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 repayingtheir 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 amoratorium based on the guidelines issued by the Central Bank of Sri Lankato all those who applied for relief.
Fintrex thentook the extra step of informing andinviting 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 ofstructured ‘Customer Care Recovery Clinics’. This way, collection efforts were carried out in a manner that was advantageous to Fintrex and its customers.
Fintrex Finance Limitedhas 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 Hirantha Perera, Head of Portfolio Management Samantha Weragoda and Deputy Head of Recovery Kamal Kumarasinghe.
This unique initiative implemented during challenging times brought into focus Fintrex Finance Limited’s ability to adapt to change and provide its customers with unique financial propositions, easier and affordable access to financial solutions while enhancing its level of customer service to establish and retain long standing, credible relationships with its customers.
Fintrex Finance Limited is owned by Bluestone 1 (Pvt) Limited which comprises of a consortium of world class investors including global insurance giant Fairfax Holdings who holds 70 percent, MAS and the Hirdaramani Group who together hold 24.14 percent and Ajit Gunewardene and related parties who own the remaining shareholding.