Collecting Thoughts

In this episode of Collecting Thoughts, I explore Winning Strategies for Today's Collections Teams. We delve into how artificial intelligence and digital transformation are reshaping collections in global organizations, tackling challenges like economic uncertainty, regulatory compliance, and fragmented systems. I discuss the importance of integrating data across divisions to enhance risk assessment and operational agility. Discover how AI-driven automation can streamline tasks, personalize customer engagement, and improve compliance. I share a case study of a company that reduced bad debt charge-offs by five percent through an automated SaaS platform. The episode highlights the need for intelligent automation, data-driven strategies, and customer-centric approaches to build resilience and efficiency. Join me as we uncover how collections teams can thrive amidst complexity and change. Stay tuned for more insights in future episodes.

In this episode, Christina is joined by Erica Lannan, the Director of Revenue Cycle Management at Jerns Healthcare. With over 17 years in the healthcare industry and 15 years in leadership roles, Erica shares her journey from starting as a financial assistant to becoming a leading expert specializing in revenue cycle management and customer success. As the Director of her team, she discusses comprehensive strategies utilized across the revenue cycle, from initial contact and credit review to billing, AR collections, and cash application. Erica sheds light on the critical balance between data-driven decision-making and experience-led instincts, emphasizing the importance of leveraging technology and system automation to streamline processes and enhance customer relationships. The conversation delves into the evolving nature of revenue cycle management, highlighting the shift from siloed operations to a more integrated, holistic approach that aligns with customer experiences. Erica also touches on the transformative role of AI and data analytics in future-proofing the industry, with particular emphasis on predictive analysis, self-service options, and AI-driven communication strategies. Timestamped Overview:00:00 Intro05:07 Integrating tech enhances our reliable process flow.06:27 Streamlined processes improved collaboration and customer care.11:36 AI enhances industry operations, communication, and self-service.

In this episode, Christina is joined by Asia Edwards, the Senior Director of Loan Servicing at NFF, a national community development financial institution (CDFI). With a rich career spanning notable roles at Fortune 500 banks, smaller community banks, and even local government services, Asia brings valuable insights into the collection and loan servicing industry. Asia takes us on her journey from starting as an in-house collections representative at Bank of America to her current leadership role at NFF. She discusses the significance of customer-centricity in collections and loan servicing, emphasizing the importance of building relationships and understanding clients' situations to provide tailored solutions. The episode delves into the evolution of customer-centric strategies, from the early days of her career to the present, highlighting how technology, such as self-service loan management systems and ACH authorizations, has enhanced client interactions while ensuring low delinquency rates. Asia also shares her thoughts on the balance between technological advancements, like AI, and the irreplaceable value of human touch in financial services. Tune in to hear Asia's expert perspective on the future of customer-centric strategies and how her team consistently strives to meet borrowers' needs with a 24-hour response goal. Timestamped Overview:00:00 Intro00:33 Started in finance, focused on delinquency management.04:42 Customer-first approach, problem-solving payment plan established.07:28 Bank of America implemented internal self-service loan management.12:33 Relational approach preferred over AI in finance.14:42 Meeting customer needs quickly with personalized service.

In this episode, Christina is joined by Deana Reynolds, the Director of Credit at EDGES Electrical Group. Deana brings nearly two decades of experience in the credit industry, following a fascinating career transition from a U.S. Air Force pilot to a senior credit leader. Deana shares her unconventional journey into the credit industry, starting from bookkeeping and accounting roles to discovering her passion for credit management. She opens up about her early career experiences, emphasizing the significance of mentorship and community support that she found lacking during her initial years. The conversation explores significant transformations in the credit industry, particularly the shift from paper-based processes to a nearly paperless, technology-driven environment. Deana sheds light on the advent of automation and AI, discussing their potential benefits and the necessity for cautious implementation due to compliance and security concerns. Timestamped Overview:00:00 Pivoted from Air Force pilot to accounting.04:36 Excited to mentor future female credit leaders.09:01 Reach out, utilize community and social media.12:04 Automation and AI enable growth, rapid progress.14:44 Seek mentorship groups on LinkedIn, social media.

