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 report 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…

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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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Analytics in Loan Collections
General

Leveraging Analytics as the Game Changer in Loan Collections

The number of retail loans in India has surged from 35 million in March 2020 to 60 million by end of March 2022 as per an Equifax overview report. The report also highlighted that the portfolio outstanding amount jumped 25% from INR 71 billion in March 2020 to INR 89 billion in March 2022. While the growth has been promising…

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Data Science Image
General

Revolutionizing Financial Services and Debt Collections with Data Science

Over the last few years, the field of data science has come into prominence, primarily because the volume of data generated and captured has multiplied exponentially with growing digitization. Data science is fascinating because it brings together various domains such as mathematics, statistics, computer science, data analysis, predictive analysis, machine learning, and artificial intelligence. In an age where data is everywhere,…

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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 software for banks
General

Leveraging the Right Technology is Pivotal to Rein in NPAs

Over the last seven years, gross non-performing assets (NPAs) of public sector banks (PSBs) have doubled, going from INR 2.24 trillion in 2014 to INR 5.40 trillion in 2021. As per a Reserve Bank of India (RBI) report, the gross non-performing assets (NPAs) of banks may increase from 6.9% in September 2021 to 8.1% by September 2022 under the baseline scenario and to…

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automation in banking industry
General

Are your Loan Collection Mechanisms Future-Ready?

As the world tries to return to a semblance of normalcy in a post-pandemic world, the lending industry is seeing some respite. A recent Moody’s report expects growth in bank loans to accelerate to 12-13% in FY 23 aided by increasing corporate earnings and easing of funding constraints for NBFCs. An Icra report predicts an 8.9-10.2 per cent growth for…

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