Khera to empower individuals to navigate their financial disputes
The Indian financial services industry has experienced exponential growth across the country, but the intricate process of debt repayment and resolution is still complex, resulting in a significant backlog of cases in traditional legal channels, says Credgenics, a leading provider of SaaS-based collections and debt resolution solutions worldwide.
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.
It is transforming the way debt repayment related disputes are resolved in India. By integrating the 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 US$70 billion in repayments and handles 2.5 million unique disputes every month growing at 20% monthly.
“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,” said Mayank Khera, Co-founder and COO of Credgenics.
“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.”
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.
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.
Credgenics works with more than 100 customers and touched an overall loan book worth US$60 billion in FY23. It handles 11 million 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%. Fiinews.com
