In the backdrop of the global pandemic COVID-19 that impacted people and businesses, Fintrex Finance Limited strategically adopted a mutually beneficial methodology to assist and better manage its customers who faced difficulties in repaying their financial obligations in the form of loans and advances. The assistance was also extended to those subjected to “recovery action” status in an effort to help and ease the severe economic burden faced. The first step in this direction was to offer a moratorium based on the guidelines issued by the Central Bank of Sri Lanka to all those who applied for relief.
Fintrex then took the extra step of informing and inviting all its customers to obtain the relief being granted through formal written communication, SMS and phone calls. Considering the uncertainty of the pandemic and economic uncertainty in the foreseeable future, Fintrex also decided to proactively initiate a means to help its borrowers by providing financial advice and relief by way of structured ‘Customer Care Recovery Clinics’. This way, collection efforts were carried out in a manner that was advantageous to Fintrex and its customers.
Fintrex Finance Limited has always been a people centric organization. Its recent ‘Great Place to Work’ certification by renowned ‘Great Place to Work’, the global authority on workplace culture assessment reflects its commitment to its people and the way in which it conducts business. This people centricity was also the thought process and driving force behind the “Customer Care Recovery Clinics”. The goal was to understand the customer who was unable to settle his/her financial obligations, and provide relief via debt restructuring to suit their affordability through mutual agreement and understanding.
Fintrex also understood that its impacted customers needed a quick, convenient and timely solution. With this in mind, a designated team, dedicated to the project conducted the ‘Customer Care Recovery Clinics’ at each of its branches in Colombo, Kandy, Matara, Kurunegala, Dambulla, Kuliyapitiya, Kegalle, Negombo, Kiribathgoda and Gampaha. A group of representatives conversant on financial structuring and the surrounding legal aspects invited impacted customers to attend the clinics at a branch closest to them. These individuals were then educated on the process involved in providing financing, the regulations surrounding lending and borrowing, the implications of nonpayment, the legal aspects involved and recovery action in the normal course of business lending operations.
They were then advised on their reason for being invited and of Fintrex’s intention to help them find alternative ways to regulate their repayments which proved to be mutually beneficial. While most of its customers were able to find relief, it also inculcated amicable trust between the Company and its customers while increasing debt collection, reducing the incidence of non-payment and payment default and most importantly secured retention of its customer base.
The Customer Care Recovery Clinic project was jointly spearheaded by the Head of the Legal Unit at Fintrex Mr. Hirantha Perera, Head of Portfolio Management Mr. Samantha Weragoda and Deputy Head of Recovery Mr. Kamal Kumarasinghe. This unique initiative implemented