We’re constantly exploring new ways to push the boundaries of what’s possible with AI, using ChatGPT as a foundation to unlock new use cases and applications that we’ve only begun to imagine.

It is becoming something of a post-pandemic mantra in India: A lender whose portfolio of unsecured retail loans is not increasing by 50% annually is not trying hard enough. All kinds of bank and non-bank lenders are heaping credit on household balance sheets even though the consumer economy is fragile. A tiny minority is in great financial shape, but low-income earners are struggling with two-wheeler purchases and smartphone upgrades.

India’s booming digital lending business is stoking demand for a new breed of startups that are aiming to build -a platform that can be used to collect loans – and, in future, insurance premiums – anywhere in the world.

It is becoming something of a post-pandemic mantra in India: A lender whose portfolio of unsecured retail loans is not increasing by 50% annually is simply not trying hard enough. All kinds of bank and nonbank lenders are heaping credit on household balance sheets even though the consumer economy is fragile: A tiny minority that can afford luxury goods is in great financial shape, but low-income earners, especially outside large cities, are struggling with two-wheeler purchases and smartphone upgrades.

This is becoming the mantra in India post-pandemic: A lender whose portfolio of unsecured retail loans isn’t growing 50% annually is simply not trying hard enough. Banks and non-bank lenders of all kinds are adding credit to household balance sheets, even though the consumer economy is fragile: a small minority who can afford luxury goods are in great financial condition, but those with low incomes, especially Outside major cities, two-wheeler purchases and smartphone upgrades are struggling.

यह भारत में महामारी के बाद का मंत्र बन रहा है: एक ऋणदाता जिसका असुरक्षित खुदरा ऋण का पोर्टफोलियो सालाना 50% नहीं बढ़ रहा है, वह पर्याप्त प्रयास नहीं कर रहा है। उपभोक्ता अर्थव्यवस्था कमजोर होने के बावजूद सभी प्रकार के बैंक और गैर-बैंक ऋणदाता घरेलू बैलेंस शीट पर क्रेडिट का ढेर लगा रहे हैं। एक छोटा सा अल्पसंख्यक बहुत अच्छी वित्तीय स्थिति में है, लेकिन कम आय वाले लोग दोपहिया वाहनों की खरीद और स्मार्टफोन के उन्नयन के साथ संघर्ष कर रहे हैं।

Needless to say, collection platforms have taken giant strides to ensure a seamless flow of information to platform users and borrowers. Thanks to personalized content and user-friendly gateways, integrated and digital platforms have persuaded existing and potential customers of the platform to engage with the collection agency.

Despite credit growth reaching new heights, debt collection has remained an archaic process. While AI-led innovations by collect-tech startups promise to revolutionise the space, both banks and non-banks are loath to cede control of their collections machines.

Breaking through the glass ceiling in the male-dominated sector, women are revolutionising the financial ecosystem through the adoption of technology

Schools and colleges must stress the importance of entrepreneurship and, most importantly, the inclusion of women in it, said Puja Srivastava – CTO and Co-Founder of spocto Solutions

Sumeet Srivastava, CO-Founder & CEO of Spocto, shares with TechStory, how Spocto is changing age old norms of the debt recovery sector using new age technology such as artificial intelligence and machine learning.

Although the RBI guidelines seem promising, seamless debt recovery from borrowers is still a far-fetched reality for lenders. One of the major pain points of every lender is irregular payments and loan defaults by borrowers.

spocto-World’s leading full-stack debt support and risk mitigation platform, today announced the launch of spoctoX-a unified full stack debt support and risk mitigation platform that understands customers.

The venture, which has its regional headquarter in Dubai, is eyeing a $100 million revenue target from the Middle East region in the next few years.

The RBI regulations and the covid-induced lockdown helped collection-tech startups gain ground. But lenders feel it won’t be easy to replace good old legwork.

Movius, cloud-based secure mobile communications, announces that its conversational artificial intelligence (Conversational AI) platform, Curie, will partner with spocto’s debt resolution and risk mitigation platform in India and the MENA region.

The world’s leading full-stack debt support and risk mitigation platform has inaugurated India’s first Innovation Lab (SIL) dedicated to the debt collection segment of banking industries in India and the Middle East.

spocto Innovation labs aim to develop a start-up ecosystem touching close to 10,000+ enterprises to co-create, prototype and implement ideas within fintech and collections space

spocto, a full-stack debt support and risk mitigation platform has launched India’s first Innovation Lab (SIL) catering to the debt collection segment of banking industries across India and MENA.

Systematic lending, borrowing, and debt recovery have been a part of the Indian financial system for centuries. From a stringent debt system under the reign of Mauryas to a modern-day regulated banking system, we have come a long way.

The event, sponsored by du and is organized in association with in5, Fluidmeet, Kapturise, and Tech Venue AI and Tech Hub, recognized individuals and enterprises that have been making waves in the region’s tech industry.

spocto, a Yubi company, has launched in the Middle East and North Africa (MENA) with regional headquarters located in Dubai International Financial Centre (DIFC). As a leading risk mitigation platform, spocto is establishing a foothold in the region, with the UAE serving as a springboard for its global ambitions.

For spocto, a pioneer in AI-enabled recovery infrastructure, the UAE debut will provide a strategic springboard to expand its operations globally as part of the India-UAE Start-Up Corridor. The initiative was launched in May 2022 by the DIFC and FICCI Leads, a business incubator of FICCI grow the startup ecosystem of India and the UAE.

An Indian fintech that specialises in credit risk mitigation is ready to help you and the bank meet at the halfway point. “If you look at platforms such as BNPLs, which are mostly small loans, the average loan period in the UAE is about 90 days,” said Sumeet Srivastava, founder and CEO of spocto. “However, for large loans such as to a small business, personal loans, mortgages and credit cards, product-specific adjustments are required.

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.

spocto Solutions Pvt Ltd, a collectech start-up & 1st to introduce contactless collections for banks and NBFCs in India covering all kinds of loans, enters the agricultural sector with its Kisan Pay BOT, a one-stop solution for the banks and farmers, where banks do not have to worry about farmer loan payment under Kisan Credit Cards.