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Jonathan Bill, Founder, CreditMate

Indian technology-enabled debt collection startup CreditMate has witnessed a 15-20 percent increase in the resolutions for early-stage delinquencies for its lender clients since its launch in May 2019. The company, which started as vehicle financier in 2016, pivoted as a debt collector in May this year.

The company’s total collection cases, since May, have exceeded 150,000 and more than $85 million of overdue loans are on the platform. Every month, 10-15% of loan repayments attempted through bank accounts fail on the due date, putting crores of rupees at risk and contributing to India’s NPA.

The Paytm-backed Fin-Tech launched its debt collection platform for banks, NBFCs and digital lenders following high NPAs and crisis that rocked the financial services market in India late last year. Besides, the high fragmentation of collection activities in India also acted as an opportunity for CreditMate to launch its tech-based collection platform. The company’s suite of payment solutions helps lenders to collect debts faster and seamlessly from borrowers.

The company has introduced its ‘Sherlock’ product which uses a proprietary Machine Learning algorithm to score debt defaulters, manage debt resolution processes and optimize results and costs. Its data scientists and software teams have deployed the complex algorithm for agents and field staff in all states across India.

CreditMate’s Founder and CEO Jonathan Bill said, “Sherlock, the latest in our suite of products, brings the power of technology to what has historically been a low or no-tech activity. Debt collections are fundamentally crucial for the health of lenders as well as to lower NPAs currently affecting the financial sector. By using data science, we can improve debt resolution rates, reduce costs for lenders and improve their performance, and empower borrowers with better credit scores.”

The Mumbai-based firm makes it easy for both big and small lenders to collect across geographies and at any stage of delinquency by routing all communication with borrowers, such as calls, messages, and emails, are through the collections platform. It also offers the borrowers with hassle-free debt resolution options and helping lenders get the best out of their portfolio. Further, all data and information flowing through the platform are secured and backed by a big four data security audit.

“The lender community is very keen to standardize and optimize debt collections by using technology and data science. This is evidenced in the volume of uptake we are seeing in a few short months from a range of lenders large and small. Our platform allows all to benefit from improved performance based on insights and, of course, to ensure an appropriate and managed experience for borrowers,” he added.

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by Priyanka Pani
Senior Regional Correspondent, Middle East and Asia
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