•With the integration of ODR framework, Credgenics offers a simplified digital approach for resolving debt repayment related disputes
•The company leverages advanced technology and strong legal expertise of it’sneutral(s) and case manager(s) to facilitate easier, faster and convenient debt dispute resolution
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New Delhi, March 13th, 2024: Credgenics, a leading provider of SaaS-based collections and debt resolution technology solutions worldwide, is transforming the way debt repayment related disputes are resolved in India. By leveraging the power of Online Dispute Resolution (ODR) in India, Credgenics has been successful in managing the resolution of $70 billion in repayments and handles 2.5 million unique disputes every month growing at 20 percent monthly. Credgenics is streamlining the debt resolution process, ensuring transparency, reducing costs, and providing a seamless experience for all parties involved.
The Indian financial services industry has witnessed remarkable growth leading to increased access to formal financial services across the country. However, the process of debt repayment and resolution has often encountered complexities, leading to a substantial backlog of cases in traditional legal channels. To address this challenge, Credgenics harnessed its advanced technology and legal expertise to facilitate efficient debt resolution through its Online Dispute Resolution platform. The digital-based legal approach enables the resolution of debt /repayment disputes and conflicts between concerned parties without the need for physical proceedings/hearing(s). Credgenics combines this innovative methodology with modern communication tools such as video calls, emails, and messaging applications, ensuring a faster and simpler dispute resolution process.
Commenting on the milestone, Rishabh Goel, Co-founder and CEO of Credgenics said, “At Credgenics, we are committed to reshaping the narrative of debt resolution in India. Our ODR platform leverages cutting-edge technology and strong legal expertise to provide a transparent, cost-effective, and accessible solution for resolving financial disputes. Our innovative approach fosters trust, accountability, and financial inclusivity, ensuring a level playing field for all stakeholders. We are redefining the boundaries of debt resolution, leaving an indelible mark on India's financial landscape.”
Credgenics offers a comprehensive suite of legal technology solutions, including an arbitration platform, pre-litigation mediation / conciliation, and credit counseling platform. The company has a team of over 850 case managers, 2,200 counselors, and 3,000 neutrals who are qualified and independent BFSI domain-focused experts, providing services to leading banks, fintech lenders, NBFCs, and Asset Reconstruction Companies (ARCs) across more than 16,000 pin codes and 10 vernacular languages pan India.
Mayank Khera, Co-founder and COO of Credgenics, said, “Our success lies in our ability to balance efficiency and costs while ensuring fair, speedy, cost effective, efficient and secure dispute resolution. By streamlining the process through digital tools and real-time visibility, we empower both creditors and borrowers to deal with complexities seamlessly. With robust technology and infrastructure, we have conducted over 1 million+ e-arbitrations, delivering exceptional resolution rates compared to traditional methods.”
Credgenics' impressive track record speaks volumes about its expertise in the ODR space for BFSI segment. As Credgenics continues to steer the intersection of technology, finance, and innovating legal technology processes, it remains at the forefront of the Online Dispute Resolution in India, committed to fair and efficient dispute resolution in the digital age.
About Credgenics: Credgenics is the leading provider of Loan Collections and Debt Resolution technology platforms to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized twice as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table 2022 and 2023. Credgenics works with more than 100 customers and touched an overall loan book worth USD 60 Billion in FY23. It handles 11 mn retail loan accounts and sends 60 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%. https://www.credgenics.com