Debt Collection
Debt collections

6 Best Practices for Futuristic Debt Collections

The rapidly changing consumer behavior is characterized by a paradigm shift in how people search, buy, borrow, consume, engage, and communicate. Digital engagements have become a way of life, and customer experience expectations are continuously evolving. In an era where customer needs reign supreme, and personalization is rapidly becoming a norm, lenders must reassess their approach to debt collections. Adopting…

Continue Reading

penagihan utang di lapangan
General

CG Collect delivers greater operational transparency in field debt collections

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…

Continue Reading

Digitizing rural lending in India
General

Digitization Will be a Shot in the Arm for Rural Lending

The digital disruption in the financial sector over the past decade has not only simplified financial management but also improved financial inclusion. A McKinsey report¹ highlighted that despite rapid urbanization, the rural population is likely to form 63% of the total market share in India by 2025. The rapid adoption of digital technologies by various banks and other non-banking financial…

Continue Reading

Debt Collections Platform
Debt collections

The future of collections is digital-first and data-driven

Over the past decade, the financial services sector has evolved tremendously, thanks to developments such as access to smartphones, internet penetration, simpler digital payments, data sharing, financial inclusion initiatives, and the rise of FinTechs. One resulting trend is the advent of new lending models that didn’t exist earlier. For instance, a person seeking a loan to pay for an expensive…

Continue Reading

debt collection through automation
Debt collections

How to Improve Debt Collections through Automation?

Debt collections is an important pillar in lending as it directly impacts the lender’s overall revenue and profitability. Growing purchasing power is accelerating the consumption of debt-based products in India, thereby, creating a promising growth opportunity for lenders. But at the same time, the need to recover debts is also increasing due to multiple factors. This brings forth the need…

Continue Reading

debt collection agency
Debt collections

Debt Collections Companies In India

Overview Each and every individual working in any sector wants to earn money and the companies that lend money (loan) to such individuals for various purposes are no different. Banks and NBFCs (lenders) grant loans to individuals and businesses, known as the borrowers, for a fixed period of time. These borrowers are required to repay the loan within the repayment…

Continue Reading