CreditFair collaborates with Credgenics to digitise loan collections

CreditFair, a leading consumer lending fintech, has partnered with Credgenics, a pioneering SaaS-based debt collection and resolution platform, to automate the loan collection journey for CreditFair’s education, healthcare, home renovation, and electric vehicle loan teams. CreditFair has streamlined loan resolution processes and generated 11x growth in resolutions in just five months by leveraging Credgenics’ agile, end-to-end, digital, and data-driven solutions.

CreditFair teams have streamlined borrower communications and received real-time visibility into loan collection procedures in 80 cities across India as a result of our relationship. CreditFair has drastically reduced loan collection processing time because to the Credgenics platform’s technological capabilities The CreditFair teams at multiple locations were able to boost loan recovery rates / collections efficiency and reduce collections expenses by utilising the extensive tracking capabilities of Credgenics‘ systems.

Credgenics’ AI-powered SaaS platform takes a personalised insights-driven approach to interactions across numerous channels, including chatbots, voicebots, WhatsApp, IVR, SMS, and emails. CreditFair is able to evaluate the effectiveness and impact on its borrower base by taking a systematic approach to collecting. CreditFair has also been able to improve its focus on operational risk mitigation while assuring thorough and speedier compliance with growing regulatory standards. The automated processing of legal correspondence, including notifications, via Credgenics’ litigation management system has resulted in significant reductions in operations time and cost.

Commenting on the collaboration, Aditya Damani, Founder and CEO, CreditFair said, “We aim to help one million people move up the credit ladder by 2025. We are delighted to have partnered with Credgenics and believe that this partnership will help us to improve the financial outcomes for individuals who need easy access to responsible lending options. An 11x increase in debt resolutions within 5 months of our association with Credgenics is extremely commendable. We look forward to leveraging Credgenics’ technology solutions to make our processes more robust and further simplify the end-to-end collections journey for our customers.”

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Rishabh Goel, Co-Founder and CEO, Credgenics said, “With the ongoing wave of digital transformation in the banking and financial services industry, there has been a renewed focus on enhancing customer experience. We are delighted to provide seamless collections experience for Credit Fair’s customers through the use of digital technologies. The fintech ecosystem in India is rapidly evolving and playing a crucial role in providing easy and affordable access to credit through technology supported innovation and we are glad to help CreditFair in attaining their business objectives.”