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Digital Debt Management
Home > Digital Debt Management
Intelligent Digital Debt Management
Connect with a Debt Management Advisor
Connect with a Debt Management Advisor
Managing debt can be overwhelming, but the right advisor can help you build a personalized plan to regain control of your finances. Our free tool quickly connects you with trusted debt management professionals in your area, making it easier to find the guidance and support you need to work toward financial stability.
Rethinking Debt Collection: Overcoming a Tarnished Reputation
Debt collection is an industry that gets a bad rap among customers and the general public. The traditional method of debt collection – repeated calls to customers, aggressive tactics – has hurt organisations financially and socially. Customers whom debt collectors harass are even less likely to resolve their accounts. They can even cause untold damage to the financial organisation by taking up their case on social media.
Add actionable insights into Collections
- Utilize ML models for recoverability and reachability scores of borrowers
- Leverage Steftos' consultative approach for digital contactability across the 5 levers of digital communication Channel, Language, Content, Intensity, and Time of communications.
- Align campaign strategy with risk and language-based segmentation
Identify the most appropriate mode of collections
- Perform A/B testing and modify strategies to improve engagement with our campaign performance monitoring
- Contact borrowers with region-specific SMS and Voice message campaigns
- Gain real-time visibility of all interactions with borrowers including call recordings on the CG Platform
Technology
Queue Management
Speech Analytics
Lead Prioritization
A.I. Led Quality Audit
Omnichannel
Dialer
Calling App
Training & Performance
9 Languages
4 Cities
Office & Remote
Key Benefits of our Digital Debt Management
Increased Collection Rates
Our world-class team are provided with real-time insights collected with the help of machine-learning tools. We provide customers with flexible repayment options, optimised contact points increasing the chances of debt recovery.
Enhanced Operational Efficiencies
Driven by intelligent automation and data-driven insights, our team delivers a customised and tailored experience for each customer.
Reduced Call Volumes
Our standardised process ensures compliance with guidelines. We don't bombard customers with repeated calls. Instead, we focus on high-risk cases, thereby increasing the chances of recovery.
Customer relations with
transparent communication
Business solutions can help you get there.
Frequently Asked Questions
What is 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.
Why should lenders adopt digital debt collections?
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.
What debts can be collected through Digital Debt Collections?
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.
What are the benefits of digital debt collections?
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.
