Why Empathy Is Credit’s Last Competitive Edge

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Digital disruption has rewired expectations across industries, and in consumer finance, the old playbook of transactional credit programs is becoming obsolete. The question for lenders and merchants is no longer how to extend access to credit but how to turn financing into an enduring relationship that creates value for every party involved.

“I believe strong partner alignment starts with something as simple as understanding what partnership means,” Wayne Young, chief operating officer at Concora Credit, told PYMNTS. “And it means we’re in this together, right?”

For Young, successful second-look programs don’t start with credit models or compliance checklists. They start with partnerships grounded in co-ownership.

He described his own company’s framework in three pillars: partnership alignment, customer care and technological reliability. Underpinning each is a cultural philosophy that blends compliance with innovation, rigor with empathy, and automation with the human touch.

In practice, this represents a shift from transactional models to relationship-driven finance.

Customer Care as Competitive Advantage

The mechanics of this philosophy are concrete and translate to transparency around service levels, approval metrics and escalation paths. By proactively sharing data and opening communication, Concora Credit minimizes friction and builds trust.

“Proactive communications are the key,” Young said. “It’s a holistic approach for us toward keeping that conversation going, keeping them engaged from the very start of the relationship all the way through their time with us.”

That might mean a congratulatory text message before the customer leaves the store, a welcome kit in the mail, or ongoing engagement through email and digital portals. For Concora Credit, this isn’t just courtesy. It’s a retention strategy.

“Nobody, regardless of where you are on the financial spectrum, gets up in the morning, grabs that cup of coffee … and gets excited about calling their financial institution. It’s a chore,” Young said. “So that means our job is to take as much friction out of that experience as we possibly can.”

After all, if partnership is the foundation, customer care is the superstructure that defines the customer’s financial experience.

In the larger marketplace, this approach underscores a paradox many financial institutions are still grappling with. Automation may streamline operations, but in moments of friction, the human touch remains irreplaceable. The real competitive advantage lies in knowing where to deploy each.

Technology That Works Like Breathing

Young’s third pillar, technology, may seem obvious in a digital-first economy, but consumers don’t reward novelty when the basics fail. 

“The test of technology isn’t novelty, but reliability,” Young said. “It has to start with being reliable, stable and performant. It’s like breathing. We don’t think about it when it’s working, but we definitely know when it’s not.”

Still, perhaps the most forward-looking piece of Concora Credit’s own strategy is its insistence on shared innovation with merchants. Young rejected the idea that financial partners should innovate in isolation.

“I think we have to innovate together,” he stressed. “If I’m doing something that doesn’t work for the partner, or the partner wants to do something that doesn’t work with Concora, it’s not going to work together.”

The formula is straightforward: alignment first, value second. It is also pragmatic. Innovation in financial services is rife with misaligned incentives — products designed for internal metrics rather than customer benefit.

Innovation must begin with the customer, not the technology. In an economy where switching costs are minimal and expectations are unforgiving, that may prove to be the most enduring competitive advantage of all.

“If you take care of the customer, they’ll take care of you,” Young said.

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