Collecting Thoughts is C&R Software's podcast, presenting conversations with industry experts and insiders throughout the finance, software, and collections industries.
This week, Christina sits down with Robert Fagan, Vice President of Collections and Customer Service at Eastern Funding. With over 30 years of experience, Robert shares how to maintain a customer-centric approach throughout the collections process. He highlights the importance of dealing tactfully with delinquent customers who could end up back at the beginning of the business life cycle.
Christina and Robert also discuss their recent attendance at the Equipment Leasing & Finance Association's Credit and Collections Management Conference. Robert, a member of the association's Credit and Collections Management Planning Committee, explains the value the conference offers collections teams.
Read on to learn more from their discussion.
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Guest Profile
Name: Robert Fagan
Profession: Vice President of Collections & Customer Service at Eastern Funding
Find Robert on LinkedIn.
Episode's Key Points
A customer-centric approach
To start out, Christina discusses Robert's unique role as vice president of collections and customer service. Robert explains that his diverse experience over 36 years in the industry equips him to handle any situation related to a customer's path, whether it's related to customer service or collections.
It definitely is two worlds that collide somewhere in the middle. And it's definitely interesting how it all unfolds."
"I don't know if there's a particular blueprint on how you're supposed to handle something, because, again, every situation is so different. And I can tell you after all these years, I think I've seen just about everything.
Robert instructs his team always to remember that Eastern Funding draws about 65% repeat business.
It's really important to understand, when you are talking to somebody and they may be delinquent, there might be a good chance that that person may be coming back to you for an additional loan. Maybe not now, but maybe in the future. You want to handle that situation with tact … handle people with care and have that understanding.
Exploring new technology
Robert discusses technology's role in the customer-centric approach at Eastern Funding. The company is in the process of launching a portal for customers to access invoices. The goal is to transfer customer communications to a paperless approach.
Eastern Funding also relies on communications with customers through Zoom. The application allows collections team members to message customers and keeps a record of the conversation, allowing Robert to review it to gauge the quality of customer engagement. Looking ahead, Robert said he was inspired at the Credit and Collections Management Conference to explore how the company can capitalize on artificial intelligence.
This AI conversation. I really want to run with it and see what we can get out of it.
Credit and Collections Management Conference
Robert recognizes that the collections industry is only for some. It requires a thick skin.
However, the Credit and Collections Management Conference provides an annual opportunity to gather with fellow collections teams, talk shop, and discover comradery. Robert has attended for the past 12 years.
I love it. It's four days of just getting together – at this point, it's family, because we talk to each other almost all year. It's just been a great way to get together and just kind of vent, because again it can be so frustrating. But also just run ideas off each other, understand what we all go through.
Learn More
Visit the C&R Software blog to learn more about finance, software, and collections industry topics from insiders and experts like Robert Fagan.
Stay tuned for future episodes of Collecting Thoughts, where host Christina dives deep into more interviews with leaders from across the debt recovery and software world.