In this episode, Christina is joined by Nick Wallpe, the Director of Credit and Collections at TACT Food Services division. With over two decades of experience in the B2B collections industry, Nick shares his journey from a collection analyst to his current directorial role, highlighting his extensive background and expertise. Nick delves into the topic of customer centricity within collections, emphasizing the importance of communication and flexibility in meeting customer needs. He discusses the evolution of customer-centric strategies over the years, stressing the necessity of aligning communication methods with customer preferences, whether it's through emails, texts, or phone calls. The conversation also touches upon how understanding customers' payment preferences and offering a variety of payment options like PayPal, Amazon Pay, and Google Checkout can enhance customer satisfaction. Nick underscores the value of building strong relationships with sales teams to ensure a seamless and empathetic approach to credit and collections.

In this episode, Christina is joined by Steven Epling, a seasoned collection senior leader with nearly two decades of industry experience. Steven's unique journey from teaching English language learning and holding a degree in psychology to becoming a prominent figure in the credit union and collections industry is truly inspiring. Steven outlines his career path, beginning with his early years at Wells Fargo on the Spanish team and progressing to various managerial roles. Throughout the episode, he shares key insights into the evolution of the collections industry, especially within credit unions, and highlights the increasing importance of a strategy-driven approach. Steven delves into the pivotal role of collectors, emphasizing their ability to create meaningful connections with members to resolve delinquent loans. He also addresses the growth of technology in collections, discussing the benefits and pitfalls of tools like automated dialers and texting systems. Additionally, Steven stresses the role of metrics and data-driven decision-making in enhancing the effectiveness of collections teams. Timestamped Overview00:00 Intro01:06 Transitioned from banks to credit unions, advanced.04:38 Enhanced systems, leadership training, value-focused collection processes.07:35 Analytical mindset enhances effectiveness in credit collections.11:34 Underused technology can improve customer experiences.15:12 Diverse financial strategies evolving to meet needs.17:46 Personal connection enhances account management strategies.

In this episode, Christina is joined by Eric Madison, the Director of Billing and AR Services at VSP Vision. With extensive experience spanning over 15 years in the financial services industry, Eric brings a unique perspective drawn from his collegiate and professional sports background. Eric delves into his journey from being a professional baseball player to leading AR and collections teams at VSP Vision. He highlights the parallels between sports and business, emphasizing the importance of strategy, teamwork, and goal-setting in driving success. The conversation explores how Eric has witnessed and driven the evolution of the collections space over the past 9 years. He discusses the critical role of data in identifying pain points and enhancing performance, drawing analogies to studying game films in sports to tweak strategies. Eric explains the implementation of automation and leveraging internal resources to optimize collections processes, enhancing efficiency and customer experience. Further, the discussion touches on the potential of AI and other technologies in revolutionizing the collections industry. Timestamped Overview:00:00 Intro01:04 Athletic leadership experience translates to professional success.06:32 Complex data analysis, customer segmentation, resource optimization.08:38 Automated email tool integration improves efficiency.12:12 Streamlining processes enhances decision-making and efficiency.15:11 Preparing employees for complex, critical thinking tasks.

In this episode, Christina is joined by Ryan Farmer, the Director of Cash, Credit Management, and Collections for Vesta Services LLC. With a robust career spanning 25 years in finance, Ryan leads his team to enhance customer experience while effectively driving cash flow. He also contributes his expertise to the NACM National Board of Directors. Ryan shares his journey from starting as a credit manager at a restaurant supply company to handling large-scale credit and collections operations at Vesta Services. The conversation delves into the evolution of the credit life cycle from traditional file cabinets to modern electronic systems. He offers insight into leveraging technology, including scorecards and automated data points, to streamline credit approvals and collections. Timestamped Overview00:00 Intro00:53 Ryan’s Journey: Small to large markets, diverse experiences.05:25 Electronic filing evolved with software and scoring systems.07:13 Manual review for substantial credit approvals.10:28 Provide data promptly to streamline credit process.14:45 Understanding customer relationships is crucial for retention.16:43 Improving data management and customer scorecards.19:25 Accept change, learn, and communicate within organizations.

