Collections Dossier: June 2023

India economic outlook, April 2023

India’s economic resilience amidst global crises has caught the attention of experts. India will likely grow at a moderate pace of 6.0%–6.5% in FY 2023–24, as the global economy continues to struggle. Growth in the next year will likely pick up as investments kickstart the virtuous circle of job creation, income, productivity, demand, and exports supported by favorable demographics in the medium term. With nonperforming assets coming down and margins witnessing an improvement due to rising policy rates, banks’ willingness to lend has gone up substantially.

Read this report by Deloitte to get an understanding of India’s economic outlook and expected GDP growth in the face of geopolitical crises, global inflation, and evolving monetary policy conditions.

Wilful defaulters, fraudsters can go for compromise settlement: RBI

The Reserve Bank of India (RBI) has directed banks and finance companies to undertake compromise settlements or technical write-offs on accounts categorized as wilful defaulters or fraud. This implies that a wilful offender or a company involved in fraud will no longer face prejudice by lenders, on account of criminal proceedings against them. Additionally, borrowers who had undergone compromise settlements now have the opportunity to apply for fresh loans after a minimum cooling period of at least 12 months. It’s worth noting that regulated banks and finance companies have the flexibility to stipulate higher cooling periods in line with their board-approved policies. Read more on how this revision is expected to have a significant impact on the Indian banking system.

How data analytics can help financial institutions combat NPAs - Anand Agrawal

The Indian economy has witnessed a remarkable transformation in recent years, with digital backed innovation permeating various sectors and revolutionising traditional business models. This wave of technological disruption has opened new avenues for growth of the Indian banking and finance companies and presented a unique opportunity to address the issue of delinquencies and non-performing assets (NPAs) in retail lending.

Anand Agrawal , Co-founder and CPTO, Credgenics , shares his insights on how digital engagements, personalized approaches, and user-friendly payment methods with advancements in data analytics can effectively transform collections and manage delinquencies. Read More

Digitisation, new technologies unlatched opportunities in debts' collections - Rishabh Goel

With advancements in technology, debt collection has transformed into a more streamlined and efficient process. The integration of AI and machine learning has revolutionized data analytics, enabling personalized debt recovery strategies and better risk assessment. Today, we stand at the brink of a transformative era in debt collections, where technology continues to unlock new avenues and augment efficiency.

Rishabh Goel , Co-founder and CEO, Credgenics, discusses the impact of digitization and new technologies on debt collections. He also highlights how Credgenics has successfully harnessed the potential of digitization and advanced technologies to revolutionize debt collections, enabling lenders to achieve unparalleled outcomes, improve operational efficiency, and deliver superior customer satisfaction. Read More

The case for compliance as a competitive advantage for banks

In a complex technological and regulatory environment, banks are striving to fortify their defenses and gain a competitive edge. While compliance protocols have historically been complex, they are crucial for delivering strategic value. By harnessing advanced technology and data analytics, banks can streamline compliance processes, successfully navigate regulatory changes, and propel business growth. Read this report by McKinsey & Company, which delves into the evolving regulatory landscape, the benefits of proactive compliance measures, and the need to embrace compliance as a strategic business function.

CG Collect Multilingual

Field debt collection agents play a crucial role in the recovery lifecycle. Considering the diverse spread of borrowers, language barriers can hinder their performance, delay transactions and lead to communication gaps. Providing field teams with advanced tools that allow communications and operations in native languages can help bridge the gaps. CG Collect comes with a multilingual feature that enables field agents to use their preferred language easily, resulting in higher productivity and improved collections. Read more .

Case Study: Leveraging Data for Faster and Improved Collections

Credgenics deployed its unique and agile collections technology framework for a leading FinTech lender to help them digitally transform collections operations and achieve 27% higher recoveries.

Read this case study to understand Credgenics’ tailor-made approach to faster debt collections.

Customer Speaks

Listen to Sandeep K. Rajput, National Legal Head, IIFL Finance, talk about the remarkable impact that Credgenics Litigation Management System has made in digitizing collections and debt recovery processes at IIFL Finance.

Watch the video to know how Credgenics' ‘Project Litigal’ (Legal + Digital) has improved borrower experience, reduced resolution time and manual efforts, and increased cost efficiency for the IIFL legal teams.

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