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Whats it like working collections for a major Bank?

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[OP]
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Jan 27, 2004
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Whats it like working collections for a major Bank?

Whats it like working collections for a major Bank?
I saw an internal job posting & it looks interesting...
I come from a retail banking Position.

https://bmo.wd3.myworkdayjobs.com/en-US ... 00010534-1
11 replies
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Dec 8, 2007
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Straight up not great. I've had nieces and nephews start out in collections - it was a fine job for when you're straight out on Uni and need to "break in" somewhere. They spent a couple years there before moving on to greener pastures. They did that by consistently hitting their metrics and naturally having positive attitudes. I imagine that could be difficult with what an absolute grind it is. Remember these are metric driven environments ... call times and call volume and amount collected and yada yada yada .... everything that can be measured and optimized, is. These are the kinds of roles where a bunch of MBAs are sitting in HQ thinking about how they can make them more efficient. I wouldn't want to be on the receiving end of those discussions, at least not for more than I would have to be.

For you, if this is a promo in level and pay it may be worthwhile to consider. If it is a lateral move ... out of the frying pan and into the fire?
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[OP]
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Jan 27, 2004
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TodayHello wrote: Straight up not great. I've had nieces and nephews start out in collections - it was a fine job for when you're straight out on Uni and need to "break in" somewhere. They spent a couple years there before moving on to greener pastures. They did that by consistently hitting their metrics and naturally having positive attitudes. I imagine that could be difficult with what an absolute grind it is. Remember these are metric driven environments ... call times and call volume and amount collected and yada yada yada .... everything that can be measured and optimized, is. These are the kinds of roles where a bunch of MBAs are sitting in HQ thinking about how they can make them more efficient. I wouldn't want to be on the receiving end of those discussions, at least not for more than I would have to be.

For you, if this is a promo in level and pay it may be worthwhile to consider. If it is a lateral move ... out of the frying pan and into the fire?
Despite me being a teller, it would still be considered a lateral move pay wise.
I performed well over the years and maxed out my pay grade...

I’ve always been good at customer service. I thought i could talk my way through collections.

Maybe instead i’ll consider the credit card specialist position. I’m good with credit cards i sell a ton of them.
Plus i’m into all the funky credit card discussion on rfd! I could spot a rfd’er from a mile away

“So... youre inquiring about when you can close your card despite getting all those welcome points eh?...”
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Jun 27, 2006
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TodayHello wrote: Straight up not great. I've had nieces and nephews start out in collections - it was a fine job for when you're straight out on Uni and need to "break in" somewhere. They spent a couple years there before moving on to greener pastures. They did that by consistently hitting their metrics and naturally having positive attitudes. I imagine that could be difficult with what an absolute grind it is. Remember these are metric driven environments ... call times and call volume and amount collected and yada yada yada .... everything that can be measured and optimized, is. These are the kinds of roles where a bunch of MBAs are sitting in HQ thinking about how they can make them more efficient. I wouldn't want to be on the receiving end of those discussions, at least not for more than I would have to be.

For you, if this is a promo in level and pay it may be worthwhile to consider. If it is a lateral move ... out of the frying pan and into the fire?
+1
Call center roles like this are brutal. There will be that continual daily comparison of call metrics which will get very tiring. Anything that is done remotely, they can move it to a more cost effective location which may be in Canada but could also be offshore. Stay away.

A couple of years ago I was working on a financial product launch for the FIs with telephone sales as one of the channels to push the product. The marketing lead on this told me that the hit rate on this approach was low, less than 4-5%. Even now, I still get these calls now and then. I tell them that I am not interested and let them know I have worked on these things so am quite aware of the offering but will be listen to their pitch before thanking them and ending the call. It is a hassle but it is a thankless task for them as well. If I can help them with their metrics, however slight, I will give them that minute or so.

I have no experience in retail banking but if looking for change, maybe look into sales? Tellers are already pushed to do this. Maybe look at it full time and at least get paid for it? Good luck!
[OP]
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maple1 wrote: +1
Call center roles like this are brutal. There will be that continual daily comparison of call metrics which will get very tiring. Anything that is done remotely, they can move it to a more cost effective location which may be in Canada but could also be offshore. Stay away.

A couple of years ago I was working on a financial product launch for the FIs with telephone sales as one of the channels to push the product. The marketing lead on this told me that the hit rate on this approach was low, less than 4-5%. Even now, I still get these calls now and then. I tell them that I am not interested and let them know I have worked on these things so am quite aware of the offering but will be listen to their pitch before thanking them and ending the call. It is a hassle but it is a thankless task for them as well. If I can help them with their metrics, however slight, I will give them that minute or so.

I have no experience in retail banking but if looking for change, maybe look into sales? Tellers are already pushed to do this. Maybe look at it full time and at least get paid for it? Good luck!
I was always good at sales in a little way.
I didn't succeed when i got a promotion.
I was good at getting people to sign up for credit cards and upgrading their bank accounts. I did Exceptionally well in those regards.

But when it came to being an advisor dishing out mortgages, loans and mutual funds... i wasn’t that good.

I describe myself as a “big fish, small pond” Kinda person. But a very proud and dedicated fish in that small pond.

So i’m looking towards my strengths because i can’t be a teller forever... even though i genuinely love the job. I like chatting with the regulars and building relationships with them. You kinda become part of that community...

I find myself good at staying calm when people yell or get angry. And helping people feel at ease if they are nervous. I have an easy going personal demeanour.
I was even able to stay calm and give clear communication during the WORST incident a teller can go through (im sure you can imagine what...).

What to do?
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Jan 1, 2017
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UrbanPoet wrote: I was always good at sales in a little way.
I didn't succeed when i got a promotion.
I was good at getting people to sign up for credit cards and upgrading their bank accounts. I did Exceptionally well in those regards.

