With shifts in technology, changes in regulatory requirements, and diverse borrower demographics, the field debt collections needs innovation and technology intervention. Field debt collections are beset by multiple challenges that include disconnected teams, inefficient borrower communications, paper-based processes, ambiguous performance metrics and management of third-party agencies. Inconsistency in capturing location of field agents adds another layer of complexity. When the control mechanisms in field collections are not streamlined, the operations lose productivity, costs shoot up and outcomes are unpredictable.
Greater visibility in the activities of the field force will enable collections managers to better manage the operations across the debt collections process. Credgenics’ CG Collect mobile app, with its location-capturing capabilities, is a useful tool to streamline and transform field debt collections processes.
The award winning mobile app is an advanced technology platform for digitizing and managing door-to-door loan collections. It enables lenders to track on-field recoveries and agents’ routine activities in real-time, resulting in higher operational efficiencies, enhanced team productivity and boosted collections. Empowered by AI and ML capabilities, CG Collect allows lenders to audit operations in real-time, digitize collections to the last mile, simplify collections processes, and transform the customer experience.
The pressing need for field agent tracking
Errors in recording data cause operational complications, which impact productivity and performance. The critical issue of not recording the agent’s location data creates gaps in reporting, day-to-day task allocations, and payment receipts for the visits submitted. The field teams, which do not monitor the agent’s location, face challenges such as:
Inefficient field agent utilization
Agents might not have clear visibility into their day plans, assigned task status or designated routes, impacting their performance.
Higher probability of incorrect entries
Lack of geo-tracking or geofencing capabilities amplifies the possibility of many agents checking-in / marking attendance and adding meeting notes without being physically present at that location. Such deviations / incorrect entries lead to poor collection rates. Additionally, the feature of ‘Partial or No location access required’ allows the agents to perform location-requiring events (like visit submission and distance sorting) without validating the location.
Lack of reliability and uniformity in field reporting
The lack of uniformity in the format of data collection leads to data loss at each level of reporting due to manual errors, memory lapses, and random reporting techniques. Reconciliations and borrower payment updates, therefore, become complicated, leading to repayment fraud.
Monetary frauds on conveyance calculation for field collectors
False reporting on the distance travelled by the field agents can lead to inflated expenses and impact operational costs.
CG Collect addresses the agent’s missing location data with technology
The CG Collect mobile app for field collections mandates field agents to comply with the location settings, as directed by the company and allows them to close visits only once the location is successfully captured.
With this capability, CG Collect mitigates operations risk and ensures that agents adhere to the process and regulatory protocols.
Check out the video flow for this newly launched feature:
Step 1. Check the location permissions of the user. The permissible option should be as per the admin setting
Step 2. Check the GPS if turned “ON” in the user’s device’s settings settings
Step 3: The user is prompted to turn GPS on and off again if steps 1 and 2 are followed but the system is still unable to access the user’s location. They are prompted to ‘Try again’ in case they do not follow the above steps till coordinates are fetched
Benefits of CG Collect’s agent location tracking for collections managers and field agents
With the CG Collect web interface, collection managers can track their collection agents’ activities, and live locations and take follow-up action accordingly. They will have complete visibility of the team’s performance against allocations and the status of loan recoveries across the collections cycle. The verified visit status is recorded, and the data can be used as a piece of legal evidence. Live location tracking allows for tracking of the routes taken by the agents and is updated on a regular basis. This feature also ensures that agents comply with the attendance requirements and that productivity and visit counts are not impacted.
The day’s to-do list is also dependent on accurately capturing the agent’s presence in the field and the current visit.
With CG Collect’s accurate location capture, agents can easily manage the recoveries for loans allocated to them. All the details for these loans, including the agents’ distance from the borrowers’ location, can be accessed readily. The app also enables route optimization by calculating the fastest possible routes for the current assignments, based on the current location, and helping agents close their collections faster.
Credgenics CG Collect mobile app for field debt collections is enabling financial institutions to make their operations more efficient and productive. Click here to know about CG Collect application.