As the Divisional CEO at Phillips & Cohen Associates, the global leader in specialist debt recovery services, Nick Cherry oversees all areas of sales, operations, and strategy across seven offices in six countries. With over 27 years of experience in the financial services industry, he is a dynamic operational and strategic leader with a strong track record of delivering positive results and solutions for clients, partners, and colleagues.
Nick’s core competencies include business transformation and growth, negotiation, regulatory compliance, operational management, sales, contact centres, digitalisation, debt recovery, and debt purchase. He also serves as the Deputy Chair of the Credit Services Association, the UK trade body for the debt collection industry, where he advocates for the highest standards of professionalism and best practice. His mission is to enhance the reputation and performance of the industry and to provide compassionate and ethical services that benefit all stakeholders.
Company: Phillips & Cohen Associates
We are thrilled to have you join us today, welcome to ValiantCEO Magazine’s exclusive interview! Let’s start off with a little introduction. Tell our readers a bit about yourself and your company.
Nick Cherry: I’m the Divisional CEO at Phillips & Cohen Associates, where I oversee operations and strategy across seven offices in six countries. With nearly three decades in financial services, my focus has always been on building high-performing teams, improving client & consumer outcomes, and advancing our industry’s reputation.
Phillips & Cohen is a global leader in specialized debt recovery. We’ve built that reputation by combining innovation and technology with a compassionate approach, especially in sensitive areas like deceased account management. Our mission is to deliver exceptional results for clients while ensuring fairness, empathy, and professionalism for consumers.
What specific areas of your business have been most impacted by AI, and how?
Nick Cherry: Training and compliance have seen the greatest impact. With AI-powered microlearning and simulation, our employees have become confident and competent more quickly, which improves customer experience and reduces errors. Quality assurance has also improved, with AI helping us maintain consistently high standards. In short, AI has made us more agile, more consistent, and more responsive to client and consumer needs.
How are you ensuring ethical considerations are taken into account in your use of AI?
Nick Cherry: Ethics and compliance are at the center of our business, and that extends to AI. First, we are very clear with our clients: we do not use generative AI or large language models with their sensitive data. Our AI applications focus on machine learning, pattern recognition, and simulation, as these are areas where the benefits are clear and the risks are manageable. Second, we ensure transparency with clients about how these tools work, and we only deploy them in ways that align with regulatory expectations and our own high ethical standards.
We also believe in complete transparency around the use of AI. As we deploy new technology, we are deliberate in identifying to consumers where & when AI is being used and in giving consumers immediate “off-ramps” where they are more comfortable dealing with one of our highly skilled agents.
What advice would you give to other CEOs looking to integrate AI into their business?
Nick Cherry: Start with the problem, not the technology. Ask yourself, “Where are the pain points in your business, and how could AI realistically help?” Then pilot carefully & iteratively. Initially, in our case, AI made the most sense in training and operational efficiency, not in client-facing interaction. Also, don’t overlook the human element. AI should augment your people, not replace them. The best results come when technology and human judgment work together. It’s also essential to put appropriate checks & balances in place to regularly validate assumptions. As with any new technology, it’s important to establish effective guardrails and to make sure that the introduction of AI hasn’t caused unintentional consumer detriment or risk.
How do you see AI evolving in your industry over the next 5 years?
Nick Cherry: I see AI becoming a standard part of how we train, monitor, and support frontline teams, and also starting to be utilized increasingly in the front-line consumer contact space. The debt recovery industry is complex and highly regulated, and AI will help firms manage compliance, personalize engagement, and identify risk earlier. But I also expect to see greater scrutiny from clients and regulators about how AI is used. Transparency and ethics will be as important as the technology itself. Those who succeed will be the companies that balance innovation with responsibility.
