A cooperation between Mahindra Financial Services Limited and Credgenics, a well-known supplier of SaaS (Software As A Service)-based systems for debt collection and resolution, has been recently announced. Mahindra Finance hopes to digitally bolster its retail loan collections with this partnership.
Mahindra Finance will be able to streamline and digitise borrower communications, including litigation modules, throughout the loan portfolio thanks to the Credgenics platform. The Credgenics platform will shorten processing times and give loan teams thorough tracking and monitoring capabilities at the Pincode & village level by unifying features spread across multiple vendors.
Ramesh Iyer, vice chairman and managing director of Mahindra Finance, commented on the effort, saying, “With changing circumstances, there is a visible change in customer behaviour and expectations. Rural India has been embracing the digital economy, especially payments; our goal is to make sure that every consumer has a wonderful and engaging experience. With Credgenics’ assistance, we will implement strong capabilities for offering client self-service and physical/digital aided solutions, hence increasing cost efficiency, and improving overall collection efficiency.
Raul Rebello, Chief Operating Officer, Mahindra Finance, said, “One of our key transformation agendas is to build and engage a diverse set of customer segments and gain efficiency in collections with sustainable solutions. The objective is to deliver a seamless CX at every stage including repayments, which Credgenics will facilitate. I am confident that this association will be a win-win for both the partners”.
“We are extremely proud to be working with Mahindra Finance, India’s leading NBFC, which is well known for its customer focus and innovative approach,” said Rishabh Goel, co-founder, and CEO of Credgenics. Retail collections depend heavily on the digitization of customer communications and litigation management, and Credgenics has a wealth of experience in these areas. We are certain that Credgenics’ special talents will improve Mahindra Finance’s collection processes.
Mahindra Finance CSR Foundation is a wholly owned subsidiary company, under the provisions of section 8 of the Companies Act, 2013 for undertaking the CSR activities of the Company and its subsidiaries.
Mahindra Manulife Investment Management Private Limited (formerly known as Mahindra Asset Management Company Private Limited) acts as the Investment Manager of Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual Fund). On 29th April 2020, Mahindra Finance divested a 49% stake in its wholly owned subsidiary, Mahindra Manulife Investment Management Private Limited to Manulife Investment Management (Singapore) Pte. Ltd., to form a 51:49 joint venture.
Mahindra Ideal Finance Limited (MIFL) is a subsidiary of the Company in Sri Lanka, in which the Company owns a 58.2% stake. MIFL focuses on providing a diversified suite of financial services to the Sri Lankan market.
