OFFICER – EARLY COLLECTIONS

Full Time
  • Full Time
  • Nairobi

Sidian Bank

OFFICER – EARLY COLLECTIONS

JOB DESCRIPTION

Job Purpose: The primary objective of the role is to meticulously monitor and collect from assigned monitoring portfolios PAR (1-90 days) within all sectors of the Bank. The incumbent will devise strategies aimed at reinstating accounts to performing status and minimizing slippages/attrition to NPL.

Key Responsibilities: The responsibilities of this role are divided into three main categories:

Debt Collection:

  • Proactively identify delinquent accounts within the 1-90 days bracket and take prompt action to rectify defaults, ensuring minimal attrition to Non-performing Category.
  • Maintain a cure rate (Arrears collections) of at least 95% and a roll rate (Attrition) not exceeding 5%.
  • Generate and dispatch demand letters as per the payment diary within a 2-day timeframe, followed by necessary telephone follow-ups.
  • Issue pre-listing notices for facilities that are 60 days in arrears.
  • Track and document early detection of problem accounts, ensuring escalation and action as per Collections Strategy.
  • Monitor payment arrangements rigorously, ensuring compliance, and escalate hardcore cases when necessary.
  • Attend promptly to customer requests and queries, utilizing various communication channels.
  • Implement Credit monitoring policies effectively to recover debts through consistent communication and appropriate legal actions.

Customer Experience:

  • Provide customers with accurate information regarding balances and general account status to facilitate payments.
  • Offer feedback to management regarding customer payment behavior.
  • Manage and control all matters relating to delinquency to minimize customer complaints, ensuring timely closure of all complaints.
  • Provide timely feedback to customers, including sending statements and addressing queries promptly.
  • Encourage customers to explore additional banking services as a means of income generation.

Risk & Compliance:

  • Screen clients to prevent disbursing facilities to customers with ML/TF/PF links.
  • Monitor sources of funds for loan repayment, escalating any suspicious or undeclared sources to the Compliance Unit.
  • Alert the MLRO immediately on suspicious transactions or activities noted in customers’ accounts.
  • Attend training sessions and maintain knowledge of and compliance with all bank policies and procedures, including Anti Money Laundering/Countering Financing of Terrorism/Countering Proliferation Financing laws.
  • Participate in Anti Money Laundering/Countering Financing of Terrorism/Countering Proliferation Financing bank programs regularly.
  • Report suspected money laundering cases promptly to respective heads of units or the Money Laundering Reporting Officer.

Academic Background:

  • University Degree in Bachelor of Commerce (Finance or Accounting) or other relevant Business Degree.

Work Experience:

  • Minimum of five (5) years’ experience in banking operations, with substantial exposure to credit or lending and credit monitoring.
  • Professional Banking qualification (ACIB) or Credit Administration/Credit Monitoring will be advantageous.
  • Proven track record of consistently exceeding set targets.
  • Versatility, flexibility, passion, and commitment to quality service delivery.
  • Knowledge of legislation relating to perfection of securities and requirements by regulating bodies.
  • Good understanding of SIDIAN Credit risk policy.

Skills & Competencies:

  • Proficiency in MS Office packages, especially Excel for analysis and reconciliation.
  • Strong understanding of CBK regulatory framework and pertinent regulations impacting borrowing customers.
  • Highly effective communicator with excellent interpersonal and motivational skills.
  • Solid performance management and motivational skills.
  • Excellent relationship building and stakeholder management skills.
  • Strong planning, analytical, decision-making, lateral thinking, and project management skills.

