Rezo.ai, India’s native Conversational AI start-up, has introduced its ‘Collection Solution’ exclusively intended for the NBFC sector. Rezo’s AI-powered Voice and analytics solutions have already transformed the way Indian businesses connect consumers and will now liberate the NBFCs of onerous Manual Handling of debt recovery and make the process more efficient and tactful.
The prototype phase of its collection solution has already assisted a financial services company with a book size of more than ten billion USD and a customer base of more than fifteen million in achieving a 10% increase in collection efficiency.
Rezo’s Auto-Engage Solution enables AI-driven human-like conversations with the ability to manage more than 10 languages and over 500 dialects. The ‘Collection Product’ analyses each borrower’s profile and payment delay reasons in order to categorise them based on the risk of missing payments in the future. It can forecast debtors’ delinquency patterns by analysing the reasons for missed payments. Rezo’s Collection Product then provides a unique customer experience for each and every borrower by deploying several sorts of highly inventive and targeted customer conversations.
Sharing insights on the development, Manish Gupta, Co-founder and CEO said: “We are excited to unveil our ‘Collection Product’ that will prove to be virtuous for Non-Banking Financial Companies that suffer from often taxing and cumbersome manual handling of loan recovery and recurring default rate. The NBFC sector is in deliberate need of innovative automated solutions. Rezo’s experience in delivering large volumes of AI-powered Voice bots and analytics solutions has come in handy while designing our collection production. We have already helped a Financial services leader- with a book size of more than 10 billion USD and a customer base of more than 15 million- achieve a 10% jump in collection efficiency.”
Speaking on the idea of automating and augmenting loan recovery, Rashi Gupta, Chief Data Scientist, Rezo.ai, said: “The idea was to find a personalised and innovative way to recover loans from the borrowers. We found that borrowers have varied reasons for missing payments – from lack of funds at the moment to forgetfulness to wilful payment default. Addressing each reason required using a different type of customer conversation and creating a unique customer journey. Our Collection Product fills that same need gap for the NBFC sector.”
The default rate in NBFCs has grown double after the Covid epidemic. The tightening of regulatory standards regarding the use of loan recovery agents necessitated the development of an effective communication tool to remind borrowers of their delinquency in their preferred language and dialect while also making the process convenient for both the lender and the borrower.
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