Streamline field debt collections with 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.

Field debt collections offer the advantage of face-to-face contact with borrowers, enhancing understanding and enabling tailored repayment plans. However, it can be costly due to travel and personnel expenses. For challenging cases, settlements may be negotiated through the CG Collect Field Debt Collections app, which also provides access to notices for litigation collections.

Credgenics' platform lets collection managers assign loans to field agents manually or automatically based on predefined criteria, taking borrower proximity into account. The allocated cases appear on the CG Collect Mobile app for the agents.Agents can download the CG Collect Field Loan Collections mobile app via the Android Play Store. 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.

The CG Collect app streamlines field loan collections and offers enhanced visibility through dashboards. Collection teams can monitor portfolios, assess agent performance, and access reports. Dashboards provide agent-level KPIs and metrics, aiding performance analysis and offline support. The app helps lenders track loans, allocations, recoveries, customer interactions, and operational efficiency in field debt collections.

CG Collect is a mobile app designed to digitze, streamline and automate the field debt collections process that works along with a web interface for team managers. Utilising technologies like AI, ML, and data analytics, it offers real-time updates and status sharing with managers via the platform and on the app. With CG Collect, collections teams gain visibility into their daily targets, allowing for effective recovery of loan payments. It also offers proximity-based account allocation through route map planning and the ability to record payment proofs. Collectors can easily schedule visits and communicate digitally with borrowers using the CG Collect app. 

The app restricts agents from using unauthorized personal devices. Borrowers' mobile numbers are encrypted for privacy. Geo-fencing aids managers in tracking agent locations and loan recovery status. Verification measures like 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.