Credgenics unveils ChatR for loan Borrowers on WhatsApp

Credgenics, a SaaS-based technology platform for debt collections and resolution, has introduced ChatR, an industry-first solution for debt collections that operate through WhatsApp. This new two-way chat system allows lenders and their authorized collections teams to effortlessly and securely communicate with loan borrowers. By preserving the conversation history for future reference, ChatR ensures a seamless, cost-effective, and reliable engagement process.

With a staggering 500 million daily active users in India, WhatsApp has emerged as the preferred digital channel for engagement nationwide. Leveraging this trend, Credgenics introduces ChatR, enabling banks, non-banking finance companies, and microfinance institutions. Fintech lenders expand their customer reach through a conversational platform that surpasses traditional, non-interactive methods like SMS and emails. 

This groundbreaking solution empowers lenders to engage with loan borrowers in a more convenient and user-friendly manner, always respecting the borrowers' consent. Moreover, it enables collection teams to provide instant responses to borrower inquiries on WhatsApp, resulting in quicker resolutions. Through ChatR, agents can effortlessly share reminders, payment links, and digital notices; while borrowers can securely submit payment proofs and other documents to the agent via the lender's official WhatsApp account.

As Whatsapp is the preferred communication method for millions of internet users; ChatR can increase borrower engagement rates by up to 2.5 times, with delivery rates reaching as high as 85%. Adopting ChatR for collections can drive an 18 percent reduction in the overall cost of communications with borrowers on an aggregate level.

Anand Agrawal, Co-Founder, and CPTO, of Credgenics, expressed his excitement about the product launch, “At Credgenics, our commitment to continuous innovation and process improvement drives us to simplify communications. ChatR represents another significant stride in this ongoing journey. Our new product, ChatR, empowers the collections and legal teams to connect more efficiently with borrowers in addition to the traditional channels. The new hybrid engagement model, which is fast becoming a mainstay; streamlines borrower contact operations, enables sharing of payment links with borrowers, reduces costs significantly, and increases the team’s productivity.”

Agrawal further emphasized that “ChatR has been designed to address the specific needs of the collections industry. Meanwhile, incorporating customer-focused service practices across other industries. The solution takes forward Credgenics’ approach to encourage the use of soft digital nudges that respect borrowers’ privacy and preferences. Whilst expediting debt resolution and improving customer experience”

Cryogenics offers a comprehensive suite of debt resolution solutions. It includes digital collections, collections analytics, litigation management, field collections mobile app, and payments platform. That uses AI-driven intelligent automation and Machine Learning models to deliver highly efficient collections.

ChatR's latest product enhancement empowers lenders' collections teams to maintain control and oversight over the messages exchanged between borrowers and agents, while also preserving a comprehensive conversation history. It offers support for predefined message templates and facilitates multilingual conversations, enabling borrowers to respond at their convenience.

This is targeted and personalized communication solution progressively shifts outbound operations towards an inbound collection model. All conversations conducted through this solution are meticulously recorded and tracked on the Credgenics collections platform; facilitating prompt responses and seamless customer service throughout the ongoing conversation window. The solution is adaptable to various platforms. To sum up, It can be effortlessly expanded to include other instant messaging and chat platforms in the future.