Bettr
The project was led by Pratibha Swati, the founder of Etnic, from November 2020 to May 2021.
About Bettr
Bettr is a mobile-first credit card managed by Incred (a $350M Non Banking Financial Company).
Problem
Bettr, initially operating under a line of credit business model, later pivoted to a mobile-first credit card business model. However, amidst this transition and amidst the uncertainties in the market caused by Covid-19, the company faced a surge in the number of loan defaulters. This escalating trend of loan defaults emerged as the primary challenge confronting Bettr, necessitating a strategic response to mitigate its adverse impact on the company's operations and financial health.
Solution
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Initiated project to streamline debt collection processes, aiming to eliminate manual, repetitive tasks and enhance debt recovery rates.
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Automated key manual processes within debt collection, including:
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Generating lists of defaulting customers.
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Assigning cases to both internal agents and third-party collection agencies.
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Automating follow-ups and reminders via SMS and IVR calls.
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- Conducted a comprehensive online workshop with eight agents to identify pain points in the existing process and incorporated insights into UI design enhancements
- Introduced customized offers and discounts tailored to improve recovery rates for Non-Performing Assets (NPA).
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Deployed the solution on the web platform, resulting in approximately a notable increase in debt recovery and a significant rise in monthly case handling capacity by agents.