- Digitization to drive the next level of efficiencies and profitability
- ML-based strategies to strengthen customer-focused approach in collections
NEW DELHI and MUMBAI, India, Oct. 11, 2022 /PRNewswire/ — IIFL Finance, one of India’s largest retail-focused diversified non-banking financial companies, has partnered with Credgenics, the leading provider of SaaS-based collections and debt resolution technology solutions worldwide, to implement Credgenics’ end-to-end debt collections technology platform.
Credgenics AI-powered collections platform, deployed at IIFL Finance, covers a range of solutions across the collections stages from pre-due management to post-due recoveries. The platform has enabled completely digitized loan collections at IIFL with ML-based analytical capabilities to segment borrowers and roll out tailored collections strategies. With Credgenics, IIFL has implemented a multichannel strategic digital communications approach resulting in reduced bounce rates, higher recoveries, and enhanced customer engagement.
The CG Collect mobile app has digitized field collections with its innovative capabilities including agent route map planning, proximity-based allocation, google maps navigation, field force tracking, unified borrower details, and simplified visit management. The Billzy digital payments application ensures that IIFL borrowers can easily complete their loan repayments digitally through custom payment links embedded in the communications. Credgenics, recognized as the top market leading loan collections platform in India by IBS Intelligence in their Annual Sales League Table 2022, has reduced the operations cost with its automated and simplified processes.
Credgenics has also implemented ‘Project Litigal’, derived from ‘Legal + Digital’, a unique approach to digitize the collections related to legal processes at IIFL. Credgenics dashboards provide a 360-degree view of all litigation activities while integration with eCourts offers legal case tracking, real-time updates, and reminders. With Credgenics, the entire legal communication including notices, summons and warrants, across the lifecycle is sent digitally with tracking capabilities. Advocate dashboards that provide a comprehensive overview of the associated activities and costs incurred, offer enhanced visibility and transparency. An advanced version of the platform’s mobile app will further provide advocates with quick access to notices and eCourts data.
Sanjeev Srivastava, Chief Risk Officer, IIFL Finance said, “Delivering disruptive products by combining innovation and setting a new benchmark in customer-centricity is a key differentiator for IIFL Finance. We take great pride in being the trendsetter when it comes to making our solutions and processes future oriented. We partnered with Credgenics as we believe that their platform will bring in tremendous business agility, dynamism, and efficiencies across our collections value chain.”
Sandeep K Rajput, Head Legal Recoveries, IIFL Finance said, “I would like to extend my thanks to the Credgenics team for their utmost efforts to set up the process of Litigal. Now, a new era has begun which is called ‘LITIGAL‘, a unique form of Legal + Digital. We adopted it at a very fast pace through Credgenics and implemented the way of legal in Digital. This will definitely set up a new precedent in IIFL Finance while we move forward with a 100% digital hybrid model. The legal and recovery team is dedicated to implementing all processes in this manner one by one. Automation of legal notices, servicing in a digital way, Chatbot, AI, IVR for legal cases is the way forward.”
Rishabh Goel, Co-founder, and CEO of Credgenics said, “We are proud to be working with IIFL Finance for the digital transformation of debt collections. IIFL is a pioneer in leveraging technology innovations to redefine customer experience and Credgenics is extending this approach to collections. Soon after implementation, our market leading platform has made a significant positive impact to the key collections related metrics at IIFL, and we are confident of delivering more business value in the future.”
About IIFL Finance
IIFL Finance Ltd is a leading retail focused diversified NBFC in India, engaged in the business of loans and mortgages along with its subsidiaries – IIFL Home Finance Limited and IIFL Samasta Finance Limited. IIFL Finance, through its subsidiaries, offers a wide spectrum of products such as Home loan, Gold loan, Business loan, Microfinance, Capital Market finance and Developer and Construction finance to a vast customer base of over 8 million customers. IIFL Finance has widened its pan-India reach through an extensive network of branches spread across the country and various digital channels. https://www.iifl.com/
Credgenics is the leading provider of Loan Collections and Debt Resolution technology platform to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The SaaS-based platform provides solutions for end-to-end collections lifecycle including digital collections, multi-channel communications, calling, predictive dialers, litigation management, digital payments, mobile-based field collections, dashboard, and analytics. Credgenics reduces the time and cost to collect, increases the collections rate, brings down the NPAs, improves operational efficiencies, and transforms the borrowers’ experiences. Credgenics works with 75+ customers and handles USD$2 bn NPA stage retail loan book value, and USD$6 bn delinquent stage retail loan book value. It manages 22 million retail loans and sends 50 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections cost by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%. https://www.credgenics.com/
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