•Digitizes the repossession processes for banks, NBFCs, and fintech platforms while setting a new standard for operational efficiency and compliance
•Seamlessly integrates field collection teams into the repossession workflow and enables lenders to initiate, track, and manage repossession processes digitally
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India, Aug 23, 2024: Credgenics, the leading provider of loan collections and debt resolution technology solutions worldwide, continues to pioneer innovative solutions to simplify the debt recovery processes for its customers. Credgenics Asset Repossession solution offers a digitized and streamlined approach to asset repossession for debt related assets at field level. The one of its kind solution is poised to transform the debt resolution and recovery landscape for banks, non-banking financial companies (NBFCs), and fintech lending platforms, ensuring efficiency and legal compliance every step of the way.
The Asset Repossession solution, as an extension of Credgenics’ popular Feet-on-Street mobile app, represents a paradigm shift in the industry by seamlessly integrating field collectors into the repossession workflow. It enables lenders to leverage the expertise of their field teams for asset recovery. With this cutting-edge technology solution, lenders can initiate, track, control assets and manage the entire repossession process with unparalleled efficiency from Credgenics’ centralized platform. It also mitigates the risk of further damage or loss to the asset with timely repossession.
The seamless user experience covers the complete lifecycle of a repossession-eligible asset from the initial repossession stage to the submission of assets into the stockyards with real-time updates provided within the platform. Focused on portfolio health and financial resilience, Credgenics’ Asset Repossession solution empowers lenders to recover assets swiftly and efficiently. Due to its unique capabilities and tremendous business relevance, the solution has already been adopted by some of the leading players in the industry.
Speaking on the occasion, Rishabh Goel, Co-founder & CEO of Credgenics, said, “At Credgenics, we recognize the criticality of agility in business processes while adhering to legal frameworks in debt settlements and asset recovery. Our offering simplifies the Asset Repossession management while ensuring that every action is aligned with regulatory requirements. We understand the complexities involved in collateral recovery and the potential risks if it is not handled carefully. This module is designed to cater to such diverse and complex needs seamlessly and mitigate risks while upholding compliance needs. Credgenics technology empowers lenders to conduct their asset recovery efforts efficiently and ethically, safeguarding their financial interests.”
The seamless user experience in the platform has been meticulously crafted to enhance the overall journey for collection managers, repossession agents, and all other stakeholders involved in the asset recovery process.
Anand Agrawal, Co-founder & CTO of Credgenics said, “We are driven by a steadfast commitment to deliver innovative technology solutions that address the growing and diverse needs of our customers. The latest offering reflects our deep-rooted commitment to leveraging technology for simplifying and digitizing the complex Asset Repossession processes, thereby completing another important step in the complex journey of collection management. By prioritizing user-centric design principles, we aim to empower industry users with a technologically advanced solution that optimizes operational efficiency and enhances productivity. With every step of new product development, we strive to push the boundaries of what's possible in fintech, ensuring that our customers stay ahead in today's rapidly evolving lending landscape."
About Credgenics: Credgenics is the leading provider of Loan Collections and Debt Resolution technology platform to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table for three years consecutively. Credgenics works with more than 100 customers and touched an overall loan book worth USD 60 Billion in FY23. It handles more than 77 million retail loan accounts and sends 850 million communications. 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%.