Head of Collections
Prodigy Finance
Cape Town
6d ago
source : Index Ventures

Prodigy Finance - who are we?

Prodigy Finance is a platform that delivers socially responsible financial services; making it possible for students from more than 150 countries to fulfil their dream of studying at the world’s top universities and schools by financing their international postgraduate studies, whilst delivering competitive financial and social returns to alumni, institutional and private investors.

This borderless and innovative model enables education loan financing to students from across the globe, whilst using predicted post-degree affordability rather than present-day salary.

Since 2007, Prodigy Finance has extended over US$800 million through the platform to fund over 18,600 students.

We are funded by some of the best, pre-eminent institutions in the world including Index Ventures, Balderton Capital, RMIH, Credit Suisse and Deutsche Bank.

What will you do in the role?

We are looking for an experienced Debt Review or Collections Manager to look after our collections team based in Cape Town.

This person will be fully accountable for setting Prodigy Finance’s global collections strategy and policy, managing both hard and soft collections (1 to 180 days in arrears) while delivering amazing customer experience.

The role requires strong communication and handovers between the Loan Originations team, in-house Legal and the School Relationship Managers who service the top Universities around the world as well as external lawyers and / or debt recovery agencies as and when appropriate.

The ability to work closely with the legal team on enforcement processes would be highly advantageous.

  • Importantly, the individual in this role should treat debtors and third parties in line with our values of respect, and courtesy;
  • and equally importantly as a lender regulated by the UK’s Financial Conduct Authority (FCA) in line with all FCA rules, regulations and guidelines and other codes of conduct and ethics.

    Prodigy Finance’s operations team is located in Cape Town, South Africa with the role reporting to the Chief of Customer Success and Operations.

    What are some of the roles and responsibilities of this role?

    Set and implement best practice regarding debt collections policies and activities

    Take ownership for the debt collection efforts for our loan portfolio working with borrowers to reduce the number of past due accounts and to minimise the defaults

    Conceptualize and drive a long-term collections strategy that is effective at maintaining portfolio health whilst ensuring a customer experience in line with the Prodigy Finance brand values

    Ensure key performance SLA’s are maintained across the collections team

    Leverage your expertise and experience when managing a global customer base and nuances such as multiple time zones and many cultures to improve collections rates in a rapidly growing book

    Collect delinquent loans through correspondence and personal contact with borrowers

    Develop and implement robust skip-tracing techniques, to obtain information to locate borrowers

    Oversee preparation of borrower accounts for legal enforcement; Maintain records of data and information on cases

    Apply forbearance options to delinquent loans in line with the loan management policy

    Work closely with the Credit Risk team in developing collections strategies and forbearance options

    Ensure FCA and Codes of Conduct compliance

    Develop and maintain operational dashboards

  • Implement operational efficiency of our collections process, as measured through collection rates
  • Improve lending portfolio health through collections and servicing targets (% arrears, defaults and engagement effectiveness)
  • What would the ideal candidate be great at?
  • People management and development including day to day motivation and effective leadership of front line to ensure a happy, healthy and high-performing collections team
  • A team player with the ability to establish positive working relationships across various functions. You understand that the whole is greater than the sum of the parts
  • Passionate about customer experience, strive for operational excellence and able to apply best practices within a financial services environment with a compliance mindset
  • Driven, energetic and ambitious and not afraid to be assertive and get your hands dirty. Strong attention to detail, and the ability to switch between the big picture and day to day operations
  • Create ideas, think outside the box, be a problem solver and solution finder, be proactive, use initiative to develop and improve
  • Able to diagnose issues, find the necessary data, analyse the alternatives, and engage in a methodical problem solving process
  • Biased to focussed action - able to align and prioritise actions and resources in advance to achieve the best possible outcomes including strong control over SLA and metrics
  • Resilient, gets things done, adaptable to change kind of attitude, with capacity for hard work in a relentlessly fast paced environment
  • Qualifications and experience

    Bachelor’s degree or equivalent

  • Extensive private sector debt collections and debt review experience
  • Experience working within a highly regulated collections environment
  • Experience in managing a debt collections team with the ability to establish and maintain an efficient and productive working environment based on continuous and effective staff communication
  • Debt collections strategy experience within a customer service environment and ability to take full accountability for the end to end collections process
  • Knowledge of general principles and techniques of debt collection work, legal requirements for collection of delinquent accounts and modern office practices and procedures
  • Ability to conduct informational interviews; write and speak clearly and effectively; research legal, financial and other records;
  • deal tactfully with customers; compose clear, concise reports and correspondence; establish and maintain accurate records and accounts

  • Understand the global enforcement model and work with the legal team in identifying matters for enforcement and preparing matters for handover to legal team
  • Strong quantitative skills

  • Ability to use skip tracing techniques and work with tracing agents internationally
  • Master of Microsoft Office, Workflow, SLAs and process maps
  • Experience that would be nice to have
  • Legal background or exposure

    Experience / or familiarity with UK regulation around consumer credit would be highly advantageous

  • Start-up experience - comfortable with ambiguity, able to wear lots of hats, and adapt easily. If you haven’t worked in a start-up before;
  • you need to show us that you have a real desire and potential to be successful in a non-corporate company.

    What is the Prodigy Finance fit?

    To be an A player at Prodigy Finance, you need to possess the following attributes :

    Innovative + Smart

    Be curious enough to want to know more, think out the box, maybe even break the box, show initiative and be smart about it to find implementable, impactful solutions.

    International + Accountable

    Push yourself to be better every day. Work with others across the world, be resilient, add value and hold yourself accountable.

    Encourage and celebrate each other.

    Energetic + Fun

    We put the fun in funding. A sense of humour survival. Bring energy and fun. Wear your heart on your sleeve. Work hard and play hard.

  • Do you want to be our next Head of Collections?
  • If this sounds exciting get in touch and tell us why you want to work at Prodigy Finance.
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