Delhi, 3rdMarch 2023: Rezo.ai, India’s homegrown Conversational AI start-up, has launched its ‘Collection Product’ especially designed for the NBFC sector. Rezo’s AI-powered Voice and analytics solutions have already disrupted the way Indian businesses engage customers and will now free the NBFCs of cumbersome Manual Handling of loan recovery and make the process more efficient and tactful.
The pilot phase of its collection product has 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.
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. Rezo’s Collection Product then devices different types of highly innovative and tailored customer conversation and creates a unique customer journey for each & every borrower.
Sharing insights on the development, Mr. 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, Ms. 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.”
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.