Credgenics, the market-leading SaaS-based debt collection and resolution technology platform, announced the launch of ChatR, a two-way chat solution for debt collections based on WhatsApp. The novel technology, a first in the industry, enables lenders and their authorised collections team to communicate with loan borrowers in a seamless, cost-effective, and secure manner, while also preserving the history of the conversation for future viewing.
WhatsApp is the dominant digital means of engagement in India, with over 500 million daily active users. Credgenics‘ ChatR platform enables banks, non-banking finance organisations, microfinance institutions, and Fintech lenders to expand their consumer reach beyond non-dialogue-based traditional channels such as SMS and emails. This new solution enables lenders to interact with loan borrowers in a more convenient and user-friendly manner, always with the consent of the borrowers. It also enables collection teams to respond to borrower queries on WhatsApp in real time, resulting in faster resolutions. Agents can use ChatR to send reminders, payment links, and digital notices, while borrowers can provide payment proofs and other documentation to the agent using the lender’s official WhatsApp account.
ChatR can raise borrower engagement rates by up to 2.5 times, with delivery rates reaching as high as 85%, because Whatsapp is the preferred contact medium for millions of internet users right now. Adoption of ChatR for collections can result in an 18% reduction in the overall cost of contacts with borrowers.
Anand Agrawal, Co-Founder and CPTO, Credgenics, expressed his excitement about the product launch, “At Credgenics, our commitment to continuous innovation and process improvement drives us to simplify communications, and ChatR represents another significant stride in this ongoing journey. Our new product, ChatR, empowers the collections and legal teams to connect more efficiently with borrowers in addition to the traditional channels. The new hybrid engagement model, which is fast becoming a mainstay, streamlines borrower contact operations, enables sharing of payment links with borrowers, reduces costs significantly, and increases the team’s productivity.”
Agrawal further emphasized that “ChatR has been designed to address the specific needs of the collections industry while incorporating customer focused service practices across other industries. The solution takes forward Credgenics’ approach to encourage the use of soft digital nudges that respect borrower’s privacy and preferences while expediting debt resolution and improving customer experience”
Credgenics provides a comprehensive suite of debt resolution solutions, including digital collections, collections analytics, litigation management, a mobile field collection app, and a payments platform, all of which use AI-driven intelligent automation and Machine Learning models to deliver highly efficient collections.
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The most recent ChatR product improvement allows lenders’ collections teams to control and audit the messages exchanged between borrowers and agents while also retaining a conversation history. It offers predefined message formats, multilingual dialogues, and allows borrowers to react whenever they choose. This personalised and targeted communication solution gradually converts outbound activities into inbound collection models. All conversations conducted through this solution are recorded and tracked on the Credgenics collections platform, allowing for fast responses and flawless customer support during the rolling window of dialogue. The system is platform agnostic and may be readily extended in the future to other instant messaging and chat services.
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