Credgenics, a leading global provider of SaaS-based collections and debt settlement technology solutions, is changing the way debt payback issues are settled in India. Credgenics has successfully resolved $70 billion in repayments by utilising the power of Online Dispute Resolution (ODR) in India, and it processes 2.5 million unique disputes every month, expanding at a 20% monthly rate. Credgenics is streamlining the debt settlement process to ensure transparency, save expenses, and provide a consistent experience for all stakeholders involved.
The Indian financial services industry has expanded dramatically, resulting in improved access to formal financial services throughout the country. However, the process of debt repayment and resolution has frequently proven difficult, resulting in a significant backlog of cases in traditional legal channels. To address this issue, Credgenics used its advanced technology and legal experience to enable efficient debt resolution via its Online Dispute Resolution platform. The digital-based legal method allows for the resolution of debt/repayment issues and conflicts between interested parties without the necessity for physical proceedings/hearings. Credgenics blends this revolutionary system with current communication methods like video conferences, emails, and messaging apps, resulting in a faster and easier dispute resolution procedure.
Commenting on the milestone, Rishabh Goel, Co-founder and CEO of Credgenics said, “At Credgenics, we are committed to reshaping the narrative of debt resolution in India. Our ODR platform leverages cutting-edge technology and strong legal expertise to provide a transparent, cost-effective, and accessible solution for resolving financial disputes. Our innovative approach fosters trust, accountability, and financial inclusivity, ensuring a level playing field for all stakeholders. We are redefining the boundaries of debt resolution, leaving an indelible mark on India’s financial landscape.”
Credgenics provides a full suite of legal technology products, including an arbitration platform, pre-litigation mediation/conciliation, and credit counselling platform. The company employs over 850 case managers, 2,200 counsellors, and 3,000 neutrals who are qualified and independent BFSI domain experts, providing services to leading banks, fintech lenders, NBFCs, and Asset Reconstruction Companies (ARCs) across more than 16,000 pin codes and ten vernacular languages.
Mayank Khera, Co-founder and COO of Credgenics, said, “Our success lies in our ability to balance efficiency and costs while ensuring fair, speedy, cost effective, efficient and secure dispute resolution. By streamlining the process through digital tools and real-time visibility, we empower both creditors and borrowers to deal with complexities seamlessly. With robust technology and infrastructure, we have conducted over 1 million+ e-arbitrations, delivering exceptional resolution rates compared to traditional methods.”
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