The financial services industry is still largely following archaic debt recovery methods. Major Banks, NBFCs, and fintech companies are plagued by inefficient collections processes with limited innovation over the years. This has precipitated into the NPA crisis that we are in today, leading to adverse effects on the health of these lending institutions and their appetite for risk. To address these issues, Mr. Anand Agrawal, CTO and Co-Founder at Credgenics, offers a first-of-its-kind digital debt collections platform, which helps lenders achieve better resolution rates on stressed assets and reduce the time to collect while decreasing the overall collection costs.
Credgenics handles a loan book of over Rs. 1,500 crores for 50+ large Indian banks, NBFCs, and Fintech lenders including the likes of HDFC Bank, ICICI Bank, Axis Bank, DMI Finance and Zest Money. With Credgenics, clients have seen an improvement in their resolution rates by up to 12% and a reduction in resolution time by up to 20 days. This improvement can be attributed to novel collections strategies centred on Omni-channel reach out with focus on digital, AI/ML-based borrower segmentation and analytics, and feedback loop across different channels.
A technology-enabled collection platform –
Credgenics aims to convert bad debt into good assets with the help of digital disruption in a manually driven collections ecosystem. The experience that led to this idea of building Credgenics was that of Mr. Rishabh Goel, our Co-founder and CEO, who witnessed huge gaps in the existing systems and processes while working with Deutsche Bank and Blackrock in the management of stressed assets. His research and observations led to the discovery of inefficiencies in collections’ data management and recovery teams working in silos. The digital solutioning got a major boost as Mr. Anand Agrawal joined him as Co-Founder and CTO in this journey. Before joining Credgenics, Anand was working with 1Mg as a Technical and Data Science Lead.
A collecting platform equipped with Application Program Interface (API) driven integration-
Data can be shared with the Credgenics platform through a secure SFTP server or through an API integration with the loan management system of the lender. We take data security extremely seriously and have thus invested heavily in technology to build a wall between the platform data and any threats to it. All collections related borrower data can be seen on the analytical dashboards at a portfolio level to timely reflect the current status and success rates for different sets of accounts. In terms of communications, our platform allows lenders to reach their borrowers through multiple digital channels such as SMS, Email, Whatsapp, IVR, Voicebot and Chatbot in 10+ vernacular languages and helps them understand the effectiveness of different channels for different sets of customers. But we have multiple selling points apart from our automated communication module as well. The list includes tracking and sending of legal notices, a legal workflow management tool, our skip tracing solution, and the recently launched FOS and payment modules.
Launch of CG COLLECT APP-
The new app that launched a couple of months back is proof to our promise to transform collections processes end to end. This solution empowers the on-field collections agent with an easy-to-use, GPS enabled app and enables their managers to monitor the door-to-door collections efforts.