Strengthens mCollect product offering and expands its digital loan recovery portfolio
Mumbai…January 31, 2023…Mobicule, a niche player and expert in debt collection has announced the launch of mCollect Repossession module, an industry first for banks and NBFCs. The revolutionary Asset Repossession Solution is a comprehension solution that maps all the complex processes in repossession of an asset, as a part of its debt collection and recovery product. Mobicule is a pioneer in offering solutions that digitize processes and improves efficiency using mobile technology. As a result, the launch of mCollect Repossession Module is being projected as a natural extension of its debt collection platform. The repossession module will encompass and cater to fill gaps in the end to end process, such as identification, allocation, digitisation and automation of repo kit, evidencing, yard submission, and yard acknowledgment with evidence, auction and release process. This will also help lenders comply with stringent and ever-evolving regulatory compliance and in-system tracking.
With mCollect’s Repossession offering implementation, the existing and widely-utilised paper-based processes will be digitized and integrated in the form of a recovery suite that will offer real-time visibility and process compliance. The overarching goal of this highly configurable yet intuitive product is to transform potentially unpleasant experiences into process-driven, trackable empathic solutions.
Speaking on the launch, Siddharth Agarwal, Managing Director, Mobicule Technologies Private Limited,commented, “mCollect Repossession Module will pave the way for both, the banks and NBFC partners to enable lending to customers with improved and guaranteed turnaround time. The intent of the repossession module is not to eliminate any participant in the current process, but to rather make them accountable and increase transparency for stakeholders. Moreover, repossession plays a significant role in “ Return of Capital” when it comes to offering loans for two-wheelers, four-wheelers, tractors, construction equipment, farming equipment, and residential & commercial properties. Together these loan categories make up a large pie of the total lending market with FY 22 seeing origination of approximately 24 lakh home loans, 30 lakhs auto loans and 66 lakhs two - wheeler loans in India
Mobicule is one of the early entrants in the debt collection software market having experience with leading and large lenders. mCollect has proven capability to operate in rural markets handling cash collection and receipting with relevant fraud - handling being an inherent part of the platform. mCollect aims to be the end-to-end one-stop platform for debt monitoring, debt collection and debt recovery. Mobicule’s vast domain knowledge, on-ground experience, and technologically advanced product have helped banks / NBFC integrate their digital, call centre, and field collection strategies. mCollect's industry-trained machine learning models enable banks and NBFCs to classify customers and predict their payment behaviour. These measures have improved recovery efficiency and significantly reduced recovery costs.
Additionally, this module will bring real-time visibility with respect to the processes carried out by the banks and NBFCs and help the institutions comprehend if the gaps are a result of the outcome produced by the employees or agencies authorised by them. We are optimistic that the repossession module will complement our capabilities to provide robust debt collection and resolution solutions. Our endeavour is to target a minimum 50% market share in the debt recovery software related to repossession.”
mCollect platform leverages artificial intelligence (AI) and machine learning (ML) technologies to prevent delinquency, which persists across the banking and NBFC sector. In times when customers are found to be delinquent, the application of mCollect will come into play by virtue of its varied offerings like allocation, digital collection, disposition, feedback management, cash collection, and deposition. In cases where this alternative is not applicable, the bank or NBFC can count on repossession as a mechanism to recover dues, avert hefty losses, and better manage delinquency.
Presently, Mobicule 14 year pedigree spans associations with 40+ blue chip clients, currently doing 10 Mn+ monthly Transactions with 400,000+ Daily Users across Telecom, BFSI & Utilities. For mCollect Repossession product segment, the company aims to target the Indian market and eventually expand internationally in high-growth markets like Southeast Asia, the Middle East, and Africa.