In the wake of rising default and NPAs among NBFCs, REZO launched its ‘Collection Product’ specially designed for the NBFC sector and is now planning expansion in Western India markets. The expansion plan is based on the success of the company’s unique offering which has received tremendous response from major NBFC entities. Rezo’s Collection Product has disrupted the NBFCs segment through its AI-driven collection product by boosting its collection capabilities.
The AI-driven Collection Product by Rezo will enable prominent NBFCs in Western India to shed off the cumbersome Manual Handling of loan recovery and make the process more efficient and tactful by filling the holes left by the clumsy human management of debt recovery. The Collection product leverages powerful AI tools to scale up debt recovery leading to consistent customer service. The solution has already delivered exceptional results to several financial services leaders and has even provided up to a 10% jump in their collection efficiency.
The “Collection Product” assesses each borrower’s profile and causes for payment delays in order to categorise them according to their likelihood of missing payments in the future. By examining the causes of missing payments, it can even forecast a borrower’s delinquency pattern. Rezo’s Collection Product then develops various forms of incredibly creative and customised customer conversations and builds a distinctive customer journey for each and every borrower.
The language barrier is a major concern in the debt recovery process. With the ability to handle more than 10 languages, including Marathi, Gujarati, Konkani, Rajasthani, Punjabi, and more than 500 dialects, Rezo’s Auto-Engage Product offers AI-driven human-like customer interactions. The AI-driven product’s adaptive language capabilities add a personal touch to the entire process without sacrificing operational effectiveness.
Sharing the company’s growth plan for the region, Ms. Rashi Gupta, Chief Data Scientist of 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.
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, making the process hassle-free for the lender and the borrower.