Banking collection Process

Credicus Business Services

0 - 5 years

0 - 4 Lacs

pune maharashtra india

Posted:16 hours ago| Platform: Foundit logo

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Skills Required

customer service communication skills banking collections debt recovery negotiation skills compliance knowledge

Work Mode

On-site

Job Type

Full Time

Job Description

Key Responsibilities:

Debt Collection:
Make outbound calls to customers with overdue bank loans, credit cards, or EMIs to recover payments.
Follow up on missed or delayed payments, offering feasible repayment options.
Negotiate repayment plans and work with customers to clear outstanding balances while maintaining a positive customer relationship.
Customer Communication:
Handle inbound customer inquiries regarding overdue payments, account status, and available repayment options.
Educate customers on the consequences of non-payment, including interest rates, penalties, and potential impacts on their credit score.
Address customer concerns and disputes with empathy, ensuring compliance with banking regulations and policies.
Documentation & Reporting:
Maintain accurate records of all communications, payment arrangements, and status updates in the bank's CRM or collections system.
Submit regular reports to management on the collection status, outstanding amounts, and recovery progress.
Document payment commitments, account updates, and escalation procedures as required.
Compliance & Risk Management:
Ensure that all debt recovery practices comply with banking policies, local laws, and industry regulations.
Protect sensitive customer data and maintain confidentiality in all interactions.
Escalate unresolved issues or high-risk accounts to senior authorities for further action.
Target Achievement:
Meet or exceed monthly/quarterly collection targets set by the department or bank.
Track personal performance metrics, including call volume, payment recovery rates, and customer satisfaction.

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