Collecting Thoughts is C&R Software’s new podcast, presenting conversations with subject matter experts and insiders within the finance, software, and collections industries.
On this episode, Christina spoke with our very own Carol Byrne, VP of Marketing at C&R Software, who provided insight into fostering brand loyalty, utilizing technology, and employing a humanized approach in debt collection.
Guest Profile
Name: Carol Byrne
Profession: VP of Marketing, C&R Software
Carol is passionate about marketing. Since graduating with a degree in Journalism, she has spent over 25 years in various roles throughout the marketing industry, working to offer products that positively affect consumers.
Since 2021, she has served as C&R Software’s Vice President of Marketing, leading the company’s mission to provide a collections platform that’s adaptable, intuitive, and valuable to customers. She advocates for transparent, customer-centric debt collection and is a strong proponent of diversity and women in the workforce.
Find Carol on LinkedIn
Episode’s Key Points
Brand Loyalty Is Trust
Brand loyalty isn’t often a feature associated with the debt collection industry. Still, we wanted to see how Carol thinks companies like C&R Software should operate to secure repeat customers. We asked her what brand loyalty means to her, and her answer was relatively straightforward:
“Brand loyalty is trust...If there is a problem, the company makes good on it—so you end up whole. It’s a powerful way to attract and maintain customers.”
Carol sees the debt collection and credit industry’s poor reputation resulting from a lack of communication and technology, which are now available to players in the industry. According to her, improved customer satisfaction goes hand-in-hand with strategic analytics.
Powering Customer Satisfaction Through Analytics
Using data analytics, creditors can anticipate their customers’ circumstances, resulting in more effective communication and better outcomes—for both the creditor and the borrower.
“Learning algorithms tell you the how, what, and when [relating to] which messages are going to resonate. In simple terms, the models separate the will-pay and the unable-to-pay and give the credit issuer a good sense of how to message and how to use the data properly to segment accounts.”
According to Carol, channels of communication are essential as well. For instance, the segment of consumers who prefer mobile communication is multiplying, and companies must adapt to maximize their value.
Remembering the Human Element
When it comes to industries as sensitive as debt collection and recovery, retaining an element of humanity is essential, Carol says. With Americans still freshly experiencing the stress of the Covid-19 pandemic and its ensuing higher levels of debt, companies must operate in ways that don’t rely purely on automation.
“It’s tough when you’re talking to people who are in a very stressful situation… talking about delinquent debt is very tough conversation…. So when the collections team member has a really good user interface, and when the process is intuitive when the case comes to them, and they can see all the details, they can talk to that customer very intelligently because they’ve got the picture right in front of them.”
In other words, providing a human element to debt collection is as much about being empathetic as it is about delivering the collections team member the tools needed to be empathetic. If a team member struggles to gather the relevant details of a borrower’s case, they’re less likely to provide thoughtful, helpful answers.
Application Beyond Collections
Carol’s insights aren’t just applicable to debt collection companies—they’ve also proven true in other industries. She gave an example of a client company that branched out into other service sectors but retained a client-first, data-driven approach to operations that paid dividends.
“The ability to go into new industries and immediately have that focus on the customer knowing that their data is well maintained [is important]. They know how to use it and how to leverage it. They know how to optimize it, test it, and work with models within the collection platform….”
There was very little that they had to polish or change because they had the right technology in place, and they focused on the customer. They understand the importance of data.”
Learn more about Carol
To learn more about Carol’s work providing a smart, adaptable approach to debt collections, visit the C&R Software blog.
Stay tuned for future episodes of Collecting Thoughts, where host Christina interviews experts and thinkers across the finance and software industries.
