CreditFair partners with Credgenics to empower digital loan collections
By Leandra Monteiro
CreditFair, a consumer lending FinTech, has collaborated with Credgenics, a SaaS-based debt collection and resolution platform, to digitise the loan collections journey for CreditFair’s teams in charge of education, healthcare, home improvement, and electric vehicle loans.
Leveraging Credgenics’ agile, end-to-end, digitised, and data-driven solutions, CreditFair has simplified loan resolution processes and achieved 11x growth in resolutions within just five months of the association.
Commenting on the collaboration, Aditya Damani, Founder and CEO, CreditFair said, “We aim to help one million people move up the credit ladder by 2025. We are delighted to have partnered with Credgenics and believe that this partnership will help us to improve the financial outcomes for individuals who need easy access to responsible lending options. An 11x increase in debt resolutions within 5 months of our association with Credgenics is extremely commendable. We look forward to leveraging Credgenics’ technology solutions to make our processes more robust and further simplify the end-to-end collection’s journey for our customers.”
With this partnership, CreditFair teams have automated borrower communications and gained real-time visibility into the loan collections processes across 80 cities in India. The tech-powered capabilities of the Credgenics platform have helped CreditFair significantly reduce loan collections processing time. With the comprehensive tracking capabilities of Credgenics’ solutions, the CreditFair teams at various locations have managed to increase loan recovery rates/collections efficiency and reduce collections costs.
Rishabh Goel, Co-Founder and CEO, Credgenics said, “With the ongoing wave of digital transformation in the banking and financial services industry, there has been a renewed focus on enhancing customer experience. We are delighted to provide seamless collections experience for CreditFair’s customers through the use of digital technologies. The fintech ecosystem in India is rapidly evolving and playing a crucial role in providing easy and affordable access to credit through technology-supported innovation, and we are glad to help CreditFair in attaining their business objectives.”
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