Collections Manager

Hiring for India top Banks and Big Finance Company, pls Apply if following Job Description suits your aspirations.

The Collection Manager is responsible for overseeing and managing the collections department, ensuring that the company effectively collects outstanding debts from customers, clients, or accounts. The role involves developing and implementing strategies for debt recovery, managing a team of collectors, and maintaining positive customer relationships while adhering to legal and regulatory requirements. The ideal candidate will have strong leadership skills, experience in collections management, and the ability to drive results while maintaining professionalism.

Key Responsibilities:

• Develop and implement effective collection strategies to meet departmental and company goals.
• Monitor and evaluate the effectiveness of collection processes and make adjustments as needed.
• Establish best practices for debt recovery and ensure they are followed consistently by the team.
• Oversee the implementation of collection procedures, including setting up payment plans, negotiating settlements, and resolving disputes.
• Lead and manage a team of collection agents or specialists, providing direction, training, and performance evaluations.
• Monitor team performance, set performance targets, and ensure they meet or exceed collections goals.
• Foster a team-oriented, high-performance environment by motivating staff and providing ongoing coaching.
• Organize regular training sessions on collections techniques, legal requirements, and customer service best practices.
• Maintain positive relationships with customers to resolve outstanding debts amicably.
• Address customer disputes or complaints in a professional manner, providing timely and satisfactory solutions.
• Communicate with customers via phone, email, or written correspondence to negotiate payment terms and schedules.
• Ensure customers are informed about their outstanding balances and payment options.
• Review delinquent accounts and categorize them based on risk and priority for collection.
• Monitor aging reports to track overdue accounts and ensure timely follow-ups.
• Analyze and report on collection trends, identifying opportunities for improving debt recovery processes.
• Prepare and present reports to senior management on collection activities, outstanding debts, and progress toward collection targets.
• Ensure that all collections activities are compliant with relevant laws, industry regulations, and internal policies.
• Coordinate with external collection agencies or legal teams when necessary for more complex or high-value collections.
• Ensure proper documentation and record-keeping for all collections actions taken.
• Oversee the initiation of legal actions when required, including coordinating with attorneys and managing court filings.
• Develop and manage the collections department budget, ensuring that resources are allocated efficiently.
• Collaborate with the finance department to ensure accurate reporting of recovered debts and credit management.
• Provide financial analysis of collections performance, including forecasting and reporting on projected collections.