Transportation Finance Collections Team Lead

Bank of Montreal•Cedar Rapids, IA

6d•Onsite

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. This includes sending out client communications, transaction processes, and interfacing with operations partners to ensure customer needs are met. The Team Lead develops rapport and instils confidence with clients to develop credibility and earn their trust as a relationship manager, and develops and maintains long-term, profitable relationships and expands share of wallet. They contact 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. The role handles incoming calls in an informed, professional, and efficient manner, and addresses the most complex escalated customer requests and transactions. They probe to understand customer needs and provide advice related to payments and overall collections strategies in the best interests of the customer. The role integrates marketing promotions and programs into customer conversations as appropriate. They execute 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. They utilize strong negotiation skills and interpersonal skills, while adhering to all applicable guidelines, requirements and regulations. The Team Lead reviews accounts and analyzes data and information to determine the probability of collection, providing insights and recommendations. They gather and format data into regular and ad-hoc reports, and dashboards. They develop and execute short term tactics/plans to drive specific behaviors, activities, and results. The role manages all transactions related to customer calls or refers to appropriate internal business groups, and escalates complex or unresolved customer situations to managers as required. They complete required documentation to ensure customer’s requests are accurately processed. The role 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. The Team Lead supports the development and promotion of a business/group program. They identify business needs, design/develop tools and training programs; may include delivery of training to audiences. The role 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 to offer default / foreclosure alternatives and minimize losses. The role follows documented policies and procedures to execute transactions, activities and processes. They keep abreast of the needs of the Collections departments and identify and make referrals to other business groups as needed. The Team Lead maintains current knowledge of collections strategies, practices, and trends and integrates into customer conversations in a professional manner. They maintain the confidentiality of customer and Bank information. The role 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 Team Lead thinks creatively and proposes new solutions, and exercises judgment to identify, diagnose, and solve problems within given rules. They work mostly independently. Broader work or accountabilities may be assigned as needed. They take 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 behaviours, 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.