1. Collections Strategy Development:
○ Develop and execute effective collection strategies to ensure that the company's loan
portfolios are recovered on time.
○ Create plans for different collection scenarios based on customer segments (e.g., new
customers, high-risk customers, etc.).
2. Team Management:
○ Lead, mentor, and manage the collections team at a national level. This includes setting
targets, evaluating team performance, and ensuring all team members are properly
trained.
○ Oversee the recruitment and training of new collections personnel.
3. Collection Process Optimization:
○ Continuously assess and improve collection processes to ensure efficiency, customer
satisfaction, and timely payments.
○ Implement technology solutions (like automated reminders, CRM systems, etc.) to
streamline collections efforts.
4. Risk Assessment & Mitigation:
○ Monitor and assess the credit risk of loan portfolios and implement strategies to reduce
default rates.
○ Coordinate with the credit risk and underwriting teams to ensure appropriate risk profiles
are maintained.
5. Regulatory Compliance:
○ Ensure all collections practices are in compliance with RBI guidelines and other regulatory
standards.
○ Stay updated on the latest regulatory changes and incorporate them into the company's
operations.
6. Customer Engagement:
○ Develop customer-friendly communication strategies to encourage timely payments while
maintaining a positive relationship with clients.
○ Handle high-risk or complex cases and oversee resolutions to ensure customer satisfaction
and minimize defaults.
7. Reporting & Analytics:
○ Analyze data to measure collections performance, identify trends, and forecast future
collection needs.
○ Report on collection performance, write-offs, recovery rates, and other financial metrics to
senior management.
8. Collaboration with Other Teams:
○ Work closely with risk, credit, operations, and legal teams to handle complex cases or
escalate issues as required.
○ Collaborate with product and tech teams to optimize the collection experience and
integrate best practices into digital platforms.
9. Legal & Recovery Actions:
○ Oversee the legal recovery process, if necessary, including coordinating with external
agencies, legal teams, and courts to recover debts.
○ Manage relationships with third-party debt collection agencies when the need arises.
10. Budgeting & Financial Forecasting:
○ Manage the department's budget and set financial targets for collection efforts.
○ Forecast cash flow and ensure the timely recovery of loan amounts to support business
growth and profitability.