JOIN US:

WHATSAPP GROUPS 

TELEGRAM CHANNEL


Expert Tips To Be A Successful Applicant for Officer – Early Collections:

  1. Familiarize yourself with the specific debt collection strategies utilized by our institution and highlight any relevant experience you have in implementing similar strategies.
  2. Showcase your ability to effectively communicate with customers, emphasizing your past experiences in resolving delinquencies while maintaining positive customer relationships.
  3. Demonstrate your understanding of risk and compliance procedures, highlighting any certifications or training you’ve undertaken in this area.
  4. Provide examples of how you’ve exceeded targets in previous roles, illustrating your commitment to achieving and surpassing performance objectives.
  5. Emphasize your proficiency in MS Office packages, particularly Excel, and discuss how you’ve utilized these skills for data analysis and reporting purposes.
  6. Highlight your knowledge of regulatory frameworks and industry regulations, underscoring your ability to ensure compliance in all aspects of your work.
  7. Showcase your strong interpersonal skills, emphasizing your ability to build rapport with customers and colleagues alike.
  8. Discuss any experience you have in stakeholder management, illustrating your ability to collaborate effectively with cross-functional teams.
  9. Demonstrate your problem-solving abilities by providing examples of how you’ve successfully resolved challenging situations in previous roles.
  10. Finally, tailor your application to the specific requirements outlined in the job description, ensuring that your cover letter and resume address each point comprehensively.

SAMPLE COVER LETTER FOR AN OFFICER – EARLY COLLECTIONS POSITION

[Your Name]

[Your Address]

[City, State, Zip Code]

[Your Email Address]

[Your Phone Number]

[Date]

[Hiring Manager’s Name]

[Company Name]

[Company Address]

[City, State, Zip Code]

Dear [Hiring Manager’s Name],

I am writing to express my interest in the Officer – Early Collections position at [Company Name], as advertised. With a Bachelor’s degree in Commerce and over [Number of Years] years of experience in banking operations, particularly in credit monitoring and debt collection, I am confident in my ability to contribute effectively to your team.

In my previous role at [Previous Company Name], I successfully managed a diverse portfolio of delinquent accounts, consistently exceeding set targets for arrears collections while maintaining a high level of customer satisfaction. My strong analytical skills, coupled with my comprehensive understanding of regulatory frameworks, have allowed me to identify and mitigate potential risks effectively.

I am particularly impressed by [Company Name]’s commitment to excellence and its focus on delivering exceptional customer experiences. I am eager to leverage my skills and experience to contribute to the continued success of your organization.

Thank you for considering my application. I look forward to the opportunity to discuss how my background, skills, and enthusiasms align with the needs of your team.

Sincerely,

[Your Name]

Frequently Asked Questions:

1. What is the role of an Officer – Early Collections?

  • The primary role of an Officer – Early Collections is to monitor and collect delinquent accounts within the 1-90 days bracket, aiming to minimize attrition to the Non-performing Category and strategizing to return accounts to performing status.

2. What qualifications are required for this position?

  • A University Degree in Bachelor of Commerce (Finance or Accounting) or other relevant Business Degree is required. Additionally, at least five (5) years’ experience in banking operations, with exposure to credit or lending and credit monitoring, is essential.

3. How important is compliance in this role?

  • Compliance is paramount in this role to ensure adherence to regulatory frameworks, including Anti Money Laundering/Countering Financing of Terrorism/Countering Proliferation Financing laws. Officers must screen clients, monitor sources of funds, and promptly report any suspicious activities.

4. What are the key skills required for success in this role?

  • Key skills include proficiency in MS Office packages, strong communication and interpersonal skills, effective stakeholder management, solid performance and motivational abilities, and a good understanding of regulatory frameworks.

5. How does one handle customer complaints effectively in this role?

  • Customer complaints should be managed promptly and efficiently, ensuring timely closure within the reporting period. Officers should address customer queries, provide feedback on time, and strive to minimize complaints through proactive communication and resolution.

6. What strategies can be employed to encourage customers to settle their debts?

  • Proactive communication, personalized payment arrangements, and incentives for early settlement can be effective strategies. Officers should also provide accurate information regarding balances and account status to facilitate payments.

7. How does one ensure compliance with Credit monitoring policies?

  • Compliance with Credit monitoring policies involves constant communication with customers, including calls, SMS, and emails, as well as the issuance of demand letters and notices. Officers must monitor payment arrangements rigorously to ensure compliance and escalate non-compliant cases.

