Paytm-backed Creditmate introduces ML algorithm Sherlock to optimise debt collection
Paytm-backed Creditmate introduces ML algorithm Sherlock to optimise debt collection
Paytm-backed CreditMate has witnessed a 15-20 percent 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 three years ago. It delivers customised collection strategies for financial services providers such as banks, NBFCs and digital lenders.
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, CreditMate said in a statement today.
The Paytm-backed company has now 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.
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 helping millions of borrowers make EMI payments using innovative technology, data intelligence and automation, and creating an intuitive and positive experience for debtors.
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 said, “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.”
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.