Account Specialist - High Risk Collections

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Application Deadline:

04/17/2025

Address:

VIRTUAL59 - REMOTE/TELETRAVAIL - ON - BMO

Job Family Group:

Customer Shared Services

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.
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.
Executes established loss mitigation processes/procedures for the resolution of non-performing and high risk accounts.
Handles incoming calls in an informed, professional, and efficient manner.
Probes to understand customer needs and provides advice related to payments and overall collections strategies in the best interests of the customer.
Sends out client communications, processes transactions and interacts with internal stakeholders to ensure customer needs are met.
Integrates marketing promotions and programs into customer conversations as appropriate.
Establishes expertise with Consumer Collections personnel as a key support contact/resource/coach with proficiency and tools to assist departments in achieving goals.
Analyzes data and information to provide insights and recommendations.
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.
Organizes work information to ensure accuracy and completeness.
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. 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.
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 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.
Completes complex & diverse tasks within given rules/limits and may include handling escalations from other employees.
Analyzes issues and determines next steps.
Broader work or accountabilities may be assigned as needed.
Qualifications:
Typically between 2 - 3 years of relevant experience and post-secondary degree in related field of study desirable or an equivalent combination of education and experience.
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.
Verbal & written communication skills - Good.
Organization skills - Good.
Collaboration & team skills - Good.
Analytical and problem solving skills - Good.

Salary:

$37,500.00 - $69,500.00

Pay Type:

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 number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.

BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

About Us

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://jobs.bmo.com/ca/en.

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.

Average salary estimate

$53500 / YEARLY (est.)

min

max

$37500K

$69500K

If an employer mentions a salary or salary range on their job, we display it as an "Employer Estimate". If a job has no salary data, Rise displays an estimate if available.

What You Should Know About Account Specialist - High Risk Collections, BMO

Are you ready to take on a rewarding challenge as an Account Specialist - High Risk Collections at BMO? In this remote position, you'll step into a role that's essential to the financial well-being of our customers. Your main mission will be to review and evaluate delinquent or high-risk accounts while actively collaborating with customers to provide insightful collections-related advice. As you develop relationships, your ability to understand customer needs will be key in offering tailored payment strategies and products. With exceptional customer service at the heart of the job, you'll build trust and credibility as you manage accounts with professionalism and empathy. You'll also engage in coaching and training support for other team members, ensuring quality audits are adhered to. Each day, you'll handle incoming calls, maintain clear communication with clients and internal stakeholders, and analyze data for actionable insights. For a successful resolution of non-performing accounts, you’ll execute established loss mitigation processes, presenting various modification options to our clients. Your organizational skills will come into play as you keep transactions accurate and complete, and you’ll stay updated on industry trends with a focus on compliance. In short, as an Account Specialist - High Risk Collections at BMO, you will not only help manage financial recovery processes but also make a meaningful impact in the lives of our customers and the community. If you're prepared to contribute to a culture of continuous improvement and are excited to advance your career in a supportive environment, we’d love to hear from you!

Frequently Asked Questions (FAQs) for Account Specialist - High Risk Collections Role at BMO

What responsibilities does the Account Specialist - High Risk Collections at BMO have?

The Account Specialist - High Risk Collections at BMO is responsible for reviewing and evaluating delinquent accounts, advising customers on payment strategies, and fulfilling sales and service activities. They also handle incoming calls, conduct quality audits, and support other departments with effective collection strategies to resolve non-performing accounts.