Credgenics, a unique SaaS-backed end-to-end debt resolutions as well as legal automated podium, has announced unveiling CG Collect– a mobile application to aid out for the lenders, managers track the collections agents, screen off their activities, and evaluate their performance.
Alongside this, it aids the agents steer to the borrowers’ location with ease, schedule visits with a couple of clicks, showcase legal notices to the borrowers, and access e-receipts for proof of payments, among other benefits.
This Feet-On-Street (FOS) loan recovery application can suggestively improve the productivity of collection agents. The app is now available on Google Play Store, and will soon be live on Apple App Store as well.
Statement from Anand Agrawal, Co-Founder & CTO, Credgenics
Commenting upon the launchpad, Co-founder and CTO, Credgenics, Anand Agarwal, stated, “We are really excited to introduce loan recovery FOS application for the collection agents and the managers. Through this CG Platform, managers can benefit from hassle-free loan allocation, easy tracking of agents and cases allocated to them and the corresponding collection cycles. Besides this, collection agents could easily manage and plan the loans in their portfolio. They can check for important parameters against those loans like DPD values, legal notice copies, agents’ distance from the borrowers, and their allocation month. This helps them easily create, track and execute their pending tasks.”
He further added out that, “This application has been carefully designed to renew our promise to digitally transform the collection activities and make it more cost and time efficient. The areas where the traditional means of collections through agents is prevalent, CG Collect will help the agents and the managers use a simple technology to do their work more efficiently. Remaining true to our aim, we would try to bring more offerings in the course of our journey to promote the cause of good assets and digital transformation.”
The FOS mobile app closely join in with the Credgenics web platform and permits features like navigation to the applicant provided address, direct calling of borrowers, geo-tracking of the agent’s live location, logging collection details (like recovered amount, collection mode and status for successful and failed recoveries), collection and visit proof, single & multiple loan deposit to the lender’s bank/company branch, and collection receipt’s integration with the communication channels like Email, SMS, WhatsApp, etc.
Credgenics bring about over INR 1,500 crores of debt on its financial platform and helps their clients by suggestively improving the resolution rates by up to 20% and up to 20-days reduction in the resolution time.
The team contains of 150+ members, with a strong 70+ member tech and product team. Credgenics also has 2200+ legal counsels empanelled pan-India for arbitration and legal steps in late-stage delinquencies.
To simplify the debt recoveries and thereby remedy the sharp rise in the NPA, the firm operates alongside 7 leading private banks like ICICI Bank, IDFC First, Axis Bank and Kotak Bank, besides 40+ marquee NBFCs like IIFL Finance, Loantap, DMI Finance, Clix Capital, Udaan, Moneytap, Moneyview, among others. Lately, Credgenics gathered US$25 Million in Series-A round and reproduced its valuation by 5.5 times to $100 million. The round was powered by reputed investors Westbridge Capital, Tanglin Venture Partners, and Accel Partners, along with the participation of other marquee investors.