Data influences our everyday lives and pervades every country’s economic and social environment. Access to new data sources and technological advancements have provided critical insights into the progress and pitfalls of tracking the United Nations’ (UN) Sustainable Development Goals. Meanwhile, widespread data collection and use have changed how people advocate for change and how decision-makers understand and address community needs.
Nonetheless, hurdles and ingrained inequities continue to limit data’s ability to benefit lives. Far too many individuals are excluded from or unseen in statistics, while their presence harms others. Policymakers ignore or underutilise existing data. Top-down data governance systems leave little room for citizens to hold those in power responsible. Development organisations gather and use data mostly at the request of funders, who are frequently disconnected from local governments and civil society. Data and automated decision-making exacerbate systemic inequities, albeit mostly in the background. These disparities concentrate the power and advantages of data even farther in the hands of a limited set of decision-makers.
Rishabh Goel, Co-Founder and CEO, Credgenics, at a fireside chat at Elets 12th 100 Tech Summit, stated that, “The collection process has definitely changed over the years. During the time of Covid, there was a forced adoption of digitisation across the segments. When I say forced, I mean that people had no option but to do it, since the physical world and the touch points were not there. When the pure covid phase came in, automatically, collections also became digital and borrower-centric. The whole notion of collecting money physically was changed.”
The current wave of digital transformation in the banking and financial services industry has succeeded in uncovering higher efficiencies and raising consumer experiences to new heights. The transition, however, has not been consistent across the full banking services footprint. Certain areas, such as loan collections, continue to rely heavily on manual labour and have yet to benefit from advances in digital technology. Credgenics loan collections is an award-winning technology platform that enables banks and other non-banking lenders to completely digitise, automate, and streamline their collection processes from beginning to end.
The SaaS-based platform includes revolutionary digital-first and data-driven features that are exclusive to the collections sector. Credgenics helps lenders to rethink their approach to loan collections in order to minimise NPAs, increase recoveries, and improve operational efficiencies. The platform includes the core capabilities listed below to address various aspects of the loan collections and debt recovery lifecycle.
Amit Sharma, Managing Director & Chief Executive Officer, Satin Housing Finance, on the other hand said that, “Before covid and post-covid, there was a phase in which we all were locked down. So the only recourse to the collection was that we could just speak on the phone. And here comes the technology where the eNACH or NACH was running. And we could basically bank on the EMIs if the customers had their account funded. Somewhere technology helped us in getting our money back.”
Satin Housing Finance began with assets of Rs. 226 crores and finished the year with Rs. 317.95 crores, representing 41 per cent percentage growth with zero NPA, thanks to their solid foundation built on good asset quality, strong foundations, ethical and transparent processes. As of March 31, 2022, there are 3585 active loan borrowers spread throughout 19 branches and 2 offices in four states: Rajasthan, Uttar Pradesh, Haryana, and Delhi. The company recorded total income of Rs. 38.04 crores for the fiscal year ended March 31, 2022, compared to Rs. 29.57 crores for the fiscal year ended March 31, 2021, with a net profit after tax of Rs. 3.03 crores, compared to Rs. 1.37 crores for the fiscal year ended March 31, 2021.
With the COVID-19 wreaking havoc on the market, Satin Housing Finance Limited has adopted a conservative approach to disbursements while still striking a perfect mix of growth and risk management, achieving a 41 per cent increase in AUM. The company adhered to the quality over quantity principle and conducted thorough credit assessments of clients based on cash flows. The firm has an excellent portfolio mix of salaried and SENP customers and has adhered to the primary idea of being a pure home financing provider.
Affordable Housing Finance and Secured Business Loans are very personal businesses. Technology is a helper, but we can never replace human interaction in lending. SHFL is firmly committed to the principle of lending with a personal touch. Although there is a little modification in file processing to meet the new social distance idea, the firm already has a bouquet of products that appeal to a big proportion of urban and rural clientele. SHFL offers its consumers personalised, door-to-door service. SHFL educates customers (mostly salaried and self-employed) on the need of maintaining adequate documentation. SHFL works hard to get insights into consumer demands. Credit evaluation is a difficult undertaking, and client meetings are unavoidable and absolutely necessary before to payout.
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