Collecting Thoughts C&R Software

In this episode, Cristina speaks with John Roy, AVP of Collections and Risk Mitigation at Connex Credit Union, about safeguarding members from fraud and managing delinquency. John explains how criminals exploit loopholes, prompting credit unions to use risk scales and hold checks to prevent fraud. He stresses the importance of these measures, despite potential inconveniences to members.
John describes his team's approach to handling difficult financial conversations with members. Their method is firm, compassionate, and professional, tailored to individual needs to maintain trust. He also offers a practical tip for creating strong, memorable passwords using altered song lyrics.
During the pandemic, John's credit union effectively managed delinquency and settled charge-offs by negotiating settlements, benefiting both the credit union and its members. He emphasizes the member-centric nature of credit unions, contrasting them with banks that prioritize shareholders.

In this episode, Cristina is joined by Robert Fagan, the Vice President of Collections and Customer Service at Eastern Funding. With an impressive career spanning over 36 years in the industry, Robert shares his unique journey from a mailroom position to his current executive role, underscoring his extensive experience and dedication.
Robert delves into the dual nature of his role, balancing the responsibilities of customer service with the rigors of collections. He discusses how these two areas intersect, thereby shaping his approach to handling delinquent accounts while maintaining a focus on customer-centricity. Throughout the conversation, Robert emphasizes the importance of treating clients with care and tact, given Eastern Funding's significant percentage of repeat business.
The episode further explores technological advancements in the collections industry, highlighting Eastern Funding's implementation of a payment portal and the integration of AI tools. Robert also shares insights from his participation in the Equipment Leasing Finance Association (ELFA) and reflects on how industry conferences foster learning and innovation.
Tune in for valuable insights into how combining customer service with collections and leveraging technology can lead to more effective customer management and advanced strategies for maintaining client relationships.

In this episode, Cristina is joined by Dave Hanrahan, founder of Kredit. Dave's journey into the collections industry began unexpectedly, transitioning from an investment banking background where he advised numerous global technology companies on equity, debt capital raises, and mergers. His curiosity led him to explore the intricacies of debt settlement and eventually, founding Kredit in 2020.
Dave delves into the essence of omnichannel communication, emphasizing its significance in creating a customer-centric collections strategy. He shares insights on the evolution from sporadic multichannel approaches to more purposeful omnichannel engagements, highlighting the critical importance of not overwhelming consumers. Cristina and Dave discuss the COVID-19 pandemic's impact, the workforce's shift to remote operations, and the surprising responsible behavior exhibited by consumers during this period.
Further, the conversation explores the transformative potential of AI in collections— from optimizing compliance to personalizing outreach without requiring massive investments. Dave stresses the importance of documentation in processes for effective AI integration. Wrapping up, Dave envisions the future of collections with extensive inbound engagement and centralizing various channels to enhance profitability and consumer interaction.

In this episode, Christina is joined by Maggie Madden, the Director of Credit and Collections for TrueLight Glass and Aluminum. With over 20 years of experience in accounts receivable, credit, and collections, Maggie recounts her unique career path which began as a secretary and evolved through the recognition of her potential by a CFO.
Maggie delves into her specialized approach to reducing past due balances within TrueLight. Central to her strategy is the emphasis on relationship building between collectors and customers. She discusses how these connections lead to more effective collections, as customers tend to communicate openly about any issues they face. 
The conversation also explores how technology and humanization can be balanced effectively. Maggie shares insights on how TrueLight uses multiple channels, including a customer portal, to make it easier for customers to manage their invoices and payments.

In today's episode, Christina is joined by Daniel Thebus, Senior Business Operations Manager at DISH Network. With over 10 years of experience in the collections business, Daniel shares how he initially fell into the telecommunications industry and transitioned into the collection space at DISH.
The conversation delves into the shift in focus on customer-centricity during the collections process and how regulations and compassion have played significant roles in meeting customers where they are at. They further explore the unique position of DISH in the service industry, emphasizing the importance of customer-centricity in competition with other brands.
Daniel also sheds light on the evolving use of technology in the collections process over the past decade, particularly the shift to more text and email targeted campaigns. He elaborates on the importance of empathetic communication and personalized approaches to support customers in paying their debts.

In this episode, Christina sits down with Emma Reynolds, a UK account manager for TCN, who brings nearly a decade of experience in the debt collection industry. Emma shares her journey from starting as a debt collector to now helping TCN sell the same cloud-based dialer system she used in her first collections role.
The conversation delves into the benefits of equipping a collection organization with proper technology, drawing from Emma's firsthand experience. She emphasizes the productivity boost and revenue increase she witnessed when implementing a robust tech stack at her previous debt collection company.
Emma also touches on the delicate balance between utilizing tools for efficiency and maintaining a personal, empathetic approach in customer interactions. She provides insights into the impact of technology on team morale, efficiency, and the ability to handle specific customer needs.
Emma’s LinkedIn: https://www.linkedin.com/in/emma-reynolds-074390251/