8. What role does risk management play in debt collection?

  • Risk management is essential to identify and mitigate potential risks associated with delinquent accounts. Officers must screen clients, monitor sources of funds, and escalate any suspicious activities to the Compliance Unit.

9. How does one exceed set targets in debt collection?

  • Exceeding set targets requires a combination of effective communication, proactive strategies, and strong analytical skills. Officers should prioritize accounts based on risk assessment, maintain accurate records, and adapt their approach as needed to achieve optimal results.

10. How can applicants demonstrate their suitability for this role? – Applicants can demonstrate their suitability by highlighting relevant experience, emphasizing key skills and competencies, and providing specific examples of past successes in debt collection and credit monitoring roles.

Possible Officer – Early Collections Interview Questions With Answers:

  1. Question: Can you describe your experience in debt collection and credit monitoring?
    • Answer: Certainly. In my previous role at [Previous Company Name], I managed a diverse portfolio of delinquent accounts, implementing strategies to minimize attrition and maximize arrears collections. I have a solid understanding of credit monitoring policies and regulatory frameworks.
  2. Question: How do you prioritize accounts for collection?
    • Answer: I prioritize accounts based on risk assessment, focusing on those with the highest probability of default. I also consider factors such as account balance, payment history, and customer communication to determine the appropriate collection strategy.
  3. Question: How do you handle difficult customers or situations?
    • Answer: I approach difficult situations with empathy and professionalism, seeking to understand the customer’s concerns and address them effectively. I strive to find mutually beneficial solutions while upholding the bank’s policies and procedures.
  4. Question: How do you ensure compliance with regulatory requirements in debt collection?
    • Answer: I ensure compliance by staying updated on relevant laws and regulations, screening clients for potential risks, and promptly reporting any suspicious activities to the appropriate authorities. I also maintain thorough documentation to demonstrate compliance efforts.
  5. Question: Can you give an example of a time when you exceeded set targets in debt collection?
    • Answer: Certainly. In my previous role, I consistently exceeded arrears collection targets by implementing proactive strategies, such as personalized payment arrangements and early intervention with delinquent accounts. This resulted in a significant reduction in non-performing assets for the bank.
  6. Question: How do you handle confidential customer information?
    • Answer: I handle confidential customer information with the utmost discretion and care, ensuring compliance with data protection laws and bank policies. I only access and disclose information on a need-to-know basis and take measures to safeguard sensitive data at all times.
  7. Question: How do you stay motivated in a challenging environment like debt collection?
    • Answer: I stay motivated by focusing on the positive impact of my work, such as helping customers resolve their financial difficulties and contributing to the overall success of the organization. I also set personal goals and celebrate achievements, no matter how small, to maintain momentum.
  8. Question: How do you handle high-pressure situations or tight deadlines?
    • Answer: I thrive in high-pressure environments and am adept at managing tight deadlines effectively. I prioritize tasks based on urgency and importance, seek assistance when needed, and remain focused on delivering results while maintaining quality standards.
  9. Question: How do you approach negotiation with customers in debt settlement?
    • Answer: I approach negotiation with an open mind and a focus on finding mutually beneficial solutions. I listen carefully to the customer’s concerns, explore various options for debt settlement, and strive to reach an agreement that satisfies both parties while minimizing risk for the bank.
  10. Question: How do you keep up-to-date with changes in the banking industry and regulatory landscape?
    • Answer: I stay informed through regular training sessions, industry publications, and professional networking events. I actively seek opportunities to expand my knowledge and skills, ensuring that I remain up-to-date with the latest developments in the banking industry and regulatory landscape.

We wish you the best in your application process. Our company is committed to attracting and retaining the best employees from all races and backgrounds in our continued effort to become a better development partner. We are an equal employer and do not charge any application/recruitment fee, whether refundable or not.

THE KENYAN JOB FINDER

To apply for this job please visit sidianbank.co.ke.


Discover more from THE KENYAN JOB FINDER

Subscribe to get the latest posts to your email.