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In conversation with Mr. Sumeet Srivastava, Founder and CEO of Spocto Solutions

Akanksha Gupta
Nov 11, 2021
Updated on: Nov 09, 2021

Introduction

A new emerging method of debt management with the assistance of digital collections can be understood as the utilization of modern technology like Artificial Intelligence and Machine Learning for the creation of effective customer communication channels.

The inherent communication gap between the customer and the collection agent or the bank is directly sealed to avoid a bad experience for customers and increase the chances of continued relations.

Approximately 30 percent of loans undergo a stress cycle either through a delay or a missed EMI. The majority of which are not wilful defaulters, a varied list of reasons could lead to inconsistent payments. However, the procedure of banks remains the same for any kind of defaulter, which is, involvement of call centers or collection agents.

Spocto Solutions provides a better alternative. Their Machine learning algorithms based on AI are competent in assessing all the variables involved to formulate the best-suited plan for each customer to approach them for self payments.

Analytics Steps brings an exclusive interview with Mr. Sumeet Srivastava, Founder and CEO of Spocto Solutions in order to understand more about the company and its concept and to evaluate its impact on the fintech industry.

Why is it relevant?

Spocto Solutions, a fintech and Big Data Analytics company, is providing unique insights about individual consumers to lending institutions, which allows these institutions to build a more meaningful relationship with their users.

While forging a customized journey for individual users to provide them with financial education and paving the way towards self-pay through the digitalization of loan payments has re-imagined the way the financial services sector used to work in India.

“At any given time Spocto manages between 15 to 20 lakh accounts a month, over the years we have reached more than 40 million customers”, says Mr. Sumeet Srivastava, Founder and CEO of Spocto Solutions.

(Also Read: Top 10 AI Technologies you should know)

Benefits

Some of the benefits delivered by Spocto have been explained as follows.

Higher Operational Efficiency

Better customer segmentation provides a clearer view for lending institutions to understand their users better. Automated customer reminders and technology-based interactions have significantly improved the reach and conversions of these institutions as well.

Impact on Collection Cost

Collection costs have been significantly lowered in the face of lowered human intervention in the process of follow-ups, which have been replaced by the use of AI and Machine Learning-based automation of these tasks.

Customer Retention

Since the measures are taken to ensure that the customer’s experience is enhanced, it directly impacts on resulting in better chances for clients to experience organizational growth and subsequently a continued relationship with Spocto as well.

Financial Inclusion

The financial inclusion of digital payment gateways is a growing trend based on the necessity in India which can overcome barriers pertaining to geography, cash availability, etc.

Owing to the benefits experienced by the banks as the clients of Spocto Solutions, they can experience a sharp increase in their rates of recovery by up to 40-50%.

The Machine Learning models help identify and assess if the person will pay and how those payments will be made. These insights allow Spocto to handle different customers, differently. The connection with these customers is digital with the help of internal analytics while providing this service to banks within the first 5 days. This process of conversion has some advantages-

The savings on the cost of traditional methods of reaching a customer through the collection agents.
Through the automated means of collections, the banks experience a higher conversion possibility which reduces their NPA, while increasing the rate of recovery.
The superior customer experience and better service experience by non-intrusive means increase the willingness to pay and their preference to continue with the bank. While also providing them multiple electronic payment options for a higher financial inclusion.

How is it delivered?

Spocto delivers these solutions through the following product platforms-

Kisan Pay

Kisan Pay is a restructuring bot for the banks and the farmers, where the banks do not have to worry about farmer loan payments under Kisan Credit Cards. This one-stop solution that is integrated with banks and NBFC’s collects farmer’s data such as due dates which are enriched with information pertaining to behavior and psychography, made available through the AI-based Machine learning algorithms.

The process of reaching out to the farmers at their preferred timing, through their preferred means of communication in the language they speak, increases their propensity to pay with respect to the due date and increases overall customer relationship with the banks.

Kisan Pay, although a collection initiative, is not without a social impact. This process allows to reach out to the farmers regarding their Kisan Credit Card and educate them, and provide guidance on payment details, due dates, etc in their spoken language. Kisan Pay is available in 18 regional languages with more than 100 dialects and offers digital payments over 9 platforms.

SmartCollect

SmartCollect is a platform based on AI which enables the usage of digital channels to perform various collection-related activities, directly resulting in increased reach and subsequently drives the customers towards digital collections.

SmartCollect utilizes various analytics and machine learning algorithms which can predict consumer behavior with the main objective remaining towards an increase in self-pay ratio.

Collectech is a category or subcategory coined by Spocto in showcasing how technology can play a role in the next level of collections from borrowers. As a tech-enabled collection platform, it uses advanced analytics which is able to reduce collection efforts and costs by removal of redundant steps resulting in increased conversions of customer contacts.

“Spocto has revolutionized the collection process by making it a tech-based, dignified ‘journey of one, a customized approach that ensures better reach and improved returns”, adds Mr. Sumeet Srivastava.

Trace

Trace is a smart tool required by banks to identify or trace their customers who might have changed their locations or contact details. This platform makes use of existing external data across digital channels, which helps to enrich the database by providing additional pieces of information like an additional contact number or a new e-mail id. These data points strengthen the bridge between the banks or lenders and the customers.

The need of the hour

The restricted movements during the pandemic have made customer accessibility a major concern since the pandemic across the country. It caused a number of issues in respect to the collection for call center agents.

For new rapid recovery methods in face of such demands, Spocto was uniquely positioned to cater to this need. During these times, banks realized the need to connect with their customers and hence adopted digital transformation.

“Spocto grew its businesses up to 40% during these times especially being able to impact better conversions of collections for consumer loans as gold loans, affordable housing loans, personal loans, and home loans”, says Mr. Sumeet.

According to Sumeet, financial independence in rural pockets is the need of the hour in the country, with specially curated financial counseling and valid services that will empower the customer and enhance self-pay. Spocto has successfully established itself as a credible organization that is able to convert more than 60% of the unpaid bank loans on the backbone of digitization with its unique AI-ML-based approach.

(Suggested Reading: Big Data in FinTech - Benefits and Importance)

The Conclusion

A fintech-based company, Spocto Solutions introduced contactless collections for 10 banks in India and three of the largest NBFCs in India, with more than 20 partner banks.

Indigenously developed, this entire platform is supported by a robust backend team of operations and domain expertise while impacting the agricultural sector beyond the mere collections opportunity in India.

Sumeet adds, “Spocto aims to drive financial literacy and aid collection for lending institutions through their technological solutions, thus enabling a smoother transition towards the digitization of these institutions.”

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In conversation with Mr. Sumeet Srivastava, Founder and CEO of Spocto Solutions

Introduction

Why is it relevant?

Benefits

Higher Operational Efficiency

Impact on Collection Cost

Customer Retention

Financial Inclusion

How is it delivered?

Kisan Pay

SmartCollect

Trace

The need of the hour

The Conclusion

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Katherine Griffith

Katherine Griffith

barneyfisher174

Veronica Larry

Veronica Larry

Veronica Larry

evelynryan2022

evelynryan2022

Katherine Griffith

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