Rezo.ai has launched its AI-powered ‘Collection Product’ for LSPs (lending service providers) to help them improve their books by recovering loans more efficiently amidst RBI’s tightening regulations on Default Loss Guarantee in Digital Lending.
The AI algorithms behind Rezo’s Collection Product can analyze large amounts of data and identify patterns and trends human agents often miss. This automation has the potential to reach 90 per cent of the borrowers with contributions upto 85 per cent to the total loan collection, thus effectively contributing to a reduction in the NPAs of Financial Institutions substantially. This reflects positively on LSPs’ revenues and cuts their operational cost too.
Rashi Gupta, Chief Growth Officer, Rezo.ai, said, “We are pleased to make our AI-powered Loan Collection Product available for LSPs and NBFCs. Our advanced AI-driven tailored customer conversations and predictive analysis not only ensures compliance with new regulations but also enhances collection efficiency, ultimately enabling our partners to adapt, thrive, and continue delivering value to borrowers, lenders, and lending service providers.”
The ‘Collection Product’ analyses every borrower’s profile and payment delay reasons to classify them based on similar characteristics, behavior, or needs to avoid future risk of missing payments.
By analyzing the reasons behind missed payments, it can also predict the delinquency pattern of borrowers. By segmenting customers based on delinquency level, the collection product prioritizes the efforts and allocates resources more efficiently. For example, customers who are only a few days behind on their payments require a different approach than those who are several months behind.
This AI-driven automated and tailored approach can help LSPs and NBFCs identify the most effective collection strategies and target their efforts on the debts most likely to be paid.
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Published on September 22, 2023
