spocto
spocto is a full stack debt collections platform powered by AI & ML capabilities.
Better collection efficiency by reducing NPA and better repayment probability
Best compliance standards as per world gold standard
Superior customer experience that improves your NPS
Spocto is a software platform that helps businesses manage debt collection efforts through the use of artificial intelligence and machine learning technologies. spocto is a big data analytics company on a mission to revolutionize the digital debt collections industry. As a fintech that uses Artificial Intelligence (AI) & Machine Learning (ML) to enhance customer reach, engagement, and interaction; spocto is a pioneer in disrupting the debt collections industry with intelligence. The ability to use technology so as to touch and transform the lives of millions, is what drives our Founders, Sumeet Srivastava & Puja Srivastava. With proprietary algorithms we strive to bring dignity into the debt collections process, ensuring better customer experience and resulting in improved customer relation and retention.
Products
1. SMART Collect
Lending Institutions using traditional methods of collection, i.e. field or tele-calling, generally experience higher collection costs, higher customer escalations, and lower contact rates.
SMARTCollect is a tool that uses Analytics and Machine Learning algorithms to predict customer behaviour and uses multiple digital channels to drive customers towards Digital Collections. The main goal is to increase the self-pay ratio for the lending organizations.
Analytics is used to predict digital behaviour of the customer to arrive at the best time, channel, language, content, and intensity to communicate with the customer.
Automated channels are used for financial educations and digital collections.
Multiple touch points are used to arrive at external behaviour of the customer and to enhance contactibilty. Thus, driving customer to digital self-payment options.
2. SMART Collect PLUS
SMARTCollect Plus is an enriched version of SMARTCollect which analyzes customer response to the SMARTCollect campaigns and carries out predictive / prescriptive analytics to drive collections.
Based on the demographic, psychographic, and technographic analysis of the campaign response, future plan of action is devised. The need for human intervention through telephonic communication is identified. This process ensures completion of the P2Ps generated to active collection.
SMARTCollect Plus is an auxiliary extension of the Technology-driven tool to enhance self-pay ratio.
Improve delinquent retail account recovery with spocto’s psychography based skip trace services!
Some customers stop repaying their loans after a few initial instalments and might not be reachable through traditional channels. Locating the absconding customers and recovering debts could be a herculean task. spocto’s Skip Trace service makes this easier with its AI/ML-based algorithms.
Collate and Curate Data with Machine Learning Algorithm
Our proprietary machine-learning algorithm collates and curates data gathered from more than 850 different databases to create a virtual persona of the customer. Our algorithm continually keeps a tab on these data touchpoints to carry out technographic, psychographic and geographic analytics of this virtual persona on real-time basis. Thus, we skip trace the customers that were otherwise beyond reach.
Score, Segment and Prioritize
Based on the in-depth analysis of over 47+ data sources, we rate, segment and prioritize your debt collection data to strategize your collection efforts. Our result-driven approach results in an efficient customer-centric collection process that enhances the debt recovery process and brings in faster recoveries at reduced costs of operations.
SMARTLegal services for our Lending Partner
SMARTLegal is a digital platform enabled by AI/ML to take care of all your debt collection related legal needs.
SMARTLegal
Debit Collection Management is a sensitive and challenging task. Unpaid debt may result in lawsuits to collect the debt. There are consumer protection groups which provide debt legal help to safegaurd individual rights and to overcome a debt. SMARTLegal comes in with digital communication tools, artificial intelligence, and machine learning to understand consumer behaviour and attitudes and provide for a hassle free, efficient legal operations infrastructure.
COMPLIANT
COMMUNICATION
- Trigger legal notices personalized for each loan account number.
- Outbound/Inbound calling to help customers resolves issues.
- Smart nudge to educate customers for payment
E-COURT
INTEGRATION
- Centralised Case Tracking
- Automate tracking & communication of the case status
- Case hearing date management
PHYSICAL
NOTICE TRACKING
- India Post Integration
- Track physical delivery of legal notices
- Acknowledgement of physical delivery
Pros and Cons
One potential pro of using a debt collections platform like spocto is that it may help businesses automate and streamline their debt collection efforts. This can potentially save time and resources that can be redirected towards other tasks.
Another potential pro is that such platforms may offer features such as data analytics and reporting, which can help businesses track their progress and identify patterns and trends in their debt collection efforts.
On the other hand, one potential con of using a debt collection platform is that it may require an upfront investment in order to implement and use the platform. There may also be ongoing costs associated with using the platform, such as subscription fees or transaction fees.
Another potential con is that the use of such platforms may not be suitable for all businesses or all types of debt collection situations. For example, a business that primarily deals with small debts may not find the same level of value in using a platform like spocto as a business that deals with large, complex debts.
It’s also important to keep in mind that using a debt collection platform does not guarantee success in collecting debts. The platform may provide tools and resources to help with the process, but ultimately, the success of the debt collection efforts will depend on a variety of factors, including the specific circumstances of the debt and the actions of the business and the debtor.
