IIFL Finance partners with Credgenics to digitize loan collections

By Leandra Monteiro

This day

  • CG Collect Mobile App
  • credgenics
  • Engagement with the client

IIFL Finance, one of India’s largest retail-focused diversified non-bank finance companies, has partnered with Credgenics, a provider of SaaS-based debt resolution and collections technology solutions worldwide, to implement the end-to-end debt collection technology platform from Credgenics.

Rishabh Goel, Co-Founder and CEO of Credgenics said: “We are proud to be working with IIFL Finance for the digital transformation of debt collection. 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 had a significant positive impact on key collections-related metrics at IIFL, and we look forward to delivering further business value in the future.”

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. Recognized as the leading market leading loan collection platform in India by IBS Intelligence in its Annual Sales League Table 2022, Credgenics has reduced the cost of operations with its automated and streamlined processes.

Sanjeev Srivastava, Chief Risk Officer, IIFL Finance He said: “Delivering disruptive products by combining innovation and setting a new customer-centric benchmark is a key differentiator for IIFL Finance. We are very proud to be the pioneers when it comes to making our solutions and processes future-oriented. We are partnering with Credgenics because we believe their platform will bring great business agility, dynamism and efficiency across our collections value chain.”

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.

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