Credgenics forays into Indonesia, launches digital collections platform

By Leandra Monteiro

Credgenics, a leading provider of loan collections and debt resolution SaaS-based technology solutions to banks, non-banking finance, and FinTech lenders worldwide, announced its expansion into Indonesia as part of its next phase of growth.

Indonesia marks the firm’s foray into Southeast Asia (SEA) with a proven product and a deep understanding of the debt collections business beyond the Indian demographic. Credgenics is focused to work closely with lending firms in Indonesia and help them digitise and automate their end-to-end collections processes.

Credgenics is already working with over 75 lending companies in India to improve their collection rates by 20 per cent and recover up to 80 per cent across delinquent accounts. The firm has a local team in place and will be further hiring and expanding its team based in Indonesia.

Commenting on the firm’s Indonesia strategy, Rishabh Goel, Co-founder, and CEO of Credgenics said, “The collections segment in Indonesia has issues like those faced by lenders in India. The non-performing loans (NPLs) are high, and collections are managed with manual and archaic processes. However, the future of collections is digital, and data driven. As the pioneer in technology-based debt collections, Credgenics has the right expertise to enable digital transformation of collections. Our foray into Indonesia cements our commitment to address the prevailing challenges in debt recoveries and the detrimental impact caused to the economies by the rising burden of bad loans. We are already working with some of the leading lenders in Indonesia and we are very excited by the response that we are getting.”

Throughout the COVID-19 pandemic, Indonesia, along with other countries in SEA, has seen the rise in non-performing loans (NPLs) and felt the urgency for digitization in collections. The uncertainties in the economies globally coupled with innovations in consumer lending and a differentiated customer experience is driving the demand for advanced technology solutions in collections.

Anand Agrawal, Co-founder, and CTO of Credgenics, said, “Indonesia is now ripe for technology-led disruption and Credgenics aims to add value to its customers with a digital-first and analytics-based approach. Our modular platform is available on a cloud setup based in Indonesia, which meets the local compliance needs and provides rapid scalability, business agility, and economies of scale. As part of its expansion, Credgenics is investing significantly to set up its infrastructure and team in Indonesia focusing on Banks, Micro Finance Companies (MFCs), FinTech, and digital lending firms. We will also continue to add new innovative capabilities to the platform as per the business needs of lenders in Indonesia.”

Credgenics offers an integrated collections platform that provides all capabilities to lenders through a single software including multi-channel digital communications, click-2-call auto-dialers, litigation management, physical and digital legal notices management, skip tracing, AI-powered predictor models for optimal collections strategy, field collections mobile app CG Collect, Billzy digital payments, dashboards, and Machine Learning-based analytical models.

Hendra Rahman, Country Manager of Credgenics in Indonesia, commented, “We have partnered with System Integrators and Core Banking Solution (CBS) providers in Indonesia and aim to acquire more clients. We will consistently seek to enhance our platform to meet the end-to-end retail collections needs of banks and other non-banking lenders. Credgenics is determined to enrich our platform with unique capabilities for lenders to increase the efficiency of their collections, enhance recovery rates and transform customer experiences.”