Transportation Finance Collections Team Lead

About the role

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 coaching and training, quality audits, vendor management, and credit collection disputes. Delivers exceptional customer service that builds trust through expertise, responsive service, and support. Develops rapport and instills confidence with clients to earn their trust as a relationship manager. Develops and maintains long-term, profitable relationships and expands share of wallet.

Responsibilities

• Sends out client communications, processes transactions, and interfaces with operations partners to ensure customer needs are met.
• Contacts the customer to obtain necessary information to manage their application, ensuring the customer is aware of the status and result of 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 and procedures for the resolution of non-performing and high-risk accounts.
• Provides advice and guidance to assigned business or 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, or 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 to determine the probability of collection; provides insights and recommendations.
• Gathers and formats data into regular and ad-hoc reports and dashboards.
• Develops and executes short-term tactics and 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 requests are accurately processed.
• Integrates information from multiple sources to enable more efficient processes, enhanced analysis, and streamlined reporting.
• Leads or participates in the design, implementation, and management of core business or group processes.
• Supports the development and promotion of business or group programs.
• Identifies business needs, designs or develops tools and training programs; may include delivery of training to audiences.
• 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.
• 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 the 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 them into customer conversations professionally.
• 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, best practices, and the regulatory environment as it relates to collections products and services.
• Exercises judgment to identify, diagnose, and solve problems within given rules.
• Works mostly independently; broader work or accountabilities may be assigned as needed.
• Applies BMO’s Risk Management Framework in the execution of the role, making sound and risk-informed decisions aligned with business strategy and regulatory requirements.

Requirements

• Typically between 3 - 5 years of relevant experience and post-secondary degree in a related field of study 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 functional area.
• Good knowledge of BMO products and services.
• Knowledge of the competitive marketplace and trends in product offerings.
• Specialized knowledge from education and/or business experience.

Skills

• Verbal and written communication skills – In-depth.
• Collaboration and team skills – In-depth.
• Analytical and problem-solving skills – In-depth.
• Influence skills – In-depth.

Pay

Salary: $41,714.00 - $77,500.00 (Salaried). The above represents BMO Financial Group’s pay range and type. Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on the number of hours regularly worked. For commission roles, the salary listed represents BMO Financial Group’s expected target for the first year in this position.

BMO Financial Group’s total compensation package may include performance-based incentives, discretionary bonuses, as well as other perks and rewards.

Benefits

• Health insurance
• Tuition reimbursement
• Accident and life insurance
• Retirement savings plans

To view more details of our benefits, please visit: BMO Total Rewards.