Credgenics, the market-leading SaaS-based debt collection and resolution technology platform, announced the launch of ChatR, a two-way chat solution for debt collections based on WhatsApp. The novel technology, a first in the industry, enables lenders and their authorised collections team to communicate with loan borrowers in a seamless, cost-effective, and secure manner, while also preserving the history of the conversation for future viewing. WhatsApp is the dominant digital means of engagement in India, with over 500 million daily active users. Credgenics‘ ChatR platform enables banks, non-banking finance organisations, microfinance institutions, and Fintech lenders to expand their consumer reach beyond non-dialogue-based traditional channels such as SMS and emails. This new solution enables lenders to interact with loan borrowers in a more convenient and user-friendly manner, always with the consent of the borrowers. It also enables collection teams to respond to borrower queries on WhatsApp in real time, resulting in faster resolutions. Agents can use ChatR to send reminders, payment links, and digital notices, while borrowers can provide payment proofs and other documentation to the agent using the lender’s official WhatsApp account. ChatR can raise borrower engagement rates by up to 2.5 times, with delivery rates reaching as high as 85%, because
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Credgenics introduces ChatR for WhatsApp-based communications for debt collection
