The startup's AI-enabled platform allows financial institutions to assess risk profiles of customers and monitor portfolios in real time to ensure smoother collection
The best way to lose a customer is to give the account to one’s collection department. This is Sumeet Srivastava’s firm belief. It is also what led to his founding Spocto, an artificial intelligence-enabled platform that allows financial institutions to assess the risk profiles of their customers.
Sample this: When a customer takes a home loan, a credit and profile check is done. While past behaviour may show that the customer is likely to pay up, how does one make an assessment for, what in most cases, is a loan with a 20-year tenure? At any point in the journey the loan could go bad and the lender may have missed the warning signs.