In this episode, Christina is joined by Jennifer Wangler Anderson, the Managing Director of Credit and Collections at Lighthouse Lab Services. With a unique background combining a nursing career and a business degree from the University of Glasgow, Jennifer shares her remarkable journey to the top of her field. Jennifer delves into the ever-evolving landscape of the credit and collections industry, highlighting the transition from manual processes to technology-driven strategies. She emphasizes the importance of balancing automation with human touchpoints, underscoring the need for relationship building and personalized customer interactions. Throughout the conversation, Jennifer touches on significant regulatory milestones, such as the Fair Reporting Act, and the emergence of credit tools like the FICO and Vantage scores. She provides insights into the future of the industry, predicting increased reliance on robust payment systems and the crucial role of compliance in navigating new technological advancements. Timestamped Overview:05:01 Credit tools evolved, improving automation and risk assessments.09:44 Blend new tech with old-school relationship-building.10:28 Promote partnerships, prioritize contracts, embrace personal guarantees.

In this episode, Christina is joined by Matt Stegall, the Assistant Vice President of Credit Resolution and Recovery at Vantage Credit Union. With nearly 20 years in the collections and operations industry, Matt shares his journey from interning in the remarketing department of a large auto finance company to his current longstanding role at Vantage Credit Union. Matt delves into the nuances of relationship building within the credit union space, highlighting the personalized approach and member-centric strategies that distinguish credit unions from larger financial institutions. The conversation covers the evolution of collections, noting the shift to a softer, more empathetic approach, and the increasing importance of technology in facilitating seamless member interactions. Matt discusses the significance of aligning organizational strategies from front office to back office, ensuring a unified approach to member care. He also emphasizes the need for a multi-channel communication strategy that includes phone, email, text, and apps to meet diverse member preferences.

In this episode, Christina is joined by Larry Chapman, the Director of Collections and Loan Support at Tennessee Valley Federal Credit Union. With over 20 years of experience, Larry shares his journey from the beginnings in the banking industry at BB&T and Truist to his current role at the credit union. Larry dives deep into the importance of guiding customers back to financial stability, especially those in vulnerable situations. He explains the nuanced differences between working with big bank clients versus credit union members, emphasizing a personalized, compassionate approach. The discussion also covers practical strategies, including detailed personalized interviews, tracking financial well-being, and the crucial role of early communication. Larry offers insights into the technologies utilized by Tennessee Valley Federal Credit Union, hinting at the potential future integration of AI to handle mundane tasks, thereby allowing his team more engagement with the members. The conversation underscores how collections can serve as an opportunity to build brand loyalty by fostering positive, supportive interactions, even in challenging financial times. Timestamped Overview:00:00 Started in banking, collecting loans, learning processes.04:46 Process starts with member contacting customer service.08:22 Helping members financially improves community well-being.10:34 Strive for a soft, enthusiastic, non-threatening approach.12:41 Communicate, monitor, assist members through core systems.

In this episode, Christina is joined by Michelle Stur, the RCM Director of Collections for Emerita. Michelle’s journey began at Regis University where she graduated premed, followed by a decade-long career in the revenue cycle management industry. After owning her own medical billing and coding business, she transitioned to the corporate sector in 2020 and is currently pursuing her MBA. Michelle delves into the unique strategies her team employs to manage collections, especially for hyper-vulnerable customers. She elaborates on how her previous experience in private practice equipped her with skills that are instrumental in her current role. The conversation extends to exploring modern tools such as texting features, QR codes, and AP-to-P algorithms that aid in improving patient engagement and payment efficiency. Michelle also discusses the intricacies of dealing with both patients and insurance payers, underlining the dual strategy required to maintain efficient revenue cycles. She emphasizes the significance of compassionate hiring, robust training, and collaborative communication with the operations and marketing teams to ensure a seamless patient journey.  Michelle’s insights into the evolving landscape of healthcare collections and the cautious yet optimistic approach towards AI implementation offer a comprehensive view of the industry's current and future directions. Timestamped Overview:00:00 Transition from medical billing to corporate strategy.03:11 Health care teams prioritize patient compassion, accessibility.07:51 Managing claim process, issues and communication methods.10:28 Front end benefits team checks patient insurance.12:52 AI can aid but not fully replace.

