Credgenics CG Collect

Field debt collections refer to a specific approach used by Banks, NBFCs, lending Fintechs, and debt collections agencies to recover outstanding debts through physical outreach to borrowers. Unlike phone calls, emails, SMS, WhatsApp, or other forms of digital communications, field loan collections involve sending field agents directly to the borrower’s location, based on their registered address. These field agents are trained in negotiating and facilitating debt repayment in person. Overall, field loan collections are a valuable tool in the debt recovery process.

Field debt collections are typically employed for larger or more complex debt cases when other debt collections methods have proven ineffective or when the borrower has stopped responding to digital channels. Field loan collections encompass various types of delinquent debts, including credit cards, automobile loans, personal loans, business loans, student loans, and even unpaid utility and cell phone bills. The field debt collections process is usually initiated between the 30 DPD and 60 DPD buckets, where field efforts are combined with digital collections efforts to expedite loan collection rates.

The primary advantage of field debt collections lies in its ability to establish face-to-face contact with the borrower, often resulting in more productive interactions. This approach facilitates a better understanding of the borrower’s financial situation and may lead to the creation of customized loan repayment plans that are more likely to succeed. However, it's important to note that the field loan collections approach can be more expensive due to the travel and personnel costs associated with sending agents into the field.

For challenging-to-collect debt cases, some collections teams and field collection agencies may also negotiate settlements with consumers for amounts less than what is owed. The approval process for settlements can be initiated through the CG Collect Field Debt Collections app via their Settlement Portfolio Management. Additionally, scanned copies of notices are accessible on the field collections app for litigation collections.

Credgenics collections technology platform allows collection managers to manually or automatically allocate loans to their field collection agents based on predefined criteria after reviewing existing allocations. Agents are assigned different areas or pin codes, and loans are mapped to them based on their proximity to the borrowers. These assigned cases are visible on the CG Collect Mobile app for the allocated agents.

Agents can download the CG Collect Field Loan Collections mobile app via the Android Play Store. Once the user (Field Agent) has been activated on the Credgenics Platform, agents can log in via the app. The login process is secured with Single-Factor Authentication (SFA) through a one-time onboarding process with central authorization. CG Collect supports the BYOD (Bring Your Own Devices) model of operations.

CG Collect application digitzes the end-to-end field loan collections operations and offers enhanced visibility through its on-platform dashboards. Loan collection teams can closely monitor their loan portfolios, evaluate agent performance, and conveniently access reports. These comprehensive dashboards also provide insights into agent-level Key Performance Indicators (KPIs) and detailed agent performance metrics. Furthermore, these dashboards facilitate straightforward analysis of field loan collections agents and debt collections agency performance, offering valuable offline work support for instances of network unavailability. By leveraging the CG Collect app, lenders gain the ability to meticulously track attempted loans, allocated loans, loans successfully recovered, customer interactions, and overall operational efficiency within their field debt collection operations.

CG Collect is a mobile app designed to digitze, streamline and automate the field debt collections process. It offers real-time updates and status sharing with managers via the platform and on the app. The app helps lenders keep track of assigned accounts and outstanding debts efficiently. With CG Collect, collection teams gain visibility into their daily targets, allowing for effective planning to recover outstanding loan payments. It also offers proximity-based account allocation through route map planning and the ability to record payment proofs. Agents can easily schedule visits and communicate digitally with borrowers using the CG Collect app. Additionally, the app automates reconciliation processes, reducing manual efforts for the collections team.

The app does not allow field collections agents to log in via personal devices not mapped against their login credentials on the Credgenics collections technology platform. The mobile numbers of the borrowers are encrypted to maintain data privacy. Features like geo-fencing enable collections managers to track their agents’ live location and take actions as required, effortlessly. They have complete visibility on the status of loan recoveries across the collections cycle. Opt-in verification of the recoveries, defined collections limit for each agent by the manager, OTP-based verification at deposit centres, mitigate any chances of fraud or incorrect entries.