Digital Debt Collections

Digital debt collections comprise a comprehensive, data-centric and analytics-driven process that utilizes digital communication channels and conversational technology to contact borrowers regarding their outstanding debt repayments. This approach differs from more traditional methods, such as in-person visits, telephone calls, or mail, as it tailors communications based on borrowers' language, channel preference, timing, and messaging intensity.

Lenders should adopt digital debt collections due to their cost-effectiveness, speed, and ability to deliver an exceptional borrower experience. Digital communications is deployed to send borrowers personalized payment links, ensuring security and trustworthiness. It eliminates the need for physical cash collection centers. Digital debt collections mitigate the complexities and potential operational inefficiencies associated with teams handling large volumes of cash daily.

Digital debt collections encompass various types of debt, including credit cards, automobile loans, personal loans, business loans, and student loans. The digital debt collections process is usually initiated for pre-delinquent, early delinquent and DPD+30 cases, but can be adapted as per customers’ collections strategy needs. 

Credgenics digital debt collections offers of a tailored digital collections strategy and framework unique to each customer, basis advanced AI/ML models. Digital Debt Collections consists of risk segmentation, bounce rate prediction, and data-driven insights across the five key elements of digital communication: Channel, Language, Content, Intensity, and Timing. Based on "3C" principle: Contact, Connect, and Collect, we leverage an omnichannel communication approach with SMS, E-mail, WhatsApp, IVR, chatbots, and Voicebots to achieve industry-leading contact rates. 

Banks, NBFCs, FinTech lenders, and ARCs partnering with Credgenics have seen a significant reduction in bounce rates and achieved up to 90% resolution rates in pre-due stages. Credgenics offers an automated digital-first borrower journey, smart operational reports, ML models for recoverability, and AI-driven multilingual bots for efficient debt collections. Our tailored collection method recommendations based on borrower segmentation, language, timing, and communication intensity enable effective strategizing of tele-calling, field operations, and legal actions, enhancing operational efficiency, reducing collection costs, and optimizing team utilization.

Conversational AI including smart and multilingual chatbots and voicebots use Natural Language Processing to understand borrower requirements and then respond appropriately. Unlike human agents, AI chatbots and voicebots can deal with multiple conversations simultaneously, which increases efficiency levels without needing to add more staff. The conversational AI can be used for the following purposes:
1. Generation of payment links
2. Scheduling follow-ups (PTP) with borrowers
3. Capturing reasons for delay
4. Gauge willingness to payRouting borrower queries to live human-agent