Payment and Debt Collections

| | | | fix of Cyprus Collections Dept. [pic] New Product Development Instructor: Professor Gary S. Lynn, Ph.D. ALBA MBA in Banking March April 2010 Submitted by: Stavrianos Stratos 1a. Brief description of Bank of Cyprus Collections Department I am working in Bank of Cyprus from 2004 and I stick changed a few go unders up to now, beginning as a junior employee of a branch until recently where I was transferred in the administration of the bank and specifically in the department of Debt Collections as a senior manager. In this new job position I am in charge of a aggroup of employees that communicates via telephone with customers for their past-due obligations concerning bank loans and credit cards, trying to find a solution for the smooth settlement of their debts.

Briefly, Collections department is the division of the Bank that pursues payments on debts owed by individuals or businesses. Its principal mission is to show up and prompt debtors to bring their account up to date in an ethical, and legal, manner. It includes bank employees who try to negotiate with customers in order to mobilise debt. Until now, the methods that are used include telephone briefings, sending contend letters, alert statements and informative sms to mobile phones, providing comprehensive monthly reports, online break camp tracing, even providing customers with consultancy services so as to regulate and ready in an order their debt obligations. Flexibility and experience are master(prenominal) traits, and customization of Debt Collection Services is a huge plus, but it is in truth important for this sensitive department to keep always the function balance in order not exceed current limits of tolerance. Collection is a very dynamic field... If you want to descend a full essay, order it on our website: Orderessay

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