In a partnership with Creditas Solutions, a fintech firm, private sector lender Kotak Mahindra Bank (KMBL) has created a do-it-yourself (DIY) payback platform for missed loan repayments.
The Neo Collections platform will use artificial intelligence (AI) and machine learning (ML) to provide a tailored and non-intrusive experience, allowing consumers to manage their dues on their own through a simple payback platform. The platform, according to the company, will analyse both historical and live customer interaction data, using behavioural models to create individual customer-level personas that take into account each customer's unique preferences, such as preferred communication mode, the best time to contact them, and preferred language.
Customers will be led to a platform that gives them a consolidated picture of their whole relationship with the bank and allows them to refund overdue dues using a number of payment methods by clicking on the link they received.
“The major goal of introducing a DIY digital payback platform was to make it easier for our clients to settle their outstanding loans. The system continually updating itself depending on a customer's choices and behaviour, making it more personalized, intelligent, and responsive to their demands. "By incorporating an analytics and digital-enabled approach into collections, we will be better able to provide a superior post-lending customer experience while also increasing collection efficiency," said Ambuj Chandna, president–consumer assets, Kotak Mahindra Bank.
The platform will also identify the appropriate course of action in some situations, according to the business, by proposing tailored repayment plans or payment settlement solutions in accordance with the banks' internal credit criteria. “The platform is simple, allowing Kotak to promote smarter customer engagement for greater collections performance at a reduced cost,” said Anshuman Panwar, co-founder of Creditas Solutions.
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