Thanks to the growing versatility in India’s banking industry, people have a lot of scopes to pick a banking career that matches their interests and aspirations. Among the numerous banking sector roles, one of the highest paying profiles is that of a collection manager.
Collection managers are hired by banks as well as companies to facilitate the money-retrieving process from customers. These managers assign collectors for collecting money owed to the company or bank. With a certification course in banking management, anyone can unlock the path to a highly rewarding career opportunity offered by a collection manager role.
The Role of Collection Managers in the Banking Sector
Collection managers are one of the strengthening pillars of any bank’s survivability. It is because of them that the banks get their payments on time and keep their bottom line in place. Let’s delve deeper into what the role of a collection manager is, in terms of the banking industry.
● Team Management
Collection managers manage a team of collectors who contact individuals and companies for collecting late payments (debts) on services and products they have received.
● Customer Negotiation
They negotiate with clients regarding payment matters for ensuring payments. Collection managers are also responsible for handling customer complaints and grievances.
● Research and Analysis
Apart from the smooth flow of payments, collection managers also research, study and analyse the data, and statistics, as well as the progress of the collection department. It is with the help of their reports along with other factors that enable a bank to smoothly operate.
Skills Required for Success as a Collection Manager
Collection managers, who are also called ‘credit and collection clerks’, are expected to have diverse skills that would help the business organisation or bank. Apart from finance and mathematics, they also need good relationship-building skills as they contact clients regularly. Additional aptitudes which increase the chances for you to get the job are:
- Interpersonal and People Management Skills
- Critical and Analytical Thinking
- Written and Verbal Communication Skills
- Team Building and Management Skill Set
- Negotiation Abilities
As a collection manager, one needs to monitor and manage delinquent accounts. Hence, it would require a polished skill set to excel here. Keeping all the relevant parties notified and updated, close coordination with accounts, smooth regulation of payments, and so on, would need the candidate to be quick, alert, and communicative.
Collection managers also manage, mentor, and supervise the collection team members, so building trust and relationships is a key skill. Picking up a certificate program in collection management will equip you with all the knowledge and skill set to become an efficient collection manager.
5 Key Benefits of Taking the TimesPro Course
It’s no secret that the banking industry of India has undergone tremendous evolution over the years. It has unlocked numerous opportunities for employment, innovation, as well as invention. If you are a beginner in the banking sector or want to switch jobs, collection management may just be your thing. TimesPro has conceived as well as developed a certificate program in collection management to help budding bankers in propelling their careers. The DCB Bank Training Program in collaboration with TimesPro offers 5 major benefits:
- The programme’s eligibility criteria are minimal, allowing graduates from any stream, as well as working professionals, to transition to a banking career without too much hassle.
- This certificate course promises to build a new banking career or boost the existing one in just 15 days, saving you a lot of time and money.
- This program aims at preparing you well for this job role. Here, you will learn the use of positive methods to build interpersonal relationships and trust with clients.
- The DCB Bank programme offers Intensive training to collection professionals to ensure good collection efficiency and smooth repayment of debts by customers.
- The programme has an assured job guarantee as a Collection Office at DCB Bank, where you can earn up to Rs. 2.50 lakhs annually, along with many attractive incentives.
Course Curriculum of Certificate Program in Collection Management
Over a period of 15 days, the DCB Bank Program will cover numerous modules. This includes:
- Fundamentals of Banking
- Regulatory Environment
- Generic Banking Services and Products
- Mandate-Specific Services and Products
- English Language and Communication Skills
- Etiquette and Grooming
- Risk and Compliance
Eligibility Criteria of Certificate Program in Collection Management
Certain key pointers decide if you are eligible to enrol for the course or not. Before applying for it, make sure to read the criteria thoroughly.
● Applicants need to be aged 32 years or above during the time of admission.
● Applicants must have a score of a minimum of 40% in the 10th and 12th standards, respectively.
● Applicants can have a graduation degree from any stream.
● Applicants can have any mode of education for their 10th and 12th standard as well as graduation.
To know more: https://earlycareer.timespro.com/blog/5-key-benefits-of-taking-a-certificate-programme-in-collection-management/
