IIFL Finance digitizes loan collection with the Credgenics technology platform

  • Digitalization to drive the next level of efficiency and profitability
  • ML-based strategies to strengthen the customer-centric approach in collections

NEW DELHI Y Mumbai, India, October 11, 2022 /PRNewswire/ — IIFL Finance, one of from india The largest retail-focused diversified non-bank financial company, has partnered with Credgenics, the world’s leading provider of SaaS-based debt resolution and collection technology solutions, to implement the edge debt collection technology platform to Credgenics end.

Credgenics’ AI-powered collections platform, implemented at IIFL Finance, covers a variety of solutions across collections stages, from pre-maturity management to post-maturity recoveries. The platform has enabled fully digitized loan collections at IIFL with ML-based analytics capabilities to segment borrowers and implement personalized collection strategies. With Credgenics, IIFL has implemented a multi-channel strategic digital communications approach that has resulted in reduced bounce rates, higher recoveries and increased customer engagement.

The CG Collect mobile app has digitized field collections with its innovative capabilities, including agent route map planning, proximity-based assignment, Google Maps navigation, field force tracking, detail of the borrower and the simplified management of visits. The Billzy digital payment app ensures that IIFL borrowers can easily complete their loan payments digitally through personalized payment links embedded in communications. Credgenics, recognized as the leading market-leading loan collection platform in India by IBS Intelligence in its Annual Sales League Table 2022, has reduced the cost of operations with its automated and streamlined processes.

Credgenics has also implemented ‘Project Litigal’, derived from ‘Legal + Digital’, a unique approach to digitize collections related to legal proceedings at IIFL. Credgenics dashboards provide a 360-degree view of all litigation activity, while integration with eCourts offers legal case tracking, real-time updates and reminders. With Credgenics, all legal communication, including notices, subpoenas, and court orders, throughout the lifecycle is sent digitally with tracking capabilities. Advocate for dashboards that provide a comprehensive overview of associated activities and costs incurred, offer greater visibility and transparency. An advanced version of the platform’s mobile app will give advocates quick access to e-court notices and data.

Sanjeev SrivastavaRisk Director, IIFL Finance said, “Delivering disruptive products by combining innovation and setting a new customer-centric benchmark is a key differentiator for IIFL Finance. We pride ourselves on setting trends when it comes to making our solutions and processes customer-oriented.” We’re partnering with Credgenics as we believe their platform will bring great business agility, dynamism and efficiency across our collections value chain.”

Sandeep K Rajput, Head of Legal Recoveries, IIFL Finance said: “I would like to extend my thanks to the team at Credgenics for their utmost efforts in setting up the Litigal process. Now, a new era has started called ‘litigation‘, a unique form of Legal + Digital. We adopted it at a very fast pace through Credgenics and implemented the legal way in Digital. This will definitely set a new precedent at IIFL Finance as we move forward with a 100% digital hybrid model. The legal and recovery team is dedicated to implementing all the processes in this way one by one. The automation of legal notices, digital attention, Chatbot, AI, IVR for legal cases is the way to go.”

Rishabh Goelco-founder and CEO of Credgenics said: “We are proud to work with IIFL Finance for the digital transformation of debt collections. IIFL is a pioneer in leveraging technological innovations to redefine the customer experience and Credgenics is extending this approach to collections. Shortly after implementation, Our market-leading platform has had a significant positive impact on key collection-related metrics at IIFL, and we look forward to delivering more business value in the future.”

About IIFL finances

IIFL Finance Ltd is a leading retail-focused diversified NBFC in India, engaged in the loan and mortgage business together with its subsidiaries – IIFL Home Finance Limited and IIFL Samasta Finance Limited. IIFL Finance, through its subsidiaries, offers a wide range of products such as mortgage loans, gold loans, business loans, microfinance, capital market financing, and developer and construction financing to a broad customer base of over 8 million Of customers. IIFL Finance has expanded its pan-India reach through an extensive network of branches spread throughout the country and various digital channels. https://www.iifl.com/

About Credgenics

Credgenics is the leading debt resolution and loan collection technology platform provider for banks, non-bank finance companies, FinTechs and ARCs worldwide. The SaaS-based platform provides end-to-end collections lifecycle solutions, including digital collections, multi-channel communications, calling, predictive dialers, litigation management, digital payments, mobile-based field collections, dashboard and analytics. Credgenics reduces collection time and cost, increases collection rate, reduces NPAs, improves operational efficiency, and transforms borrower experiences. Credgenics works with more than 75 clients and handles US$2 billion Book value of retail loans in NPA stage, and US$6 billion book value of retail loans in default. Manages 22 million retail loans and sends 50 million digital communications every month. With Credgenics, lenders increased resolution rates by 20%, improved collections by 25%, reduced collection costs by 40%, reduced collection time by 30%, and improved legal efficiency by 60%. %. https://www.credgenics.com/

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SOURCE Credgenics

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