In this episode, Christina is joined by Ed Bray, the Head of Collections and Recovery Strategy for Citizens Bank. With over 20 years in the industry and a degree in finance from the University of Tennessee, Ed shares his extensive experience and insights into evolving traditional banking practices. Ed delves into his career journey, from starting in customer-facing roles at MBNA to leading strategy at Citizens Bank, particularly during its IPO preparations. He provides a unique perspective on the importance of building a passionate, problem-solving team in an ever-changing environment. The conversation covers the modernization of banking, with Ed highlighting Citizens' approach to creating frictionless customer interactions and leveraging digital tools. He emphasizes the importance of self-service options and using AI to enhance both customer experiences and internal training programs. Ed also addresses the challenges and strategies involved in competing with fintech companies, stressing the significance of personalized customer relationships. By focusing on customer-centric strategies and robust risk controls, Ed illustrates how traditional banks can remain competitive in a digital age. Timestamped Overview:00:00 Daily team celebrations and focus on priorities.04:38 Improving customer interaction through data and analytics.08:56 Collections is challenging but critical for banks.12:08 AI can help understand and serve customers.14:36 Excited about advancements in collections technology.16:19 Mutual gratitude expressed in two words.

In this episode, Christina is joined by Mitch DeCoeur, President and CEO of ONR Utilities Employees Federal Credit Union. Mitch began his career in the credit union space in 1999 and has held various positions across different credit unions, including Hudson Valley Federal Credit Union and Heritage Financial Credit Union. Mitch shares his journey from a member service representative to becoming a CEO. He delves into the vital role of relationship building in fostering brand loyalty and enhancing customer trust. Mitch emphasizes the irreplaceable value of human contact and effective communication in maintaining strong member relationships, especially in challenging areas like collections. The discussion also covers Mitch's strategic approach to utilizing financial education and word-of-mouth marketing to build and sustain member trust. He highlights the unique offerings of his credit union, including credit score monitoring and financial education, designed to support members holistically. Additionally, the episode touches on the integration of technology in credit unions, with Mitch expressing his views on the role and limitations of AI in enhancing, rather than replacing, human interactions. This insightful conversation underscores the importance of personal connections in financial services and the strategic use of technology to foster these relationships. Connect with Mitch on LinkedIn: https://www.linkedin.com/in/mitchell-decoeur-5181aa25 Timestamped Overview:00:00 Transitioned to president and CEO of small credit union, gained broad experience.04:38 Daily interactions, enhancing relationships, educating credit union members.09:19 Success through respect and positive communication approach.12:12 Fostering word-of-mouth for organization's success.14:35 AEI perspective may not suit small credit unions.

In this episode, Christina is joined by Robert Michael, Senior Director of Credit and Collections Executive at Robert Half with over 25 years of experience in the industry. Starting his career in a family business and transitioning into a third-party collection agency, Robert has climbed the corporate ladder and established himself at Robert Half, an industry-leading talent solutions firm. Robert delves into his journey, sharing how his role has evolved and highlighting the significance of building internal and external relationships. Key topics covered include managing risk with repeat clients, the unique collections strategies employed at Robert Half, and the integration of technology to optimize credit systems. Robert emphasizes the importance of data-driven decision-making, leveraging metrics to enhance efficiency and productivity within his team. The conversation further explores the critical relationship between the collections and sales teams, focusing on compromise and collaboration. Robert also touches upon the emerging role of AI in collections, underscoring its potential to streamline daily operations without replacing the human element essential for effective client relationships. Connect with Robert on LinkedIn: https://www.linkedin.com/in/bob-michael-mba-80a46b5

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.