Creditmate introduces proprietary ML algorithm 'Sherlock' to optimise debt collection
Mumbai, August 21, 2019: FinTech enterprise CreditMate has witnessed a 15-20% increase in the resolution of early stage delinquencies for its lender clients.
CreditMate launched its debt collection platform for banks, NBFCs and digital lenders following high NPAs and fragmentation of collection activities. The company’s suite of payment solutions helps lenders to collect debts faster and seamlessly from borrowers. Since launching the industry-first digital platform in May 2019, the total collection cases have exceeded 150,000 and more than $85M of overdue loans are on the platform.
The company has introduced its Sherlock product which uses a proprietary Machine Learning algorithm to score debt defaulters, manage debt resolution processes and optimise results and costs. Its data scientists and software teams have deployed the complex algorithm for agents and field staff in all states across India.
CreditMate makes it easy for both big and small lenders to collect across geographies and at any stage of delinquency. All communication with borrowers, such as calls, messages and emails, are routed through the collections platform, offering borrowers hassle-free debt resolution options and helping lenders get the best out of their portfolio. Further, all data and information flowing through the platform is secured and backed by a big four data security audit.
CreditMate Founder and CEO Jonathan Bill said, “Sherlock, the latest in our suite of products, brings the power of technology to what has historically been a low or no-tech activity. Debt collections are fundamentally crucial for the health of lenders as well as to lower NPAs currently affecting the financial sector. By using data science, we are able to improve debt resolution rates, reduce costs for lenders and improve their performance, and empower borrowers with better credit scores.”
Commenting on the success of the business he added, “The lender community is very keen to standardise and optimise debt collections by using technology and data science. This is evidenced in the volume of uptake we are seeing in a few short months from a range of lenders large and small. Our platform allows all to benefit from improved performance based on insights and, of course, to ensure an appropriate and managed experience for borrowers.”
Every month, 10-15% of loan repayments attempted through bank accounts fail on the due date, putting crores of rupees at risk and contributing to India’s NPA. The technology-powered debt collection platform is, thus, helping millions of borrowers make EMI payments using innovative technology, data intelligence and automation, and creating an intuitive and positive experience for debtors.
About CreditMate
CreditMate is a Paytm-backed three-year-old fintech company that delivers customised collection strategies for financial services providers such as banks, NBFCs and digital lenders. The company’s mission is to empower ‘borrowers’ with better credit scores and ‘lenders’ with improved lending performance. It is committed to helping millions of borrowers in India make EMI payments using innovative technology, data intelligence and automation — and creating intuitive and positive experiences on our unique platform. CreditMate is ably supported by digital payments providers and an extensive cash pickup-and-drop network.
For more information, please contact:
Divyata Kalhans / Debdoot Majumder
divyata.kalhans@adfactorspr.com / debdoot.majumder@adfactorspr.com
9910069384 / 9619321119
