Credgenics, the market-leading
SaaS-based debt collections and resolution technology platform, is thrilled to
announce the launch of ChatR, a WhatsApp-based two-way chat solution for debt
collections. The innovative solution, a first in the industry, enables lenders
and their empanelled collections team to engage with loan borrowers in a
seamless, cost-effective, and secure manner while keeping the history of
conversation intact for future viewing.
With more than 500 million daily
active users in India, WhatsApp is the preferred digital mode of engagement
across the country. With ChatR, Credgenics enables banks, non-banking finance
companies, micro-finance institutions, and Fintech lenders to enhance their
customer reach with a conversational platform beyond non-dialogue based
traditional methods such as SMS and emails. This innovative solution empowers
lenders to engage with loan borrowers in a more convenient and user-friendly
manner, always with the borrowers’ consent. It further allows collection teams
to respond instantly to borrower queries on WhatsApp, leading to faster
resolutions. Using ChatR, agents can share reminders, payment links, and
digital notices, while borrowers can share payment proofs and other documents
digitally and securely with the agent on the lender’s official WhatsApp
account.
As Whatsapp is the preferred
communication method for millions of internet users right now, ChatR can
increase borrower engagement rates by up to 2.5 times, with delivery rates
reaching as high as 85%. The adoption of ChatR for collections can drive an 18 percent
reduction in the overall cost of communications with borrowers on an aggregate
level.
Anand Agrawal, Co-Founder and
CPTO, Credgenics, expressed his excitement about the product launch, “At
Credgenics, our commitment to continuous innovation and process improvement
drives us to simplify communications, and ChatR represents another significant
stride in this ongoing journey. Our new product,ChatR, empowers the collections
and legal teams to connect more efficiently with borrowers in addition to the traditional
channels. The new hybrid engagement model, which is fast becoming a mainstay,
streamlines borrower contact operations, enables sharing of payment links with
borrowers, reduces costs significantly, and increases the team’s productivity.”
Agrawal further emphasized that
“ChatR has been designed to address the specific needs of the collections
industry while incorporating customer focused service practices across other
industries. The solution takes forward Credgenics' approach to encourage the use
of soft digital nudges that respect borrower’s privacy and preferences while
expediting debt resolution and improving customer experience”
Credgenics offers a comprehensive
suite of debt resolution solutions, including digital collections, collections
analytics, litigation management, field collections mobile app, and payments
platform, that use AI-driven intelligent automation and Machine Learning models
to deliver highly efficient collections.
The latest product enhancement of
ChatR allows lenders' collections teams to control and audit the messages
shared between borrowers and agents while also keeping a history of the
conversation. It supports predefined message templates, multi-lingual
conversations, and facilitates borrowers to respond at their convenience. This
targeted and personalized communication solution gradually transforms outbound
operations into inbound collections models. All the conversations held on this
solution are recorded and tracked on the Credgenics collections platform,
facilitating instant responses and seamless customer service during the rolling
window of conversation. The solution is platform agnostic and can be easily
extended to other instant messaging and chat platforms in the future.
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