The start-up’s pilot ‘Collection Product’ used a tailored and personalised approach to help a Financial services leader achieve a 10% jump in the collection efficiency of loans
Rezo.ai, a conversational AI start-up, has launched its ‘Collection Product’ especially designed for the non banking financial companies (NBFC) sector.
The pilot phase of its collection product has claimed to have helped a financial services provider- with a book size of more than $10 billion and a customer base of more than 15 million- achieve a 10 per cent jump in collection efficiency.
Rezo’s Auto-Engage Product offers AI-driven human-like conversations with the ability to handle more than 10 languages and over 500 dialects. The ‘Collection Product’ analyses every borrower's profile and payment delay reasons to classify them based on the future risk of missing payments. By analysing the reasons behind missed payments, it can also predict the delinquency pattern of borrowers.
“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,” said Manish Gupta, co-founder and CEO of Rezo.ai.
“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,” observed Rashi Gupta, chief data scientist at Rezo.ai.
Since the Covid pandemic, the default rate in NBFCs had increased 2 folds. The tightening of regulatory norms around using loan recovery agents made it necessary to have an effective communication tool to remind borrowers of their delinquency in their preferred language and dialect and make the process hassle-free for the lender and the borrower.