Collections Department Leader

Fifth Third Bank • Grand Rapids, MI

23h

About The Position

Make banking a Fifth Third better® We connect great people to great opportunities. Are you ready to take the next step? Discover a career in banking at Fifth Third Bank. YOUR RESPONSIBILITIES: The responsibilities for this role are below; you may support projects of varying complexity based on skill and organizational priorities. Collections Leadership: Manages teams and/or multiple product lines within the Consumer Lending Collections function, with accountability for operational, vendor, customer, and financial risk management. Portfolio and Budget Oversight: Oversees large delinquency portfolios and departmental expense budgets, ensuring financial discipline and performance. Operational Management: Manages daily operations, productivity metrics, dialing strategies, scheduling, quality assurance, while ensuring compliance and operational excellence. Risk and Performance Management: Manages risks, monitors operational performance, and identifies opportunities for improvement to maximize productivity and ensure compliance with evolving regulatory requirements and internal policies. Complex Process Expertise: Understands and manages complex operational processes such as SCRA, Probate, Bankruptcy, Offsets, Loss Mitigation, Modification Programs, and Litigation, ensuring accurate execution and minimal errors. Process Improvement Implementation: Implements process and procedural updates to maintain compliance and operational efficiency across all teams and functions. Issue Resolution Leadership: Identifies and manages issue resolution by assessing severity, assigning ownership, and ensuring timely and transparent resolution of risks that impact the Bank. Regulatory Compliance: Ensures compliance with all regulations related to collections and customer communications. Maintains accurate procedures and documentation, and coordinates updates in response to changes in state and federal laws. Loss Mitigation Strategy: Minimizes financial loss and maximizes recoveries by managing frontline teams and vendor relationships, adapting strategies to meet evolving Bancorp and customer needs. Stakeholder Relationship Management: Establishes and maintains strong working relationships with internal partners across Business Controls, IT, Legal, Compliance, Product, Operations Support, Risk, and Finance, as well as external vendors and stakeholders. Strategic Initiative Support: Partners with Risk Strategy and business support teams to support the development, testing, and implementation of strategic initiatives that improve customer experience, reduce losses, and manage expenses. Workforce Operations Management: Partners with campus management, IT Risk Partners, and technical teams to manage workforce operations across in-office, hybrid, and remote environments. Training Program Management: Manages the development, enhancement, and sustainability of onboarding programs and continuing education for new and existing staff across the line of business. Customer Experience Monitoring: Leverages customer sentiment and complaint data to monitor service quality and recommend process improvements that enhance customer experience and operational efficiency. Talent Management: Leads effectively by hiring top talent, setting goals, developing staff, managing performance and compensation decisions, promoting teamwork, and addressing disciplinary matters as needed. Vendor Management: Coordinates vendor management activities, including collaboration with internal teams and external partners. Tracks, measures, and evaluates vendor performance while ensuring due diligence and risk mitigation. Contractual Compliance Oversight: Collaborates with Enterprise Vendor Management to ensure vendor performance aligns with contractual obligations, including Letters of Engagement and Service Level Agreements. Supervisory Responsibilities: Responsible for providing employees timely, candid and constructive performance feedback; developing employees to their fullest potential and providing challenging opportunities that enhance employee career growth; developing the appropriate talent pool to ensure adequate bench strength and succession planning; fostering a positive work environment and rewarding employees for accomplishments.

Requirements

• Bachelor’s Degree or equivalent experience
• 5 or more years in financial services, customer services, and consumer collections
• 5 or more years of management experience
• Proven ability to interact with Senior Management.
• Strong interpersonal and communication skills.
• Innovative thinker that can drive change throughout the organization.

Nice To Haves

• Proven ability relative to forecasting delinquency, losses, and expenses.

Responsibilities

• Manages teams and/or multiple product lines within the Consumer Lending Collections function, with accountability for operational, vendor, customer, and financial risk management.
• Oversees large delinquency portfolios and departmental expense budgets, ensuring financial discipline and performance.
• Manages daily operations, productivity metrics, dialing strategies, scheduling, quality assurance, while ensuring compliance and operational excellence.
• Manages risks, monitors operational performance, and identifies opportunities for improvement to maximize productivity and ensure compliance with evolving regulatory requirements and internal policies.
• Understands and manages complex operational processes such as SCRA, Probate, Bankruptcy, Offsets, Loss Mitigation, Modification Programs, and Litigation, ensuring accurate execution and minimal errors.
• Implements process and procedural updates to maintain compliance and operational efficiency across all teams and functions.
• Identifies and manages issue resolution by assessing severity, assigning ownership, and ensuring timely and transparent resolution of risks that impact the Bank.
• Ensures compliance with all regulations related to collections and customer communications. Maintains accurate procedures and documentation, and coordinates updates in response to changes in state and federal laws.
• Minimizes financial loss and maximizes recoveries by managing frontline teams and vendor relationships, adapting strategies to meet evolving Bancorp and customer needs.
• Establishes and maintains strong working relationships with internal partners across Business Controls, IT, Legal, Compliance, Product, Operations Support, Risk, and Finance, as well as external vendors and stakeholders.
• Partners with Risk Strategy and business support teams to support the development, testing, and implementation of strategic initiatives that improve customer experience, reduce losses, and manage expenses.
• Partners with campus management, IT Risk Partners, and technical teams to manage workforce operations across in-office, hybrid, and remote environments.
• Manages the development, enhancement, and sustainability of onboarding programs and continuing education for new and existing staff across the line of business.
• Leverages customer sentiment and complaint data to monitor service quality and recommend process improvements that enhance customer experience and operational efficiency.
• Leads effectively by hiring top talent, setting goals, developing staff, managing performance and compensation decisions, promoting teamwork, and addressing disciplinary matters as needed.
• Coordinates vendor management activities, including collaboration with internal teams and external partners. Tracks, measures, and evaluates vendor performance while ensuring due diligence and risk mitigation.
• Collaborates with Enterprise Vendor Management to ensure vendor performance aligns with contractual obligations, including Letters of Engagement and Service Level Agreements.
• Responsible for providing employees timely, candid and constructive performance feedback; developing employees to their fullest potential and providing challenging opportunities that enhance employee career growth; developing the appropriate talent pool to ensure adequate bench strength and succession planning; fostering a positive work environment and rewarding employees for accomplishments.

Benefits

• Our Total Rewards include comprehensive benefits and differentiated compensation offerings to give each employee the opportunity to be their best every day.
• The base salary for this position is reflective of the range of salary levels for all roles within this pay grade across the U.S. Individual salaries within this range will vary based on factors such as role, relevant skillset, relevant experience, education and geographic location.
• In addition to the base salary, this role is eligible to participate in an incentive compensation plan, with any such payment based upon company, line of business and/or individual performance.
• Our extensive benefits programs are designed to support the individual needs of our employees and their families, encompassing physical, financial, emotional and social well-being.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level