•Facilitated 40% increase in Credit Approval Ratio with improved strength in collections
•Delivered 20% reduction in Net Credit Loss with digitization
•Powered Credit One’s rapid business expansion in new locations
New Delhi, 2nd March 2023: Credgenics, the leading provider of SaaS-based debt collections platform and Credit One Payments, a leading Non-Banking Financial Company (NBFC) catering to the expense management needs of fleet MSMEs, announced that end-to-end digitization of collections is powering the next level of efficiencies in credit processing at the lender. With its innovative and digital-first approach, Credgenics has helped Credit One increase its Credit Approval Ratio by 40% and reduce the Net Credit Loss by 20%.
Credit One operates in the MSME fleet segment, which is highly fragmented and historically deprived of easy access to working capital needs. Credit One provides tailored credit solutions that are based on the unique requirements of each category of service providers in this MSME segment. This complexity necessitated a simplification and integration of collections approach across the different portfolios that was enabled by Credgenics through digitization.
With Credgenics agile and SaaS-based design, the system was implemented swiftly without any need for massive integration efforts and time. The AI powered platform Credgenics, acted as a one-stop solution catering to the complex process requirements of multiple stages across the collections lifecycle including pre-due collections, Soft bucket, Hard bucket and Legal. Credgenics simplified the operations, streamlined the information flow between different teams and delivered higher efficiencies.
Speaking on the announcement, Pravin Kabra, CEO and Co-Founder, Credit One Payments, said, “MSMEs are the backbone of the Indian economy, and we are concentrating on providing the appropriate resources through credit to support their growth and business expansion. Our ability to speedily, efficiently and cost-effectively serve the needs of this diverse segment has been strengthened with Credgenics. The digitization and automation of our collections processes through Credgenics has led to increased recoveries, optimal utilization of our team and higher predictability of outcomes. With Credgenics, we saw a 20% reduction in Net Credit Loss and our strength in collections helped us increase our credit approval ratio by 40%.”
Shubham Dasgupta, COO, Credit One Payments, mentioned, “Credgenics’ unique digitization and automation strategy ensured that our adherence to the integrated collections strategy went up by 35%. Credgenics is a market-leader platform and it has enabled us to adopt innovative and sophisticated features in effectively managing our borrower communications across different stages of the loan lifecycle. The solution has increased our business efficiency and helped us expand rapidly in Ahmedabad, Surat, Nagpur, and Bangalore.
Speaking on the partnership Rishabh Goel, Co-Founder & CEO, Credgenics, commented, “We are delighted to be working with Credit One, a leading provider of credit to fleet MSMEs for enabling their business continuity. We are pleased to be able to reimagine debt collections for our customers including Credit One and support their growth journey powered with digital solutions and cutting-edge technology. Through our sustained efforts in harnessing the power of advanced technology, we are equipped to address the evolving collections related needs of the entire credit ecosystem.”
About Credit One Payments
Credit One is a Non-Banking Financial Company (NBFC) addressing working capital, digital payment & expense management needs of Fleet MSME's. Founded by senior professionals from banking, payment & loyalty card industry and having combined industry experience of 100+ years as its base, Credit One is backed by strategic alliances with Fortune 500 companies & world's most valuable startup. As a speciality finance company, Credit One provides customized credit line aligned to requirements of its customers. With its technical expertise at core, Credit One provides solutions for efficient utilization of this credit line coupled with business control requirements of its customers.
Credgenics is the leading provider of Loan Collections and Debt Resolution technology platform to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table 2022. Credgenics works with 80+ customers and handles USD$2bn NPA stage retail loan book value, USD$6bn delinquent stage retail loan book value. It manages 22 million retail loans and sends 60 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections cost by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%.