Credgenics CEO Emphasizes Borrower Experience in Debt Recovery

Rishabh Goel, the Co-founder & CEO of Credgenics, stresses the importance of improving debt recovery methods without compromising borrower satisfaction in loan collection businesses.

In an interview with Amol Dethe, Editor of ETBFSI, Goel highlighted the challenges faced by financial institutions in India regarding effective debt collection despite the growing credit market and the emergence of credit-focused startups. Credgenics, founded in 2019 and based in Noida, specializes in debt collection and resolution, offering a platform to streamline lending processes.

Goel emphasized the significance of timely reminders for prompt payments, moving away from traditional manual methods towards digitized strategies. He mentioned the effectiveness of segmenting borrowers based on preferences, with metropolitan dwellers responding better to digital nudges like WhatsApp messages, while residents of tier 2 and 3 cities prefer phone calls.

Credgenics operates through two primary models: providing software for in-house collections and offering end-to-end resolution services. Goel highlighted the company’s focus on reducing bounce rates and intervening before borrowers default, thus remaining resilient to economic fluctuations.

Looking ahead, Goel expressed Credgenics’ plans to expand into other South Asian markets, starting with Indonesia, where the financial services sector presents promising growth opportunities.

In conclusion, Goel’s vision for Credgenics revolves around enhancing debt recovery practices while prioritizing borrower experience, ultimately contributing to the stability and growth of the lending ecosystem in India and beyond.