Senior Collections Analyst

Who are 118118 Money?

At 118 118 Money, we are dedicated to helping Britain achieve financial fitness. In 2023, we proudly relaunched the iconic 118 118 twins, reaffirming our commitment to improving the financial health of individuals across the nation. Our loans and credit cards are designed specifically for those often overlooked by mainstream lenders, empowering over 800,000 customers on their journey to better financial well-being.

Our vision is to champion financial fitness throughout Britain by offering accessible products, valuable resources, and unwavering support. We are on a mission to provide fair and transparent credit solutions that promote financial well-being for all.

With an impressive 4.8 Trustpilot rating, we take pride in being an approachable lender, ready to provide clear financial support. If you’re inspired by what you’ve read and want to make a real difference in people's lives, keep reading — your next opportunity to contribute to our mission could be just a few clicks away!

What you'll do

This is an exciting and challenging position for a highly motivated and energetic individual who will play a critical role in collections across both the credit card and loan products. You must enjoy working in a very fast-paced, highly flexible and dynamic environment. The role will be based in London or Milton Keynes, but with hybrid working opportunities.

The Senior Collections Analyst will be involved in developing, implementing and consistently challenging strategies to optimise collections operations, ensuring compliance with regulatory requirements, and driving effective debt recovery processes.

You should be adept at working well with other teams in the business as well as influencing effectively at all levels to drive your deliverables forwards. You will always be striving for continuous improvement and development to enhance performance.

Key Responsibilities & Objectives

• Strategy Development: Develop and execute the collections strategy in alignment with the organisation's overall business goals and objectives. This includes setting clear targets, establishing performance metrics, and implementing initiatives to maximise collections effectiveness.
• Collections Forecasting Models: Develop, update and improve on predicted month end positions for Credit Cards and Loans in arrears.
• Compliance & Regulation: Ensure collection strategies are compliant with the relevant regulations, such as the Financial Conduct Authority (FCA) guidelines.
• Risk Management: Mitigate risks associated with collections activities, including data security, data privacy, and reputational risks.
• Stakeholder Management: Collaborate closely with internal stakeholders, such as credit risk management, legal, and finance teams, to develop strategies that align collections practices with broader organisational goals. Work with external stakeholders, including debt collection agencies and industry associations, to stay informed about industry trends and leverage partnerships when necessary.
• Performance Monitoring and Reporting: Administer robust performance measurement frameworks to track key collections metrics and report on departmental performance regularly. Provide actionable insights to senior management, identifying areas for improvement, implementing corrective actions as needed.
• Performance Improvement: Lead meetings to discuss the performance of continuous improvement, recommending new approaches based on performance of historic champion challenges.
• Technology and Process Enhancement: Identify opportunities for leveraging technology and automation to streamline collections processes, reduce cost, improve efficiency, and enhance customer experience. Evaluate and implement relevant tools, systems, and platforms to support the collections function effectively.
• Culture: Lead by example and reinforce the continuity and importance of 118 118 Money’s mission, vision, culture, values and brand framework.
• Agility: Ensure the collections function can adapt and evolve to keep up with specific requirements of the organisation and industry trends.
• Team: Support and mentor analysts in the wider team and work as a team player supporting data requests and other ad-hoc tasks.

Skills & Experience

• Experience in collections management within the financial services sector, preferably in the UK market.
• Strong knowledge of UK financial regulations and compliance requirements, particularly in relation to collections activities.
• Strong SQL coding skills are essential, Snowflake and Python a bonus.
• Strong Excel skills are essential
• Personal Loans/Credit Cards analytical experience
• Commercially minded - can turn numbers into business decisions
• Hands-on experience of champion challenger strategies
• Excellent analytical and problem-solving abilities, with a data-driven approach to decision-making.
• Strategic mindset with the ability to develop and execute collections strategies that align with organisational objectives.
• Good stakeholder management skills, with the ability to engage internal and external stakeholders.
• Good communication and interpersonal skills, with the ability to effectively convey complex information to diverse audiences.
• Results-oriented mindset with a focus on continuous improvement and achieving key performance indicators.
• Familiarity with collections technologies, data analytics, and automation tools used in the financial services industry.
• Knowledge of TS2 and Loan Management Systems preferable.

What's in it for you?

• A competitive salary.
• Flexible, hybrid working opportunities.
• Company bonus scheme - if the business does well, you should get rewarded for your hard work.
• 25 days annual leave, (plus bank holidays) increasing to 27 after two years service and 30 after five.
• Company pension scheme – we provide an enhanced pension scheme with generous employer contributions to set you up for the future which includes life cover of 4x your base salary.
• Eye test - you can claim a freebie each year, or if your needs change.
• Employee Assistance Programme - we offer membership to a recognised scheme to support you and your wellbeing.
• A strong ethos of equality, diversity, and inclusion.
• Wide business exposure, in terms of business disciplines, projects and stakeholders.
• Direct contribution to business transformation and growth.
• Huge learning and career progression opportunities.
• Being valued as an individual from our team.
• Full training, support and mentoring to develop a successful career in financial services.

Like what you've heard? Great - apply now!

As a candidate, we know the interview process can be daunting and it’s important that you have a great experience with us. We will do all we can to make sure you are fully informed and excited by our story so we get to see the best from you. If you need any adjustments made to help you with the interview process, just let us know and we’ll do our best to accommodate them.

Following your application, we will want to learn more about you, your motivations, experiences, and values. In turn, you get to learn about our business, our culture, the role and what we can offer you.

Equal Opportunity Employer

At 118 118 Money we are passionate about equality, diversity, and inclusion. We are committed to being representative of different cultures, background, lifestyles, and groups, where everyone has an equal chance to succeed. It is our policy to treat everyone fairly and to ensure no one is disadvantaged or receives less favourable treatment. We recognise that everyone has different needs and while we can’t accommodate every flexible working request we are more than happy to have a conversation about it.

If you think you’d be great for the role, but don’t necessarily tick all the boxes, we’d still love to hear from you, so apply today and take the first step towards an exciting future!

Please be aware that should we pursue your application, all our Financial Services employees will be expected to complete background checks to assess suitability for employment, these include; a criminal record, identity, sanctions, adverse finance, fraud prevention and reference checks to comply with our regulatory requirements.

How we handle your data

118 118 Money requires your personal data to process your application for a position within our Company.

If your application is successful through to telephone screening/interview, and you are not selected for a role, we may store your personal data for 3 years to enable our HR team to contact you should future roles be advertised.

Where you apply, but are not selected for telephone screening/interview, we will delete your personal data once the position is filled.

118 118 money does not use automated decisioning or profiling when selecting candidates.

For your rights under GDPR please see our Privacy Policy