To push digital solutions for MSME customers in South India, IREP Credit Capital, a Non-Deposit Taking Non-Banking Financial Company (NBFC-ND), recently partnered with Credgenics, a pioneering SaaS-based debt collections platform. Since the project’s inception, IREP has seen a threefold rise in field recoveries, a 50% increase in the number of field trips, and a 35% increase in field collections via digital payments.
IREP Credit Capital is committed to increasing financial inclusion in India by giving MSMEs more control and making it easier to obtain long-term credit solutions. IREP Credit Capital has been able to modernise debt collection operations, streamline reconciliations, and empower field personnel thanks to the Credgenics CG Collect mobile application. The expanded capabilities of the CG Collect app have augmented the loan allocations process, simplified visit management, and minimised the possibility of fraudulent entries, allowing for smooth field agent tracking. Furthermore, offline operability has boosted efficiency in remote network locations, making operations for field agents more convenient. The CG Collect app facilitated repayment deposits by allowing collection agents to deposit various loan amounts at the nearest branch.
Through the Google Maps navigation tool, IREP Credit Capital got 100% visibility on online recoveries and allowed agents to arrange visits ahead of time. The agents might manage a 50% increase in daily visits with better daily work planning. Collection managers were able to assess agent effectiveness and performance, leading to a threefold improvement in field recoveries since the project’s inception.
Naresh Naik, CEO, IREP Credit Capital said, “We are strong believers in the power of small businesses and that they should be empowered with the right financial solutions to be able to achieve their goals. As a part of this technology powered transformative agenda, we have partnered with Credgenics, a leading technology player in debt collections. We aim to harness advanced technology solutions and empower the MSMEs and entrepreneurs in tier 3 & tier 4 towns in South India. Credgenics has helped us in the digitization of field collections and it holds tremendous potential to simplify and improve debt collections processes in India.”
Rishabh Goel, Co-founder and CEO, Credgenics said, “IREP Credit Capital is regarded as a pioneer in identifying newer technological innovations to provide customer focused financial services for its customers. We are delighted to be working with them and supporting their efforts to boost digitisation for MSME focused retail lending in India. Our CG Collect platform has been specifically designed to address the challenges for field teams in debt collections and the positive impact that it has been able to deliver for our customers is extremely exciting.”
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