Mahindra Finance teams up with Credgenics to boost its loan collections

By Leandra Monteiro

Mahindra & Mahindra Financial Services Limited, part of the Mahindra Group, and one of India’s leading Non-Banking Finance Companies, announced a partnership with Credgenics, a provider of SaaS (Software As A Service) based collections and debt resolution technology platform. With this association, Mahindra Finance plans to digitally empower its retail loan collections.

Rishabh Goel, Co-founder and CEO, Credgenics said, “We are extremely proud to be working with Mahindra Finance, India’s leading NBFC that is well known for its customer focus and innovative approach. Digitization of litigation management and customer communications are crucial to retail collections and Credgenics brings tremendous expertise in this area. We are confident that Credgenics’ unique capabilities will enhance the collection operations at Mahindra Finance”.

The Credgenics platform will enable Mahindra Finance in streamlining and digitising borrower communications including litigation modules across the loan portfolio. By consolidating capabilities distributed across multiple vendors, the Credgenics platform will reduce the processing time and provide comprehensive tracking and monitoring capabilities at pincode & village level to the loan teams.

Speaking on the initiative, Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance said, “With changing times, there is a perceptible change in customer behaviour and expectations. Rural India has been embracing the digital economy especially payments; our aim is to ensure a delightful and engaging experience to all our customers. With the help of Credgenics we will deploy potent capabilities in providing customer self-service solutions and phygital/assisted solutions; further reducing our costs and strengthening our overall collection efficacy”.

Raul Rebello, Chief Operating Officer, Mahindra Finance, said, “One of our key transformation agendas is to build and engage a diverse set of customer segments and gain efficiency in collections with sustainable solutions. The objective is to deliver a seamless CX at every stage including repayments, which Credgenics will facilitate. I am confident that this association will be a win-win for both the partners”.