Credgenics launches ChatR for WhatsApp communications with borrowers

By Leandra Monteiro

Credgenics, SaaS-based debt collections and resolution technology platform, announced the launch of ChatR, a WhatsApp-based two-way chat solution for debt collections.

The innovative solution enables lenders and their empanelled collections team to engage with loan borrowers in a seamless, cost-effective, and secure manner while keeping the history of conversation intact for future viewing.

With ChatR, Credgenics enables banks, non-banking finance companies, microfinance institutions, and FinTech lenders to enhance their customer reach with a conversational platform beyond non-dialogue-based traditional methods such as SMS and emails. This solution empowers lenders to engage with loan borrowers in a more convenient and user-friendly manner, always with the borrowers’ consent.

It further allows collection teams to respond instantly to borrower queries on WhatsApp, leading to faster resolutions. Using ChatR, agents can share reminders, payment links, and digital notices, while borrowers can share payment proofs and other documents digitally and securely with the agent on the lender’s official WhatsApp account.

As Whatsapp is the preferred communication method for millions of internet users right now, ChatR can increase borrower engagement rates by up to 2.5 times, with delivery rates reaching as high as 85%. The adoption of ChatR for collections can drive an 18 percent reduction in the overall cost of communications with borrowers on an aggregate level.

Anand Agrawal, Co-Founder and CPTO, Credgenics, “At Credgenics, our commitment to continuous innovation and process improvement drives us to simplify communications, and ChatR represents another significant stride in this ongoing journey. Our new product, ChatR, empowers the collections and legal teams to connect more efficiently with borrowers in addition to the traditional channels. The new hybrid engagement model, which is fast becoming a mainstay, streamlines borrower contact operations, enables sharing of payment links with borrowers, reduces costs significantly, and increases the team’s productivity.”

Credgenics offers a comprehensive suite of debt resolution solutions, including digital collections, collections analytics, litigation management, field collections mobile app, and payments platform, that use AI-driven intelligent automation and Machine Learning models to deliver highly efficient collections.