AI-powered chatbots
General

AI chatbots are transforming the debt collections industry

Businesses today are moving toward integrated, specialized, and intelligent strategies for effective customer engagement and retention. With the advent of Artificial Intelligence (AI), Natural Language Processing (NLP), and Robotic Process Automation (RPA), the banking and financial services industry is leveraging new possibilities in digital transformation. With 600 million smartphone users in India, and social media facilitating faster information exchange, powerful…

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Mobile app for field debt collections
Product

Empowering field debt collections with seamless and digitized operations

The demand for high-speed and seamless internet services is rising quickly across the nation as a result of India’s rapid foray into the digital transformation path, particularly in the financial services sector. According to a survey report, more than nine out of ten mobile phone users in India, complained about poor wireless connectivity, and two-thirds struggled with disrupted digital payments…

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Debt Collections Platform
Technology

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…

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Customer Experience in Loan collections
General

Ignoring Customer Experience in Loan Collections is Risky

As per reports by the World Bank, emerging markets and developing countries are expected to bear a major economic brunt of the ongoing Russia-Ukraine war. Global energy prices and commodity prices have been pushed up by ongoing conflicts. Retail inflation in India grew by a mammoth 7.8 percent in April 2022. To address the rising costs, the Reserve Bank of…

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General

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…

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Debt Recovery Strategies
General

Strategies and Tools For Bad Debt Recovery Services

Strategies for Debt Recovery 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. In order to make money/gain profit, it is imperative for lending companies to formulate prudent and well-considered strategies as to how the Bad Debt Recovery Services ought to take…

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Debt Recovery Software
General

Debt Recovery Software

Introduction Debt Recovery Software is a process in which a loan goes unpaid continuously. To save the loan from becoming a bad loan or non-performing asset, the creditor hires a collection agency or a Debt Recovery Software, a third party that helps in the legal recovery of the loan. Loan Recovery Platform verifies every claim of creditors, and then a…

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