Moneytor: Making Debt-Collection Process Efficient &Stress-free Via Algorithm Driven Platform

Anubhav Singh, CEO, MoneytorGranting loan is relatively easy, but recovery is far more difficult especially for NBFCs (Non-Banking Financial Companies) and MFIs. Both these organizations operate in the unorganized labour sector, and mainly cater to BoP and low income set of borrowers, the chances of their customers defaulting on payment is much more higher than in the organized sector. However, NBFCs and MFIs entail to maintain a consistency in their communication while retrieving a defaulter to pay back loan. Thus, they are looking forward for innovations in loan collection methods to boost their collection efficiency and reduce the burden of recovery.

Leveraging the power of technology, Moneytor is transforming the way collection is done by automating the process of debt and recovery through an algorithm driven decision-making engine that suggests recourse on a case-to-case basis, offers better deals to the debtors and helps organizations to recover loans without any hassle whilst maintaining goodwill with customers. The company works with top lenders in the BFSI and MFI sector, who are using the platform to connect with their agencies for their collection requirements. “Every city have nearly 100 collection agencies comprising of small to large team with a tele calling center, but still there is a lack of a synchronized way to do collection and we are trying to put proper structure for the same,” avers Anubhav Singh, CEO, Moneytor.

Win-Win Condition
Moneytor is digitalizing the overall process of collection and hence creating an entirely new set of data and adding intelligence based on the data generated. By utilizing its self learning platform and proprietary algorithm, the venture automates all agent allocation related processes, communication and settlement decision making, and helps lenders reduce their recovery costs as well as default rates. The platform brings lenders/asset owners and recovery agents on the same page allowing them to jointly track(minutely) each fragment of the collection process, thereby maintaining consistent communication and ensuring no
ad-hoc messages being delivered to consumers. A top, it allows clients to comprehensively compare the effectiveness of their communication and the performance of agents, against each other. Apart from this, the platform cuts down inefficient activities of collecting agents and enables them to formulate & concentrate on intrinsic recovery strategies (stating when and by what time repayment will be done), thereby reducing customer dilemmas and saving their valuable time.

" Moneytor is digitalizing the overall process of collection and hence creating an entirely new set of data and adding intelligence based on the data generated"

What sets Moneytor apart is its ability to manage single account as well as portfolio, wherein it deploys algorithms to proffer different recovery strategies to lenders based on the account type. These lenders are provided with a single API integrated dashboard (eliminates human errors), which monitors all their agents & cases(showcasing overall debt recovery & recovery for a cohort) and automates entire defaulter communication as per consumer response received via SMS, email or phone.

This 2017-founded company not only provides an end-to-end solution but also creates a defaulter profile with loan details and customizes the road of recovery based on their payment capacity. It gathers complete information such as nature, time, reason and recovery plan of default before formulating any profile, specifying the complete status of borrowers to loan owners. A default on repayment of loan initiates a settlement process where the debtors are offered various terms to meet their obligation. By adopting digital channels and predictive analytics, Moneytor figures out a win-win solution for both parties, to help defaulters re-pay their loan within their financial means. For instance, in case debtors are unable to repay the loan due to huge financial crisis, the company grants them concession rate of interest, allowing them to pay the loan in their convenient way and reducing their overall financial stress.

Ola of Collecting Industry
Its vast PAN India network along with aggregated platform aids lenders to command defaults across the country which not only cuts down customers’ cost but also significantly enhances their experience. Compiling to all regulatory norms, Moneytor maintains confidentiatlity of customer’s data and allows only authorized person to access the data wherein client specific data can be accessed either by client himself or their dedicated collecting agent.

Around Rs.10 crore are being collected on Moneytor’s platform, while managing nearly Rs.1200 crore of portfolios and 15000 loan accounts. Going faster than the industry and having an edge over competitors, the company aims to enter Rs.5000 crore group asset value on its platform and deal with around 50000 loan accounts by end of 2018. “We are sort of Ola of the collection industry, our idea is to encourage all collection agents & organizations to use our platform. To furnish the same, we have been preparing ourselves to cater any type of loan from any where in the country.” concludes Anubhav.

Key Management
Anubhav Singh, CEO
Anubhav’s extensive experience in financial markets sector helped him to make Moneytor a one-stop-solution for majority of NBFCs & MFIs companies.

Service: Debt Collection