Credgenics, a market-leading SaaS-based debt collections and resolution technology platform, has announced 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, microfinance 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.
