CARS24 partners with Credgenics to digitize debt collections process

It provides data insights backed strategy recommendations, facilitates a digital-first approach and automates customer communications across multiple channels for collections.

In a bid to revolutionize debt management within the automotive financing sector, CARS24 has announced a strategic partnership with Credgenics.

This collaboration underscores CARS24’s unwavering commitment to streamlining the car ownership experience for customers by introducing innovative solutions powered by cutting-edge technology, ensuring a hassle-free journey throughout.

Credgenics’ SaaS-based platform integrated into CARS24 Financial Services provides invaluable data insights backed by strategic recommendations. It facilitates a digital-first approach and automates customer communications across multiple channels for collections. The platform’s various modules cover the end-to-end collections lifecycle, empowering the team at CARS24 Financial Services to drive higher operational efficiency, deliver personalized service to customers, and scale operations rapidly with ease.

One of the standout features of the partnership is the CG Collect mobile app, which streamlines field team operations, simplifies reconciliations, digitizes visit management, and enables seamless tracking. With capabilities like offline operability in remote areas, an easy repayment deposit process, and real-time field team tracking, the app is driving the next level of efficiency for CARS24 financial services team operating in over 180 cities across India.

The integration of Credgenics’ platform has facilitated a swift transformation from a traditional approach to a data-oriented model that leverages workflow automation, integrated communications, and advanced ML capabilities. The emphasis is on automation, eliminating manual processes including data upload, tracking, and reporting, ensuring a seamless transition to a fully digitized ecosystem.

Ruchit Agarwal, Co-Founder & Chief Financial Officer at CARS24, expressed his enthusiasm about the partnership, stating, “Our collaboration with Credgenics for the enablement of digital debt management processes is supporting our mission to provide a more seamless debt financing experience for our customers. We are excited about the upcoming features and the continued innovation that Credgenics brings to the table.”

Rishabh Goel, Co-Founder and CEO of Credgenics, echoed Agarwal’s sentiments, emphasizing the influential role of digital transformation in the financial services sector. “We take pride in contributing to CARS24’s pursuit of elevated customer experience and operational efficiency,” said Goel.

This collaboration between CARS24 Financial Services and Credgenics signifies a commitment to innovation, efficiency, and delivering a superior customer experience in the ever-evolving digital lending landscape. The partnership is poised to bring about positive disruptions in the automotive financing sector, setting new benchmarks for industry best practices.