REZO released its ‘Collection Product’ specifically tailored for the NBFC sector in response to increased defaults and NPAs among NBFCs, and is now planning expansion in Western India areas. The company’s unique service has received a wonderful response from large NBFC companies, hence the expansion plan is dependent on its performance. Rezo’s Collection Product has disrupted the NBFCs industry by enhancing its collection capabilities with its AI-driven collection product.
Rezo’s AI-driven Collection Product will help significant NBFCs in Western India to eliminate the time-consuming Manual Handling of Loan Recovery and make the process more effective and tactful by filling the gaps created by clumsy human debt recovery management. The Collection offering makes use of strong AI capabilities to increase debt recovery and provide consistent customer service. The system has already offered remarkable benefits to some financial industry giants, including a 10% increase in collection efficiency.
The “Collection Product” evaluates each borrower’s profile and the causes of payment delays in order to classify them based on their future chance of missing payments. It can even forecast a borrower’s delinquency trend by evaluating the causes of missed payments. Rezo’s Collection Product then creates a unique customer journey for each borrower by developing numerous forms of very imaginative and tailored customer conversations.
The language barrier is a big issue in the debt collection procedure. Rezo’s Auto-Engage Product provides AI-driven human-like client interactions in more than ten languages, including Marathi, Gujarati, Konkani, Rajasthani, Punjabi, and over 500 dialects. The adaptive language capabilities of the AI-powered product offer a personal touch to the entire process without sacrificing operational performance.
Sharing the company’s growth plan for the region, Rashi Gupta, Chief Data Scientist, Rezo.ai said: “The NBFC sector is in deliberate need of innovative automated solutions. Our AI-driven Collection product is designed to transform the way the collection is done. The West of India has a huge number of NBFCs and we are eyeing to dominate the market. The proven result with several players coupled with the product’s command in vernacular languages will prove to be virtuous for Non-Banking Financial Companies in Western India that suffer from often taxing and cumbersome manual handling of loan recovery and recurring default rates.
The default rate in NBFCs has grown double after the Covid epidemic. The tightening of regulatory rules governing 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, making the procedure as simple as possible for both the lender and the borrower.
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