In conversation with Siddharth Agarwal on driving growth through mCollect
3 min read . Updated: 23 Sep 2022, 06:37 PM IST
PremiumMobicule’s mCollect platform has been a pioneer bringing mobility in field collection as early as 2016
1. What is Mobicule’s growth strategy and key focus area going forward?
We aim to be the end-to-end one-stop platform for debt monitoring, debt collection, and debt recovery. From reminding customers and helping/facilitating them to make timely payments,also if delayed make it convenient for them to make payments through any channel. In case of delinquent customers aid the lenders to recover their loans or asset against loan faster. In cases where the recovery is partial then aid the lenders in the complete legal process management better and make it more efficient.
2. How has Mobicule established its niche in debt collection?
Mobicule is one of the early entrants in the debt collection software market with experience with leading and large lenders. Our product has proven capability to operate in rural markets handling cash collection and receipting with relevant fraud - handling being an inherent part of the platform.
3. How has mCollect played a pivotal role in transforming the debt recovery and loan collection space in India?
There is a multi-fold increase in lending/credit by various means and with the increase in book size of lenders, there is bound to be a growing overdue, late payments, and delinquency. Mobicule’s mCollect platform has been a pioneer bringing mobility in field collection as early as 2016. We have ensured lenders can have a single platform where they build their collection strategy, automate allocations, and an encompassing field app with integration of all modes of collection through cheque, cash, debit POS, UPI, AEPS, and offline capabilities to cater to areas of no or low connectivity, collection KPI tracking, digitization of recovery and legal process. This has completely transformed the collection process and helped centralize, monitor, and makethe entire debt collection efficient and transparent.
3. How has mCollect’s agnostic collections solution helped Banks and NBFCs drastically accelerate their payments recovery cycle?
Our vast domain knowledge, on-ground experience, and technologically advanced product have helped banks / NBFC integrate their digital, call centre, and field collection strategies. Our industry-trained Machine learning model has been launched which allows Banks and NBFCs to categorize customers and predict their payment behavior. This has all improved collection efficiency and also drastically reduced the cost of collection.
4. Loan collection is a sensitive topic, how does Mobicule ensure that the soft human angle is maintained besides the AI/ML aspect?
We understand this sensitivity very well and our AI/ML algorithm grades the customer based on past behavior as well as peculiar demographic patterns. We want to build the accuracy to the level where the customer is contacted at his preferred time through his preferred channel and made available his most preferred payment channel. This makes it non-intrusive and will deliver the wow to the customers. Lots have been done to make the signing of customers very intuitive and friendly. However, a lot is being done and needs to be done to make his collection experience better especially in his hour of default which probably the customer is going through a tough time.
5. What kind of anti-fraud measures you have implemented to inspire customer trust and confidence?
We have right now ensured that if the money is collected it is credited at the earliest in the customer account. Collectors issuing receipts which are now mostly digital happens through strict authentication where a collector is bound to only a particular device to issue receipts and instant notifications are sent to the customer. Not just that once a receipt is issued it is updated in the core systems, if in doubt the customer can check through any channel with the respective bank/NBFC.
6. What kind of disruption is taking place in loan collection and debt recovery space?
We think the market is in an early stage of disruption, the good part is there is a clearly identified need in banks / NBFC to centralize and digitize the entire collection process. As the market evolves there will be a need for stronger KPI management for better decisions, AI/Ml will start playing a larger role and, the collecting strategy is more centralized and uniform. The greatest disruption will come when the customer finally starts believing that the debt collection system is to aid him to pay faster, pay better and never miss his due date.
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