CreditFair partners with Credgenics to digitally empower loan collections
- Achieves 11x growth in resolutions within five months of association
- Reduces collections processing time and enhances growth in recoveries through data-driven solutions
- Offers comprehensive tracking capabilities to the on-field teams
MUMBAI, India, April 11, 2023 /PRNewswire/ — CreditFair, a leading consumer lending fintech, has collaborated with Credgenics, a pioneering SaaS-based debt collection and resolution platform, to digitize the loan collections journey for CreditFair’s teams in charge of education, healthcare, home improvement, and electric vehicle loans. Leveraging Credgenics’ agile, end-to-end, digitized, and data-driven solutions, CreditFair has simplified loan resolution processes and achieved 11x growth in resolutions within just five months of the association.
With this partnership, CreditFair teams have automated borrower communications and gained real-time visibility into the loan collections processes across 80 cities in India. The tech-powered capabilities of the Credgenics platform have helped CreditFair significantly reduce loan collections processing time. With the comprehensive tracking capabilities of Credgenics’ solutions, the CreditFair teams at various locations have managed to increase loan recovery rates / collections efficiency and reduce collections costs.
Credgenics’ AI-powered SaaS platform follows an insights-driven personalized approach for communications across multiple channels, including chatbots, voicebots, WhatsApp, IVR, SMS, and emails. By taking a strategic approach to collections, CreditFair is able to evaluate the effectiveness and impact on its borrower base. Additionally, CreditFair has been able to further strengthen its focus on operational risk mitigation while ensuring complete and faster adherence to the evolving regulatory requirements. Credgenics’ litigation management system has automated the tedious management of legal communications, including notices, resulting in huge savings in operations time and cost.
Commenting on the collaboration, Mr. Aditya Damani, Founder and CEO, CreditFair said, “We aim to help one million people move up the credit ladder by 2025. We are delighted to have partnered with Credgenics and believe that this partnership will help us to improve the financial outcomes for individuals who need easy access to responsible lending options. An 11x increase in debt resolutions within 5 months of our association with Credgenics is extremely commendable. We look forward to leveraging Credgenics’ technology solutions to make our processes more robust and further simplify the end-to-end collections journey for our customers.”
Mr. Rishabh Goel, Co-Founder and CEO, Credgenics said, “With the ongoing wave of digital transformation in the banking and financial services industry, there has been a renewed focus on enhancing customer experience. We are delighted to provide seamless collections experience for CreditFair’s customers through the use of digital technologies. The fintech ecosystem in India is rapidly evolving and playing a crucial role in providing easy and affordable access to credit through technology supported innovation, and we are glad to help CreditFair in attaining their business objectives.”
About CreditFair
Set up in 2018, CreditFair, a B2B2C lending-focused fintech start-up, offers lending solutions and unsecured loan options at the point-of-sale to businesses and consumers at a lower cost or no cost. Founded by Aditya Damani, it aims to build a credit ladder for 550 million underserved Indians and reach 5,000 active merchant partners and grow disbursements to a USD 360 million annual run rate. The ticket size ranges from Rs 10,000 to Rs 50 lakh, and the tenure from three months to five years. Within a short span of time, CreditFair has emerged as one of the most dependable financial partners for more than 1,000 merchants, including notable brands like upGrad, Nova IVF, Livspace, Asian Paints, Scaler, PristynCare, Hero Electric and Oorjan Solar, to name a few.
To scale up credit penetration into the underserved segments, CreditFair has raised USD 25 million from a marquee group of investors which includes LC Nueva Alternative Investment Fund, Capital A, among others. Visit https://creditfair.in/
About Credgenics
Credgenics is the leading provider of Loan Collections and Debt Resolution technology platform to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table 2022. Credgenics works with 80+ customers and handles USD 2 bn NPA stage retail loan book value, USD 6 bn delinquent stage retail loan book value. It manages 22 million retail loans and sends 60 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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