Neowise, India’s fastest-growing debt recovery solutions provider, has launched the country’s first generative AI-powered debt collection tools. With the debut of NeoBot, a voice-based debt collection assistant, and NeoSight, an AI call analytics tool, Neowise aims to revolutionise the debt recovery landscape. These tools were developed in collaboration with Bangalore-based generative AI startup, Sarvam AI.
These AI-driven solutions tends to improve debt recovery efficiency by 15% and reduce operational costs by 33%. Early trials with three lenders have shown promising results, and Neowise plans to scale these tools to more than 150 lenders across India.
Rohit Ramachandran, CEO of Neowise, expressed pride in the launch, stating, “With these AI-driven tools, we are optimising the debt recovery process to reduce defaults and significantly lower operational costs, while improving customer engagement. Our collaboration with Sarvam AI has allowed us to marry cutting-edge technology with deep industry insights.”
India’s rising non-performing assets (NPAs) are a growing concern for the Reserve Bank of India (RBI). With 40% of new NPAs in FY24 originating from retail loans, banks and lenders are increasingly turning to innovative solutions like Neowise’s to manage debt recovery more effectively.
Pratyush Kumar, Co-Founder of Sarvam AI, added, “Neowise has been leveraging our AI stack to innovate in debt collections, and we are excited to see how NeoBot and NeoSight will lead to a more efficient and scalable way to manage debt recovery.”
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Key benefits of Neowise’s AI solutions include:
- Increased efficiency, saving time and reducing costs by 33%.
- Improved customer satisfaction with empathetic, personalised debt collection approaches.
- Enhanced compliance with regulatory standards.
- Data-driven decision-making with insightful analytics, optimising recovery strategies at least 20 times faster.
