Whatsapp was previously promotional and popular for marketing messages. But now this loan is also being used to collect payment from defaulters. Debt collection startups like Credgenics and Spocko are using this platform a lot to connect with their customers to connect them properly.
Earlier, companies used to send messages to customers for payment reminder for loan recovery. Because of which his expenses of messages used to increase. Whatsapp has cut the prices of utility and operational category messages by 50 percent. Due to which the cost of a message has been about 12 to 15 paise. At the same time, if the same information has to be sent through SMS, then the cost of a message is about 35 paise. According to Founder Rishabh Goyal of Credgenics, WhatsApp message saves a lot in the cost.
The messages on instant WhatsApp messaging platforms are fast sent. So that customers can respond immediately. This method of loan recovery through WhatsApp is more economical than phone calls or field work. This is a customers friendly process. Customers do not have the problem of calls or recovery agents at home. Apart from this, companies do not have to bear the expenses of more expensive SMS.
Even if companies are benefiting from this. But the risk of privacy and data leaks of customers seems to be increasing. If field agents send collection messages on WhatsApp, then it increases the chances of personal data leaking. This may threaten the privacy of the loan taker.
