CreditFair partners with Credgenics to digitize loan collections

CreditFair, a leading consumer lending fintech, has partnered with Credgenics, a pioneering SaaS-based collection and resolution platform, to digitize the collection journey for CreditFair’s teams responsible for education, healthcare, home improvement and EV loans. Leveraging Credgenics’ agile, end-to-end, digitized and data-driven solutions, CreditFair has simplified loan resolution processes and achieved 11x growth in resolutions within just five months of association.

With this partnership, CreditFair teams have automated borrower communications and gained real-time visibility into loan collection processes across 80 cities in India. The technology-driven capabilities of the Credgenics platform have helped CreditFair significantly reduce loan collection processing times. With the extensive tracking capabilities of Credgenics’ solutions, the CreditFair teams at various locations have been able to increase recovery rates/collection efficiency and reduce collection costs.

Credgenics’ AI-powered SaaS platform follows an insight-driven personalized approach for communication across multiple channels, including chatbots, voicebots, WhatsApp, IVR, SMS and email. By taking a strategic approach to collections, CreditFair is able to evaluate the effectiveness and impact on the borrower base. In addition, CreditFair has been able to further strengthen its focus on reducing operational risk, while ensuring full and faster compliance with regulatory requirements. Credgenics’ process management system has automated the tedious handling of legal communications, including notifications, resulting in huge savings in operational time and costs.

Commenting on the collaboration, Mr. Aditya Damani, Founder and CEO, CreditFair said, “We aim to help one million people get on the credit ladder by 2025. We are delighted to have partnered with Credgenics and believe this partnership will help us improve financial outcomes for individuals who need easy access to responsible loan opportunities. An 11x increase in debt resolutions within 5 months of joining Credgenics is extremely commendable. We look forward to leveraging Credgenics’ technology solutions to make our processes more robust and further simplify the end-to-end fundraising journey for our customers.”

Mr. Rishabh Goel, Co-Founder and CEO, Credgenics said, “With the ongoing wave of digital transformation in the banking and finance industry, there has been a renewed focus on improving the customer experience. We are delighted to be able to offer a seamless fundraising experience for Credit Fair’s customers through the use of digital technologies. The fintech ecosystem in India is rapidly evolving and playing a critical role in providing easy and affordable access to credit through technology-enabled innovation, and we are excited to help CreditFair achieve their business goals.”