COLLECTION PROCESS FOR BANKING AND NBFC.Responsibilities:Customer Contact:Make outbound calls to customers with overdue payments.Clearly communicate the outstanding balance and payment due date.Explain the consequences of non-payment and the importance of timely settlements.Answer customer inquiries regarding their accounts and payment options.Maintain accurate records of all customer interactions.Payment Negotiation:Negotiate payment plans and settlements with customers.Explain various payment options and assist customers in choosing the most suitable method.Follow established guidelines for payment arrangements and discounts.Document all agreed-upon payment arrangements.Follow-Up and Escalation:Conduct follow-up calls to ensure customers adhere to agreed-upon payment plans.Escalate unresolved cases to the Collections Supervisor/Manager as needed.Provide timely updates on the status of collection efforts.Maintain a proper follow up system to ensure maximum collection.Compliance and Documentation:Adhere to all banking and NBFC regulations and company policies.Maintain confidentiality of customer financial information.Ensure accurate and complete documentation of all collection activities.Utilize CRM software to document all interactions.