For lending institutions, identifying debt collection software is essential. Many enterprises use debt collection tools to reduce NPAs and fulfil compliance requirements. Here we have shared the list of top Debt Collection Software solutions that businesses can use to streamline the debt collection process.
List of Top Debt Collection Software
These are the best debt collection software you must know:
Credgenics
Credgenics is a widely used AI-powered debt collection platform used by banks, NBFCs, fintech companies, and digital lenders. It helps businesses automate collections through digital communication channels and analytics recovery strategies.
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Key Features
- AI-Powered collection workflows
- Omichannel communication (SMS, email, WhatsApp, IVR)
- Legal Collections Management
- Digital Payment Integrations
- Real Time Analytics Dashboards
- Compliance Tracking
High Radius
High Radius is a financial technology company that offers AI-driven accounts and debt collection automation software for enterprises. The main purpose of this software is to improve cash flow management and reduce manual collections.
Key Features
- AI-based collection prioritization
- Automated dunning management
- Predictive Analytics
- Payment Reconciliation
- ERP integration
- Customer Risk Segmentation
FICO Debt Manager
It is an enterprise-level debt collection platform known for collection and decision analytics. This software helps financial institutions improve the collection process, which reduces operational costs. These tools help improve borrower Risk Assessment using predictive analytics.
Key Features
- Intelligent Workflow Automation
- Omnichannel Customer Communication
- Predictive Analytics
- Compliance and Risk Management
- Asset and third-party management
FinnOne Neo Collection (Nucleus Software)
It is a configurable debt collection and recovery platform. This software is designed for banks, NBFCs, and large financial institutions. It is used for deep integration capabilities with core banking systems and legacy infrastructure. It makes it suitable for enterprises with complex operational environments.
Key Features
- 80+ APIs for integration with core banking systems, LOS, LMS, and third-party platforms
- Workflow-driven debt recovery management
- Rule engine-based scripts and allocation strategies
- Legal recovery and repossession modules
- mCollect App with UPI, AEPS, debit card, and cash collection support
- Real-time sync and geo tracking for field collections
LeadSquard Collections CRM
It is a mobile-first debt collection and recovery platform. It is designed to improve debt collection and early-stage recovery operations. It helps the lending institutions automate collection workflows, monitor field agents in real time, and enhance communication with borrowers.
Key Features
- Real-time field agent tracking and productivity dashboards
- Mobile first task management for on-ground collection teams
- Automated reminders and follow-ups through SMS, email, and calls
- Borrower segmentation for targeted recovery strategies
- Route planning and day planning tools for field agents
- Centralized borrower interaction and repayment tracking
Kolleno
Kolleno is a centralized AR and collections management solution. It eliminates the need to switch between ERPs, spreadsheets, and email threads. This is an AI-powered workflow that automates reminders and follow-ups.
Automated reconciliation matches incoming payments to the right invoices to cut down on manual booking.
Key Features
- AI-Powered automated reminders, follow-ups, and escalation workflow
- Branded customer payment portal with automated transaction matching
- Automated Payment reconciliation and booking support
- Risk monitoring and customer credit checks
- Dispute and deduction tracking with activity logs
- Multi-channel communication and team task management
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How to Choose the Right Debt Collection Software?
You should look for the following features before choosing the right Debt collection software:
- Automation Capabilities
- AI and analytics features
- Omnichannel communication support
- Compliance and security features
- Scalability
- Easy to integrate with ERP/CRM System
- Reporting and dashboards
- Mobile accessibility
- Payment gateway support
- Pricing and deployment flexibility
Red Flags to Avoid When Selecting Debt Collection Software
These are things a business must check while selecting a Debt Collection software:
- No audit trail for borrower communication
- No offline mode for field agents
- Fixed pricing without volume-based tiers
- Vendors have no prior lending industry experience
- No API access for custom workflows
Conclusion
Debt collection is the most crucial process for all lending institutions, whether it is NBFC, Banks, or Digital lending platforms. This process is time-consuming and requires too much manual effort. Any failure in collection increases NPAs and disrupts cash flow. The debt collection software streamlines this process with automation. However, choosing the best one is difficult. We have shared the top software that helps you choose the right one for your organization. Lenders also use a Bank Statement Analyzer to identify risky borrowers before loan disbursement
FAQs
Ques: What is the best debt collection software?
Ans: Saying the best collection software depends on the business needs, however, the top software are Credgenics, High Radius, and FICO Debt Manager, for their automation and analytics capabilities.
Ques: What is the 7 by 7 rule of collection?
Ans: The 7 by 7 rule of collection is a strategy where collection teams attempt to contact a borrower 7 times within 7 days via different communication channels.
Ques: What is the most reliable software for managing a debt portfolio?
Ans: State opinion as fact. No software can be universally declared "the most reliable.
Ques: How can debt collection management software reduce NPAs?
Ans: It automates follow-ups, prioritizes high-risk accounts, and improves borrower communication.