- Offers a simplified digital approach for resolving financial disputes through ODR framework
- Leverages advanced technology and strong legal expertise of it's neutral(s) and case manager(s) to facilitate easier, faster, affordable and convenient financial dispute resolution
- Managed the resolution of $70 billion in repayments and handles 2.5 million unique disputes every month growing at 20 percent
NEW DELHI, April 29, 2024 -- Credgenics, the leading provider of SaaS-based collections and debt resolution solutions worldwide, is transforming the way debt repayment related disputes are resolved in India. By integrating the Online Dispute Resolution (ODR) framework, Credgenics offers a simplified digital approach for resolving financial disputes. Leveraging advanced technology and robust application of legal expertise, Credgenics has been successful in managing the resolution of $70 billion in repayments and handles 2.5 million unique disputes every month growing at 20 percent monthly.
The Indian financial services industry has experienced exponential growth that has rapidly expanded the access to formal financial services and credit across the country. However, the intricate process of debt repayment and resolution is still complex, resulting in a significant backlog of cases in traditional legal channels. To tackle this challenge head-on, Credgenics has leveraged its advanced technology and legal expertise in introducing efficient financial dispute resolutions through its Online Dispute Resolution (ODR) platform.
Credgenics offers a comprehensive suite of legal technology solutions, including an arbitration platform, pre-litigation mediation / conciliation, and credit counseling platform. The company has a team of over 850 case managers, 2,200 counselors, and 3,000 neutrals who are qualified and independent BFSI domain-focused experts, providing services to leading banks, fintech lenders, NBFCs, and Asset Reconstruction Companies (ARCs) covering more than 16,000 pin codes and 10 vernacular languages pan India.
Commenting on the milestone, Mayank Khera, Co-founder and COO of Credgenics, said, "At Credgenics, we are on a mission to empower individuals to navigate their financial disputes with transparency and inclusivity. Our ODR platform leverages cutting-edge technology and strong legal-tech expertise to provide a transparent, cost-effective, and accessible solution for resolving financial disputes. As we continue to lead the intersection of technology, finance, and legal processes, we are at the forefront of Online Dispute Resolution in India, committed to fair and efficient dispute resolution in the digital age."
Credgenics' digital-based approach facilitates the resolution of financial disputes including debt and repayment disputes between concerned parties without the need for physical legal proceedings. By integrating cutting-edge technology with modern communication tools such as video calls, emails, and messaging applications, Credgenics ensures a faster, affordable and simpler dispute resolution process.
About Credgenics: Credgenics is the leading provider of Loan Collections and Debt Resolution technology platforms to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized twice as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table 2022 and 2023. Credgenics works with more than 100 customers and touched an overall loan book worth USD 60 Billion in FY23. It handles 11 mn retail loan accounts and sends 60 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%. https://www.credgenics.com
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