IIFL Finance digitises loan collections with Credgenics technology platform

IIFL Finance

IIFL Finance, one of India’s largest retail-focused diversified non-banking financial companies, has partnered with Credgenics, the leading provider of SaaS-based collections and debt resolution technology solutions worldwide, to implement Credgenics’ end-to-end debt collections technology platform.

Credgenics AI-powered collections platform, deployed at IIFL Finance, covers a range of solutions across the collections stages from pre-due management to post-due recoveries. The platform has enabled completely digitised loan collections at IIFL with ML-based analytical capabilities to segment borrowers and roll out tailored collections strategies. With Credgenics, IIFL has implemented multichannel strategic digital communications approaches resulting in reduced bounce rates, higher recoveries, and enhanced customer engagement.

The CG Collect mobile app has digitised field collections with its innovative capabilities including agent route map planning, proximity-based allocation, Google Maps navigation, field force tracking, unified borrower details, and simplified visit management. The Billzy digital payments application ensures that IIFL borrowers can easily complete their loan repayments digitally through custom payment links embedded in the communications. Credgenics, recognised as the top market leading loan collections platform in India by IBS Intelligence in their Annual Sales League Table 2022, has reduced the operations cost with its automated and simplified processes.

Credgenics has also implemented ‘Project Litigal’, derived from ‘Legal + Digital’, a unique approach to digitise the collections related to legal processes at IIFL. Credgenics dashboards provide a 360-degree view of all litigation activities while integration with eCourts offers legal case tracking, real-time updates, and reminders. With Credgenics, the entire legal communication including notices, summons and warrants, across the lifecycle is sent digitally with tracking capabilities. Advocate dashboards that provide a comprehensive overview of the associated activities and costs incurred, offer enhanced visibility and transparency. An advanced version of the platform’s mobile app will further provide advocates with quick access to notices and eCourts data.

Sanjeev Srivastava, Chief Risk Officer, IIFL Finance said, “Delivering 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 the trendsetter when it comes to making our solutions and processes future oriented. We partnered with Credgenics as we believe that their platform will bring in tremendous business agility, dynamism, and efficiencies across our collections value chain.”

Sandeep K Rajput, Head Legal Recoveries, IIFL Finance said, “I would like to extend my thanks to the Credgenics team for their utmost efforts to set up the process of Litigal. Now, a new era has begun which is called ‘LITIGAL’, a unique form of Legal + Digital. We adopted it at a very fast pace through Credgenics and implemented the way of legal in Digital. This will definitely set up a new precedent in IIFL Finance while we move forward with a 100% digital hybrid model. The legal and recovery team is dedicated to implementing all processes in this manner one by one. Automation of legal notices, servicing in a digital way, Chatbot, AI, IVR for legal cases is the way forward.”

Rishabh Goel, Co-founder, and CEO of Credgenics said, “We are proud to be working with IIFL Finance for the digital transformation of debt collections. IIFL is a pioneer in leveraging technology innovations to redefine the customer experience and Credgenics is extending this approach to collections. Soon after implementation, our market leading platform has made a significant positive impact on the key collections related metrics at IIFL, and we are confident of delivering more business value in the future.”

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