WhatsApp becomes the preferred platform for digital loan recovery
fintech lenders to collect repayments from loan defaulters.
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Industry insiders said that with WhatsApp becoming the popular mode of communication, debt collection startups like Credgenics, Spocto and others are increasingly using the platform as a reliable communication channel with their borrowers.
While collection messages by field agents sent over WhatsApp are common, it shows there is personal data leakage happening for borrowers, said industry insiders.
Organised players are trying to institutionalise the reach-out to defaulters through integrations with WhatsApp for Business or through chatbots. «The charges for messages under the utility and operations category on WhatsApp have been slashed 50%, now a single message costs around 12 to 15 paisa,» said Rishabh Goel, cofounder, Credgenics. To stuff in the same amount of information into an SMS would end up costing around 35 paisa, he added.
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