over time. Banks and investors, on their side, could find a common ground in the handling of complex cases, in risk sharing, and in the development of more sophisticated financial structures. We also need to improve the reputation of our industry through a collective communication effort, highlighting the importance of our industry in making credit management more efficient, in contributing to better risk diversification, and in complementing the market with innovative solutions.

Perhaps, defending marginality does not mean only better competitiveness, but also better cooperation. Perhaps, in order to preserve the value and the expertise of a sector that is present also at a European level, it is necessary to make a further step forward also in the way it is present on the market. The future is uncertain, but it surely brings new opportunities. New asset classes could revive interest in the sector. The expertise developed over the past few years can be a decisive competitive advantage.

And perhaps we should, once again, listen to the invitation launched by John Fell in 2024: “Preserve the industry, do not waste the acquired skills”.

The Congress will be an excellent opportunity to look beyond the horizon.

Because, no man is an island. And the bell, perhaps, tolls also for us.

Marco Rossi, Initiator and Scientific Coordinator of the event.