Account Resolution Specialist, Collections

BMO•Cedar Rapids, IA

8d•$42,000 - $80,000

About The Position

The Account Resolution Specialist collaborates in reviewing and evaluating delinquent, high-risk, or written-off commercial accounts for potential collection opportunities. The role provides collections-related sales and service, advises transportation customers on payment strategies and products, and carries out customer activities in accordance with approved procedures. It may also support coaching and training, quality audits, vendor management, and credit collection disputes. The specialist delivers responsive, knowledgeable customer service; handles calls and complex escalations; gathers information to manage customer applications and payments; and builds and maintains client relationships. The role executes loss-mitigation processes and develops plans to maximize recovery while safeguarding the Bank’s interests. It also analyzes account data, prepares reports and dashboards, supports business initiatives and process improvements, and may design tools and training programs. The position requires following documented procedures, maintaining confidentiality, staying current on collections practices, industry trends and applicable regulations, and making sound risk-informed decisions. The employee works mostly independently and may be assigned broader work or accountabilities as needed.

Requirements

Typically 3–5 years of relevant experience and a post-secondary degree in a related field, or an equivalent combination of education and experience.
Knowledge of credit qualifications and associated credit knowledge and skills according to established qualification standards.
Good knowledge of federal, state/provincial, and local laws pertaining to Consumer Collections and the functional area.
Good knowledge of BMO products and services.
Knowledge of the competitive marketplace and trends in product offerings.
Specialized knowledge gained through education and/or business experience.
In-depth verbal and written communication skills.
In-depth collaboration and teamwork skills.
In-depth analytical and problem-solving skills.
In-depth influence skills.

Responsibilities

Review and evaluate delinquent, high-risk, or written-off commercial accounts for potential collection opportunities.
Provide collections-related sales and service, and advise transportation customers on payment strategies and suitable products.
Deliver responsive, knowledgeable customer service and handle incoming calls professionally and efficiently.
Contact customers to obtain information needed to manage applications and keep them informed about the status and results of current and future payments.
Address complex escalated customer requests and transactions; escalate unresolved situations to managers as required.
Build rapport, credibility, and long-term profitable customer relationships, and identify opportunities to expand share of wallet.
Probe to understand customer needs and provide advice on payments and collections strategies in the customer's best interests.
Execute established loss-mitigation processes for non-performing and high-risk accounts, including solutions intended to maximize recovery and minimize losses.
Use negotiation and interpersonal skills while adhering to applicable guidelines, requirements, and regulations.
Review accounts, analyze information to assess probability of collection, and provide insights and recommendations.
Gather and format data for regular and ad hoc reports and dashboards.
Develop and execute short-term plans to drive specific behaviours, activities, and results.
Complete customer transactions and documentation accurately, or refer requests to appropriate internal business groups.
Send client communications and coordinate transaction processes with operations partners to meet customer needs.
Advise and guide assigned business or group on implementing solutions and support strategic initiatives with internal and external stakeholders.
Support the design, implementation, and management of core business or group processes and the development and promotion of programs.
Identify business needs and design or develop tools and training programs; training delivery may be included.
Serve as a support contact, resource, or coach for Consumer Collections personnel, helping departments meet goals.
Follow documented policies and procedures, maintain customer and Bank confidentiality, and make referrals to other business groups as needed.
Support continuous improvement by identifying and implementing more effective and efficient processes.
Maintain current knowledge of collections strategies, practices, trends, industry best practices, and the regulatory environment.
Apply the Risk Management Framework and make sound, risk-informed decisions consistent with business strategy, policies, laws, and regulations.