• Caters to end-to-end debt collections needs of ARCs, offering solutions to reshape the future of debt recovery
• Reliance Asset Reconstruction Company Limited (RARC) is among the customers that have embraced the technology platform
• 3 out of the top 10 ARCs in India already benefiting from its transformative capabilities
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India, December 6th, 2023: Credgenics, a pioneer in cutting-edge debt recovery technology solutions, has unveiled anew version of its debt recovery platform for Asset Reconstruction Companies(ARCs), which is now successfully on boarded by Reliance Asset Reconstruction Company. The solution aims to empower ARCs with comprehensive digital and insights-driven capabilities for more efficient debt resolution in retail and SME segments.
ARCs cope with numerous operational challenges, from escalating costs to inter-creditor conflicts, debt record discrepancies to elusive borrowers, and data challenges to reconciliation gaps while recovering retail and SME loans. With rapidly expanding business portfolios, ARCs need to adopt sophisticated digital and analytical capabilities that enable the application of tailored collections strategies. Credgenics SaaS-based collections technology platform offers aspectrum of innovative solutions designed exclusively for ARCs to ensure efficient debt collections, a superior borrower experience, and swift regulatory compliance.
Credgenics collections platform for ARCs provides complete visibility into each stage of delinquent cases, including previous communication history, enabling ARCs to reassess debt recovery strategies. The AI/ML models help ARCs evaluate the effectiveness of communications and realign outreach strategies to boost recoveries. The platform provides advanced policy monitoring to ensure regulatory compliance for both the collection agencies and in-house teams working with the ARC. The automated trust settlement capabilities provide seamless reconciliations and customizable legal workflows for SARFAESI, legal notices, and other legal actions for enhanced resolutions. The integrated mobile-based collections app digitizes field recoveries with unique capabilities, including automatic case allocations, geo-tracking, geo-fencing, visit recording, and digital payments.
Rishabh Goel, Co-Founder and CEO of Credgenics, said, "We are at the forefront of the technology curve for debt resolution and management, driven by our passion to harness the power of digital and data with innovation. We are proud to be an enabler in improving the financial health of credit consumers and the banking and financial services ecosystem, which supports the nation’s economic growth. ARCs play a crucial role in the financial services landscape, and our technology solution has been specifically designed keeping in mind their operational challenges and business expectations. We have already seen remarkable results with some of our leading ARC customers, and we are confident of continuing to add more business value in the future."
Mehul Gandhi, Chief Executive Officer at Reliance Asset Reconstruction Company Limited, said, “Reliance Asset Reconstruction Company is at the forefront of the transformation agenda that is being embraced by the industry. Leveraging Credgenics’ digitization and data-oriented capabilities has been instrumental in taking our debt recovery performance to the next level. The seamless digital edge, integrated approach, and comprehensive insights from data analytics have strengthened our legal communication process, expedited resolutions, and optimized overall processes. Partnering with Credgenics has been a great value addition in our aim to establish future-ready debt resolution capabilities.”
In the ever-evolving landscape of debt recovery, Credgenics stands as a beacon of innovation and progress, committed to delivering solutions tailored to the unique needs of ARCs, with 3 out of the top 10 Indian ARCs as its customers. With technology at its core, Credgenics is redefining the future of debt collection, empowering ARCs to achieve greater efficiency and success.
About Credgenics
Credgenics is the leading provider of Loan Collections and Debt Resolution technology platforms to banks, non-banking finance companies, fintechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized twice as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table 2022 and 2023. Credgenics works with more than 100 customers and touched an overall loan book worth USD 60 billion in FY23. It handles 11 million retail loan accounts and sends 60million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%.