Aye Finance, a prominent NBFC offering business loans to the vast number of underserved micro-scale enterprises in India, has partnered with Credgenics, a cutting-edge AI platform for debt collections and resolutions. This collaboration will revolutionise Aye Finance’s debt collection and resolution procedures through the implementation of Credgenics’ advanced technology platform.
In a recent interview with Business Today, Rishabh Goel, the Co-founder & CEO of Credgenics, highlighted the innovative use of their SaaS-based platform at Aye Finance. The platform will facilitate an integrated, personalised, and insights-driven communications approach with borrowers through multiple channels. This cutting-edge technology will not only improve operational efficiency but also enhance collections strategies customized to individual borrower needs.
1. How does Credgenics’ AI-powered technology specifically enhance the efficiency and accuracy of debt collection processes, and what unique advantages does it offer over traditional methods?
Credgenics’ AI-powered technology platform brings a transformative approach to debt collection by leveraging advanced analytical capabilities, in-depth business functionalities and personalized engagement strategies. Unlike traditional approaches, which often rely on repetitive and manual interventions along with generic strategies applied in bulk, Credgenics uses machine learning models and data-driven insights to recommend and deploy tailored collection strategies.
The platform follows an integrated approach covering strategy formulation and execution, seamless personalised communications across channels, enabling digital payments and reporting to deliver a seamless and consistent borrower engagement experience across multiple channels / touch points. This targeted approach ensures borrowers receive the right communication at the right time on their preferred channels, significantly improving recovery rates and reducing delays. The platform’s predictive analytics further aid in identifying potential repayment risks early, enabling preemptive actions that minimize defaults. Overall, Credgenics offers faster, more effective, and cost-optimized solutions compared to conventional debt collection methods.
2. Can you elaborate on the functionalities of the CG Collect field app and how it equips field collectors to optimise their interactions with borrowers on a day-to-day basis?
Credgenics CG Collect field app is a comprehensive tool designed to digitally empower field collectors in their day-to-day collection activities. It offers real-time task management, allowing collectors to efficiently plan and track their activities. The app provides instant access to the allocated borrower details, repayment history, pending dues, and records visit outcomes, enabling field agents to engage borrowers with complete contextual information. It helps managers track field team operations and also facilitates on-the-spot digital payments, reducing turnaround times and enhancing borrower convenience. Capabilities such as route optimization, scheduling visits, multilingual interface, in-app calling, recording proof of collections, offline access, automated reconciliation help collectors save valuable time and reduce operational costs. Moreover, its seamless integration with other Credgenics solutions ensures data synchronization, enabling a unified and efficient collection process.
3. What additional innovations or upgrades can brands like Aye Finance expect from Credgenics in the near future to further streamline their debt recovery and resolution processes?
Credgenics is continually innovating to address the evolving business and regulatory needs of a diverse set of financial institutions like Aye Finance. Future upgrades could include more advanced analytical models powered by machine learning to provide even more detailed insights to help in decision making. Integration with emerging AI communication channels could further streamline borrower interactions. With a focus on further simplifying digital collections and settlements, Credgenics is set to offer an even more robust suite of solutions to optimise debt recovery processes.