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BMO · 1 day ago

Senior Associate, Collections

United States

Full-time

Remote

Mid, Senior Level

$38K/yr - $71K/yr

2+ years exp

BMO is a financial institution that is seeking a Senior Associate for their Collections team. The role involves collaborating in the review of delinquent accounts, providing customer service, and executing loss mitigation strategies to resolve high-risk accounts.

BankingCrowdfundingFinanceFinancial Services

Responsibilities

Delivers exceptional customer service that builds trust through expertise, responsive service and support

Develops rapport and instils confidence with clients in order to develop credibility and earn their trust as relationship manager

Develops and maintains long-term, profitable relationships and expands share of wallet

Contacts the customer to obtain the necessary information to manage their application (as required) ensuring the customer is aware at all times of the status/result of the present and future payments

Executes established loss mitigation processes/procedures for the resolution of non-performing and high risk accounts

Handles incoming calls in an informed, professional, and efficient manner

Probes to understand customer needs and provides advice related to payments and overall collections strategies in the best interests of the customer

Sends out client communications, processes transactions and interacts with internal stakeholders to ensure customer needs are met

Integrates marketing promotions and programs into customer conversations as appropriate

Establishes expertise with Consumer Collections personnel as a key support contact/resource/coach with proficiency and tools to assist departments in achieving goals

Analyzes data and information to provide insights and recommendations

Manages all transactions related to customer calls or refers to appropriate internal business groups

Escalates complex or unresolved customer situations to managers as required

Completes required documentation to ensure customer’s requests are accurately processed

Organizes work information to ensure accuracy and completeness

Collaborates in efficient functioning of collections life cycle. Includes participating in the execution of established loss mitigation solutions for the successful resolution of non-performing and high risk accounts. Solutions range from various loan modification options to liquidation for borrowers with delinquent and high risk loans in order to offer default / foreclosure alternatives and minimize losses

Delivers exceptional customer service that builds trust through expertise, responsive service and support

Follows documented policies and procedures to execute transactions, activities and processes

Keeps abreast of needs of the Collections departments. Identifies and makes referrals to other business groups as needed

Maintains current knowledge of collections strategies, practices, and trends and integrates into customer conversations in a professional manner

Maintains the confidentiality of customer and Bank information

Supports continuous improvement initiatives by identifying and implementing changes to make processes more effective and efficient

Develops and maintains awareness of industry trends and best practices and the regulatory environment as it relates to collections products and services

Completes complex & diverse tasks within given rules/limits and may include handling escalations from other employees

Analyzes issues and determines next steps

Broader work or accountabilities may be assigned as needed

Qualification

Consumer Collections knowledgeBMO products knowledgeAnalytical skillsProblem solving skillsVerbal communication skillsWritten communication skillsOrganization skillsCollaboration skillsTeam skills

Required

Typically between 2 - 3 years of relevant experience and post-secondary degree in related field of study desirable or an equivalent combination of education and experience

Knowledge of federal, state/provincial and local laws pertaining to Consumer Collections and functional area - Good

Knowledge of BMO products and services - Good

Knowledge of competitive marketplace and trends in product offerings

Specialized knowledge

Verbal & written communication skills - Good

Organization skills - Good

Collaboration & team skills - Good

Analytical and problem solving skills - Good