Mahindra Finance to boost its Digital Collections with Credgenics
Mumbai, 20thJuly 2022: Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, and one of India’s leading Non-Banking Finance Companies, today announced a partnership with Credgenics, a leading provider of SaaS (Software As A Service) based collections and debt resolution technology platform. With this association, Mahindra Finance plans to digitally empower its retail loan collections.
The Credgenics platform will enable Mahindra Finance in streamlining and digitizing borrower communications including litigation modules across the loan portfolio. By consolidating capabilities distributed across multiple vendors, the Credgenics platform will reduce the processing time and provide comprehensive tracking and monitoring capabilities at pincode& village level to the loan teams.
Speaking on the initiative, Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance said, “With changing times, there is a perceptible change in customer behaviour and expectations. Rural India has been embracing the digital economy especially payments; our aim is to ensure a delightful and engaging experience to all our customers. With the help of Credgenics we will deploy potent capabilities in providing customer self-service solutions and phygital/assisted solutions; further reducing our costs and strengthening our overall collection efficacy”.
Raul Rebello, Chief Operating Officer, Mahindra Finance, said, “One of our key transformation agendas is to build and engage a diverse set of customer segments and gain efficiency in collections with sustainable solutions. The objective is to deliver a seamless CX at every stage including repayments, which Credgenics will facilitate. I am confident that this association will be a win-win for both the partners”.
Rishabh Goel, Co-founder and CEO, Credgenics, said, “We are extremely proud to be working with Mahindra Finance, India’s leading NBFC that is well known for its customer focus and innovative approach. Digitization of litigation management and customer communications are crucial to retail collections and Credgenics brings tremendous expertise in this area. We are confident that Credgenics’ unique capabilities will enhance the collection operations at Mahindra Finance”.
About Mahindra & Mahindra Financial Services Limited
Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 7.3 million customers and has an AUM of over USD 11 Billion. The Company is a leading vehicle and tractor financier provides loans to SMEs and offers fixed deposits. The Company has 1,388 offices and reaches out to customers spread over 3,80,000 villages and 7,000 towns across the country.
Mahindra Finance has been ranked 54th among India’s Best Companies to Work 2021 by the Great Place to Work Institute.
Mahindra Insurance Brokers Limited (MIBL), the Company’s Insurance Broking subsidiary is a licensed Composite Broker providing Direct and Reinsurance broking services.
Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for the purchase, renovation, and construction of houses to individuals in the rural and semi-urban areas of the country.
Mahindra Finance CSR Foundation is a wholly owned subsidiary company, under the provisions of section 8 of the Companies Act, 2013 for undertaking the CSR activities of the Company and its subsidiaries.
Mahindra Manulife Investment Management Private Limited (formerly known as Mahindra Asset Management Company Private Limited) acts as the Investment Manager of Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual Fund). On 29th April 2020, Mahindra Finance divested a 49% stake in its wholly owned subsidiary, Mahindra Manulife Investment Management Private Limited to Manulife Investment Management (Singapore) Pte. Ltd., to form a 51:49 joint venture.
Mahindra Manulife Trustee Private Limited (MMTPL), (formerly known as Mahindra Trustee Company Private Limited) acts as a Trustee to Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual Fund). On 29th April 2020 Mahindra Finance divested 49% stake in its wholly owned subsidiary, Mahindra Manulife Trustee Private Limited to Manulife Investment Management (Singapore) Pte. Ltd. to form a 51:49 joint venture.
The Company has a Joint Venture in the US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra vehicles in the US.
Mahindra Ideal Finance Limited (MIFL) is a subsidiary of the Company in Sri Lanka, in which the Company owns a 58.2% stake. MIFL focuses on providing a diversified suite of financial services to the Sri Lankan market.
