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Credgenics unveils debt recovery technology platform for Asset Reconstruction Companies; Reliance ARC embraces digital technology

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Credgenics, has unveiled a new version of its debt recovery platform for Asset Reconstruction Companies (ARCs), which is now successfully onboarded by Reliance Asset Reconstruction Company. The solution aims to empower ARCs with comprehensive digital and insights-driven capabilities for more efficient debt resolution in retail and SME segments.

ARCs cope with numerous operational challenges, from escalating costs to inter-creditor conflicts, debt record discrepancies to elusive borrowers, and data challenges to reconciliation gaps while recovering retail and SME loans. With rapidly expanding business portfolios, ARCs need to adopt sophisticated digital and analytical capabilities that enable the application of tailored collections strategies. Credgenics SaaS-based collections technology platform offers a spectrum of innovative solutions designed exclusively for ARCs to ensure efficient debt collections, a superior borrower experience, and swift regulatory compliance.

Credgenics collections platform for ARCs provides complete visibility into each stage of delinquent rechnologymcases, including previous communication history, enabling ARCs to reassess debt recovery strategies. The AI / ML models help ARCs evaluate the effectiveness of communications and realign outreach strategies to boost recoveries. The platform provides advanced policy monitoring to ensure regulatory compliance for both the collection agencies and in-house teams working with the ARC. The automated trust settlement capabilities provide seamless reconciliations and customisable legal workflows for SARFAESI, legal notices, and other legal actions for enhanced resolutions. The integrated mobile-based collections app digitizes field recoveries with unique capabilities, including automatic case allocations, geo-tracking, geo-fencing, visit recording, and digital payments.

Rishabh Goel, Co-Founder and CEO of Credgenics, said, “We are at the forefront of the technology curve for debt resolution and management, driven by our passion to harness the power of digital and data with innovation. We are proud to be an enabler in improving the financial health of credit consumers and the banking and financial services ecosystem, which supports the nation’s economic growth. ARCs play a crucial role in the financial services landscape, and our technology solution has been specifically designed keeping in mind their operational challenges and business expectations. We have already seen remarkable results with some of our leading ARC customers, and we are confident of continuing to add more business value in the future.”

Mehul Gandhi, Chief Executive Officer at Reliance Asset Reconstruction Company Limited, said, “Reliance Asset Reconstruction Company is at the forefront of the transformation agenda that is being embraced by the industry. Leveraging Credgenics’ digitisation and data-oriented capabilities has been instrumental in taking our debt recovery performance to the next level. The seamless digital edge, integrated approach, and comprehensive insights from data analytics have strengthened our legal communication process, expedited resolutions, and optimized overall processes.

Partnering with Credgenics has been a great value addition in our aim to establish future-ready debt resolution capabilities.”
In the ever-evolving landscape of debt recovery, Credgenics stands as a beacon of innovation and progress, committed to delivering solutions tailored to the unique needs of ARCs, with 3 out of the top 10 Indian ARCs as its customers. With technology at its core, Credgenics is redefining the future of debt collection, empowering ARCs to achieve greater efficiency and success.

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