But when it came to being an advisor dishing out mortgages, loans and mutual funds... i wasn’t that good.

I describe myself as a “big fish, small pond” Kinda person. But a very proud and dedicated fish in that small pond.

So i’m looking towards my strengths because i can’t be a teller forever... even though i genuinely love the job. I like chatting with the regulars and building relationships with them. You kinda become part of that community...

I find myself good at staying calm when people yell or get angry. And helping people feel at ease if they are nervous. I have an easy going personal demeanour.
I was even able to stay calm and give clear communication during the WORST incident a teller can go through (im sure you can imagine what...).

What to do?
I think you should look into working on and improving your weaknesses. Try to indenting what weaknesses may help you move ahead in your career and consciously work on improving them rather than just focusing on your strengths.
Deal Addict
Jun 27, 2006
1378 posts
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UrbanPoet wrote: I was always good at sales in a little way.
I didn't succeed when i got a promotion.
I was good at getting people to sign up for credit cards and upgrading their bank accounts. I did Exceptionally well in those regards.

But when it came to being an advisor dishing out mortgages, loans and mutual funds... i wasn’t that good.

I describe myself as a “big fish, small pond” Kinda person. But a very proud and dedicated fish in that small pond.

So i’m looking towards my strengths because i can’t be a teller forever... even though i genuinely love the job. I like chatting with the regulars and building relationships with them. You kinda become part of that community...

I find myself good at staying calm when people yell or get angry. And helping people feel at ease if they are nervous. I have an easy going personal demeanour.
I was even able to stay calm and give clear communication during the WORST incident a teller can go through (im sure you can imagine what...).

What to do?
We all "sell" to varying degrees but it is much harder with a formal quota. The role isn't for everyone but the world has moved towards the consultative selling approach which is sometimes easier which may play into some of the strengths that you have outlined.

Again, in another life, I was working for a company that was designing the dealership sales training for a car company. I decided to attend a walkthrough that we were having with the client. We had a couple of cars/trucks available as part of the walkthrough and they decided to us me as a prospective customer. They took me through that consultative sales processes and I tell you, at the end of it, I wanted to buy a truck! (In an ideal life, yes, I would want a truck but in reality a different store) The training and approach makes a difference but at the end of the day, when you have a quota and it is approaching month-end, there will be pressure.

Being viewed as a revenue generator is always a good thing especially when things tighten up.
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Dec 8, 2007
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maple1 wrote: Again, in another life, I was working for a company that was designing the dealership sales training for a car company. I decided to attend a walkthrough that we were having with the client. We had a couple of cars/trucks available as part of the walkthrough and they decided to us me as a prospective customer. They took me through that consultative sales processes and I tell you, at the end of it, I wanted to buy a truck! (In an ideal life, yes, I would want a truck but in reality a different store) The training and approach makes a difference but at the end of the day, when you have a quota and it is approaching month-end, there will be pressure.
Your post reminded me of this video:

Mark77 wrote:"All aspiring students should go into the financial services - engineering is, and always has been, a poor choice for our brightest minds ... and TodayHello is my Hero ..."
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
Deal Addict
Jun 27, 2006
1378 posts
1526 upvotes
Toronto
TodayHello wrote: Your post reminded me of this video:

Too long.
The following day, I thanked they guy who invited me to the walkthrough. Told him, yea, I wanted to buy a truck coming out of it. He said, na, you don't want a truck. They have a new car coming out that will be a cross between a cool SUV and minivan. I said, there is such a thing as a cool minivan? Smiling Face With Open Mouth And Smiling Eyes
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Nov 2, 2013
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I feel bad for those who work in collections as you're viewed as a cancer to society. You are dealing with distressed people and trying to squeeze the last life out of them - yet you are trying to collect money while trying to remain calm, and legal. Not to mention many are paid barely above minimum wage and are compensated much from commission.

I used to mess with the collections callers all the time when I dealt with them. When they finally got mad they'd threaten to sue me, or ask me what I was doing at Boston Pizza last weekend (the CIBC ones could see some of my transactions and were greasy). I'd then reply: "why, I didn't know you were my mom." I loved to tell them that I was considering bankruptcy, as then that's when they were quick to convince me why I should not and instead come to a deal with them. Though I never did, they usually get nervous at the idea of it because they know they'll likely get nothing.

The worst one I ever dealt with was the infamous "Henry Wang" from Mercedes Benz Financial out of their Richmond Hill office if I recall correctly. I'm surprised nobody has actually killed the guy yet. Though we resolved our debts (they never responded to our court filing), the guy is still reporting invalid missed payments to my bureau to this day, not to mention disregarded the court orders to seize all contact from me by sending me useless (powerless) letters by registered mail. Some of these super-stalker collections agents like him reminded you of a pedophile or some pervert never taking "no" for an answer. Some of the CRA collectors or investigators I've known don't even let the public know their real name or tell many that they work there.
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Aug 31, 2017
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UrbanPoet wrote: Whats it like working collections for a major Bank?
I saw an internal job posting & it looks interesting...
I come from a retail banking Position.

https://bmo.wd3.myworkdayjobs.com/en-US ... 00010534-1
Don’t do it. Call centre in a bank is brutal. My suggestion would be get into insurance. You already have the financial background and your skill set could be used towards working at a broker or even claims (the learning curve isn’t that difficult). If you want to get on the revenue side, look into underwriting. If you learn quick you can move around the industry. The hours are also better, same with the pay, and it will be less stressful with full benefits.
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Jul 25, 2019
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Don't do a low level lateral at a bank for this position. Move out of the company or do another job.

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