* Deploys new technologies – AI and ML models to introduce hyper-personalization in the loan collections process
* Removes redundant interactions with borrowers to enhance their experiences
NEW DELHI, Dec. 15, 2022 /PRNewswire/ -- RupeeRedee, a leading digital lending platform, has announced its association with Credgenics, a leading provider of SaaS-based debt collections technology, to deploy Artificial Intelligence (AI), Machine Learning (ML), and Data Analytics-based approach toward debt collections. The strategic tie-up personalizes and effectively transforms the borrower experience by removing unnecessary and redundant interactions with the borrowers.
RupeeRedee being a trusted fintech platform, leverages technology and data science to facilitate short-term personal loans coupled with digital lending services. Through Credgenics' AI powered platform, RupeeRedee and its NBFC FincFriends adopts an end-to-end digital collection process for managing delinquencies. In addition, through ML capabilities, Credgenics provides RupeeRedee with deep insights for borrower segmentation, recommends optimal communications approach, and tailors collections strategies. Credgenics' focused and data-driven collections approach enables RupeeRedee with expedited and higher recoveries at a reduced cost of operations apart from strengthening its provisioning capabilities.
RupeeRedee capitalizes on Credgenics' quality control dashboard that monitors agents' call quality scores, tone of messaging adopted, and other parameters to deliver a unique and superior experience to its loan borrowers. Furthermore, it adopts a comprehensive tracking and tech-driven process to ensure the customers are treated with respect and there are no chances of any fraud related to collections.
Alaxander Zabolev, Head of Collection, RupeeRedee, said, "Technological advances combined with customer expectations are altering the way we operate, and we aim to provide seamless consumer experience through robust digital processes across the collections business value chain. With Credgenics technology platform, we are collecting at a faster pace, optimizing the use of analytical insights across RupeeRedee, and providing customer-centric solutions. Our relationship with Credgenics will strengthen our focus on using technology advancements as a differentiator in the market."
Rishabh Goel, Co-founder and CEO, Credgenics, said, "It is great to be working with RupeeRedee and FincFriends, India's leading new-age digital lending platform. RupeeRedee's focus on leveraging cutting-edge technology and data science in lending aligns well with Credgenics' agenda of disrupting collections through digitization and analytics. Digitization of debt collections is critical to attaining higher efficiencies, profitability and rapid scaleup of retail lending in India. Having worked extensively with over 75 diverse lenders across India and South East Asia, Credgenics brings tremendous expertise in debt collections. We are confident that our industry-first capabilities will continue to accelerate growth and profitability at RupeeRedee."
Incepted in 2018, RupeeRedee has been actively lending instant personal loans to borrowers in more than 150 cities across the country. The digital lending platform has witnessed a burgeoning demand for instant short-term loans since the coronavirus pandemic, recording more than 1 million visitors on its website and app each month.
About RupeeRedee:
RupeeRedee is a new-age digital lending platform that leverages technology and data sciences to make lending safe, quick and hassle-free for India's massive population of underserved customers. RupeeRedee operates with its captive NBFC FincFriends Private Limited in the background to facilitate instant personal loans. RupeeRedee started its operations in 2018 with an aim to position itself as a 'Lender for All' by offering lending products to various customer segments commensurate to risk profile. Visit https://www.rupeeredee.com/
About Credgenics:
Credgenics is the leading provider of Loan Collections and Debt Resolution technology platform to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. Credgenics provides end-to-end solutions for digitized debt collections through a mix of AI-led multi-channel digital communications, litigation management, legal notices management, Billzy – digital payments platform, dashboard & analytics, strategy predictor, and CG Collect – mobile app for field collections agents. Credgenics works with 75+ customers and handles USD$2 bn NPA stage retail loan book value, USD$6 bn delinquent stage retail loan book value. It manages 22 million retail loans and sends 50 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections cost by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%. Visit https://www.credgenics.com/
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