Transportation Finance Collections Team Lead

BMO•Cedar Rapids, IA

8d•$41,714 - $77,500

About The Position

This role collaborates in the review and evaluation of delinquent, high risk, or written-off accounts for possible collections opportunities. The Team Lead understands customer needs and provides collections-related sales and service to BMO customers or prospects. They advise customers on payment strategies and products that meet their objectives, and fulfill sales and service activities for the customer in accordance with approved procedures. Support areas may include, but are not limited to, coaching and training, quality audits, vendor management and credit collection disputes. The role delivers exceptional customer service that builds trust through expertise, responsive service and support. The Team Lead sends out client communications, transaction processes, and interfaces with operations partners to ensure customer needs are met. They develop rapport and instill confidence with clients to develop credibility and earn their trust as a relationship manager, and develop and maintain long-term, profitable relationships and expand share of wallet. The role contacts the customer to obtain the necessary information to manage their application, ensuring the customer is aware at all times of the status/result of present and future payments. They handle incoming calls in an informed, professional, and efficient manner, and address the most complex escalated customer requests and transactions. The Team Lead probes to understand customer needs and provides advice related to payments and overall collections strategies in the best interests of the customer. They integrate marketing promotions and programs into customer conversations as appropriate. The role executes established loss mitigation processes/procedures for the resolution of non-performing and high risk accounts. The Team Lead provides advice and guidance to assigned business/group on implementation of solutions, and supports the execution of strategic initiatives in collaboration with internal and external stakeholders. They develop action plans and solutions to maximize recovery and safeguard the Bank’s interests. The role establishes expertise with Consumer Collections personnel as a key support contact/resource/coach with proficiency and tools to assist departments in achieving goals. The Team Lead utilizes strong negotiation skills and interpersonal skills, while adhering to all applicable guidelines, requirements and regulations. They review accounts and analyze data and information to determine the probability of collection, providing insights and recommendations. The role gathers and formats data into regular and ad-hoc reports, and dashboards. The Team Lead develops and executes short term tactics/plans to drive specific behaviors, activities, and results. They manage all transactions related to customer calls or refer to appropriate internal business groups, and escalate complex or unresolved customer situations to managers as required. The role completes required documentation to ensure customer’s requests are accurately processed. The Team Lead integrates information from multiple sources to enable more efficient processes, enhanced analysis and/or streamlined reporting. They lead/participate in the design, implementation and management of core business/group processes, and support the development and promotion of a business/group program. The role identifies business needs, designs/develops tools and training programs; may include delivery of training to audiences. The Team Lead collaborates in the efficient functioning of the collections life cycle, including 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. The role follows documented policies and procedures to execute transactions, activities and processes. The Team Lead keeps abreast of the needs of the Collections departments and identifies and makes referrals to other business groups as needed. They maintain current knowledge of collections strategies, practices, and trends and integrates into customer conversations in a professional manner. The role maintains the confidentiality of customer and Bank information. The Team Lead supports continuous improvement initiatives by identifying and implementing changes to make processes more effective and efficient. They develop and maintain awareness of industry trends and best practices and the regulatory environment as it relates to collections products and services. The focus may be on a business/group. The role thinks creatively and proposes new solutions, and exercises judgment to identify, diagnose, and solve problems within given rules. The Team Lead works mostly independently, and broader work or accountabilities may be assigned as needed. The role takes measured risks while protecting the bank by applying our Risk Management Framework in the execution of their role, in line with our Risk Culture and within our approved Risk Appetite, making sound and risk informed decisions that align to business strategy, protect assets, and adhere to applicable policy documents (Frameworks, Policies, Standards, Procedures and Supporting documents), laws and regulations.

Requirements

Typically between 3 - 5 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
Knowledge of Credit Qualifications and associated credit knowledge and skills according to the established qualification standards.
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 from education and/or business experience.
Verbal & written communication skills - In-depth.
Collaboration & team skills - In-depth.
Analytical and problem solving skills - In-depth.
Influence skills - In-depth.

Responsibilities

Collaborates in the review and evaluation of delinquent, high risk, or written-off accounts for possible collections opportunities.
Understands customer needs and provides collections-related sales and service to BMO customers or prospects.
Advises customers on payment strategies and products that meet their objectives.
Fulfills sales and service activities for the customer in accordance with approved procedures.
Support areas may include, but are not limited to, coaching and training, quality audits, vendor management and credit collection disputes.
Delivers exceptional customer service that builds trust through expertise, responsive service and support.
Sends out client communications, transaction processes, and interfaces with operations partners to ensure customer needs are met.
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.
Handles incoming calls in an informed, professional, and efficient manner.
Addresses the most complex escalated customer requests and transactions.
Probes to understand customer needs and provides advice related to payments and overall collections strategies in the best interests of the customer.
Integrates marketing promotions and programs into customer conversations as appropriate.
Executes established loss mitigation processes/procedures for the resolution of non-performing and high risk accounts.
Provides advice and guidance to assigned business/group on implementation of solutions.
Supports the execution of strategic initiatives in collaboration with internal and external stakeholders.
Develops action plans and solutions to maximize recovery and safeguard the Bank’s interests.
Establishes expertise with Consumer Collections personnel as a key support contact/resource/coach with proficiency and tools to assist departments in achieving goals.
Utilizes strong negotiation skills and interpersonal skills, while adhering to all applicable guidelines, requirements and regulations.
Reviews accounts and analyzes data and information to determine the probability of collection; provide insights and recommendations.
Gathers and formats data into regular and ad-hoc reports, and dashboards.
Develops and executes short term tactics/plans to drive specific behaviors, activities, and results.
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.
Integrates information from multiple sources to enable more efficient processes, enhanced analysis and/or streamlined reporting.
Leads/participates in the design, implementation and management of core business/group processes.
Supports the development and promotion of a business/group program.
Identifies business needs, designs/develops tools and training programs; may include delivery of training to audiences.
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.
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.
Thinks creatively and proposes new solutions.
Exercises judgment to identify, diagnose, and solve problems within given rules.
Works mostly independently.
Broader work or accountabilities may be assigned as needed.
Take measured risks while protecting the bank by applying our Risk Management Framework in the execution of your role, in line with our Risk Culture and within our approved Risk Appetite, making sound and risk informed decisions that align to business strategy, protect assets, and adhere to applicable policy documents (Frameworks, Policies, Standards, Procedures and Supporting documents), laws and regulations.