IIFL Finance Digitizes Loan Collections with Credgenics Technology Platform

  • Digitization to take efficiency and profitability to the next level
  • ML-Based Strategies to Strengthen Customer-Centric Approach in Collections

NEW DELHI and Mumbai, India, October 11, 2022 /PRNewswire/ — IIFL Financesone of india largest diversified retail-focused non-bank financial companies, has partnered with Credgenicsthe world’s leading provider of SaaS-based collections and debt resolution technology solutions, to implement Credgenics’ end-to-end collections technology platform.

Credgenics’ AI-powered collections platform, deployed at IIFL Finance, covers a range of solutions across the collection stages, from pre-due management to post-due recoveries. The platform enabled fully digitized loan collections at IIFL with ML-based analytics capabilities to segment borrowers and deploy tailored collections strategies. With Credgenics, IIFL has implemented a multi-channel, strategic digital communications approach that results in lower bounce rates, higher collections, and improved customer engagement.

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

Credgenics has also implemented “Project Litigal”, derived from “Legal + Digital”, a unique approach to digitize collections related to legal proceedings at the IIFL. Credgenics dashboards provide a 360-degree view of all litigation activity, while integration with eCourts provides legal case tracking, real-time updates and reminders. With Credgenics, all legal communication, including notices, summonses and warrants, throughout the lifecycle is sent digitally with tracking capabilities. Prioritize dashboards that provide a comprehensive overview of related activities and costs incurred, provide increased visibility and transparency. An advanced version of the platform’s mobile application will further provide defenders with quick access to e-court opinions and data.

Sanjeev SrivastavaChief Risk Officer, IIFL Finance said, “Offering disruptive products by combining innovation and setting a new benchmark in customer centricity is a key differentiator for IIFL Finance. We take great pride in being at the forefront when it comes to guiding our solutions and processes into the future. as we believe their platform will bring tremendous business agility, dynamism and efficiency across our collections value chain.”

Sandeep K Rajput, Head of Legal Collections, IIFL Finance said, “I would like to express my thanks to the Credgenics team for their hard work in setting up the Litigal process. Now a new era started called ‘DISPUTE‘, a unique form of Legal + Digital. We have adopted it at a very rapid pace thanks to Credgenics and have set the path from legal to digital. This will certainly set a new precedent in IIFL Finance as we move forward with a 100% digital hybrid model. The legal and collections team is dedicated to implementing all processes in this way one by one. Automation of legal notices, service in a digital way, chatbot, AI, IVR for legal affairs are the way forward.”

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 harnessing 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 collections-related metrics at IIFL, and we are confident to deliver more business value in the future.”

About IIFL Finance

IIFL Finance Ltd is a leading diversified retail focused NBFC in India, engaged in the loans and mortgages business 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 Home Loan, Gold Loan, Commercial Loan, Microfinance, Capital Market Finance and Developer and Construction Finance at a vast customer base of more than 8 million customers. IIFL Finance has expanded its pan-India reach through an extensive branch network spread across the country and various digital channels. https://www.iifl.com/

About Credgenics

Credgenics is the leading loan recovery and debt resolution technology platform provider for banks, non-bank financial companies, FinTechs and CRAs worldwide. SaaS-based platform provides solutions for the end-to-end collections lifecycle, including digital collections, multi-channel communications, calling, predictive dialers, dispute management, digital payments, collections mobile-based field tools, dashboards and analytics. Credgenics reduces collection time and costs, increases collection rate, reduces NPAs, improves operational efficiency and transforms borrower experiences. Credgenics works with over 75 clients and manages 2 billion US dollars Book value of retail loans at NPA stage, and US$6 billion book value of delinquent retail loans. It handles 22 million retail loans and sends 50 million digital communications each month. With Credgenics, lenders have 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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