Powering Digital, Data-driven, and Customer-centric Debt Collections in Indonesia
Experience the future of debt collections at the 11th World
Finance Innovation Series Indonesia, Jakarta on October 4 – 5, 2022
Indonesia became the world’s 16th largest economy, with a GDP of more than $1 trillion in 2020. To realize its vision of becoming the 5th to 7th largest economy by 2045, Indonesia has embarked on a holistic path of digital transformation.
With the economic expansion and the higher spending capacity of people, the demand for financial services, including credit, will grow tremendously. As debt collections form a key part of the debt lifecycle, a massive digital scaleup of existing capabilities and processes will be needed. Indonesia, with a 100 million+ unbanked population, relies on FinTechs and innovation from existing financial services players to bridge the gap between traditional and digital journeys.
Digitization in Debt Collections
An improvement in debt collections ensures better visibility and predictability of the credit cycle for lenders, who are then better equipped to extend financial access to the new-to-credit segments and others in the unbanked category. There is a need to address the challenges and priorities in debt collections. Empowering operations with AI-powered technologies across the debt collections lifecycle can help boost collections.
Digital channels including voice bots, chatbots, and IVRs can be used effectively to minimize human calling. Digital modes can be deployed for pre-delinquency and early DPD to maximize the outcomes at reduced costs. Contact center operations focused on late stages can be further optimized with auto-dialers and predictive dialers to improve agent performance, call attempts, and calling rates.
Analytics-based decision-making for Collections
ML-based models and predictive analytics can be leveraged to qualify the borrowers’ intent to pay, and bucket customers as per risk capacity to devise a tailored collections strategy and framework. Instead of bullying customers with frequent calls/messages, a multi-channel communications strategy that is personalized, vernacular, and aligned to the borrowers’ preferences ensures a better outreach response.
Empowering field collections with digital enablement
Field collections, one of the costlier operations, can also be digitized to the last mile for better performance, and higher agent productivity. Features like real-time field force tracking, smart route map planning, and one-click visit management, ensure highly efficient field collections.
Credgenics is the leading provider of Debt Collections and Resolution technology platforms to Banks, FinTechs, ARCs, and Digital lending firms worldwide. The AI-powered, market-leading SaaS-based platform, digitizes and automates the end-to-end retail loan collection platform lifecycle with unique capabilities including multi-channel & multi-lingual digital communications, AI-powered voice bots, predictive dialers, Collections analytics, skip tracing and field collections mobile app-CG Collect.
Credgenics has helped 75+ lenders improve collections by 25%, and reduce collections costs by ~40% and collections time by 30%. With Credgenics, lenders can recover as much as 80% of delinquent accounts.
Engaging with the industry leaders
The 11th WFIS Conference, on October 4 and 5, 2022 in Jakarta, presents a wonderful opportunity to discuss pertinent developments, trends, and challenges for the Indonesian banking and financial services industry. Credgenics’ Co-founder and CEO, Rishabh Goel, will be speaking at the Fireside chat “Making Debt Collections Digital, Data-driven, and Customer-centric” with Muqlazh Yusufi, VP – Head Collection Strategy, Permata Bank, and the session is moderated by Amitoaj Singh, Head – Collections, PT Home Credit Indonesia.
The session will cover:
Challenges and priorities in debt collections in the post-pandemic world
Embracing digitization for making debt collections future-ready and preventing credit losses / NPAs
Leveraging Machine Learning, AI, and data analytics for effectiveness in debt collections
Adopting nudging instead of a bullying approach for improved compliance, brand loyalty, and customer experience
Making digital debt collections work both in urban and rural areas
Streamlining field collections for better performance
If you are attending WFIS Indonesia, join us for the session and drop by our booth #8. Meet our experts to explore the future of debt collections and the impact brought by the unique combination of digitization and analytics.
You can also write to us at [email protected] to know more or to schedule a meeting.