The Big Change in the Credit Industry: More Machines, Less Muscle
Voice AI Leader Saarthi AI Launches Pravid, an AI-Based Multilingual Communication Platform, Tailor-Made for the Collections Industry October 2022, New Delhi – In August 2022, Saarthi AI, a DeepTech-based company in Bengaluru, reached a milestone. Saarthi’s Collections AI has reached the $100 million mark in total debt collected for over 20 major Indian financial companies like CRED, Shriram, Capri Loans and more.
Every month, Saarthi AI recovers more than 95% of the allocated amount, without human intervention, faster than all other collection channels. This milestone marks the first successful implementation of AI for large-scale collections.
Collection prophecies have been revolutionizing collections for decades. It is an opaque, inconsistent, slow and costly communication process. Businesses are facing horrific financial situations due to increasing debt. In India, payment defaults are on the rise and collection methods pose serious reputational risks for the entire financial sector.
Yet millions of new Indians get credit in the blink of an eye. The good news is that it will only increase. But the ecosystem must develop in a sustainable way. RBI makes sure it does! This makes it an even tougher challenge for lenders who struggle with the lengthy and unstructured process. Eventually, it derails the organization or it sells the debt to unregulated parties, causing more harm than good. More than $500 million of debt is canceled every year in India.
To solve this problem, companies usually outsource collections to call centers. To collect the debt, the lenders give the same allocations to several agencies in desperation. Such an approach may seem like a solution, but over a long period of time it may cost the lender more than what is recovered. Moreover, unregulated agencies not only damage a company’s reputation, but also hinder its customer experience.
Saarthi AI was founded in 2017 with a vision to make voice and non-voice processes in contact centers efficient, affordable and transparent. Saarthi AI is digitizing a $2 billion Indian lending industry with Pravid.io – an omnichannel multilingual communication AI platform.
“There is an urgent need for an effective platform that makes collections hassle-free. Pravid.io was specifically designed to do just that. We help CROs and collection managers support their communication strategy says Mr. Viswa Nath Jha, CEO and Founder of Saarthi.ai.
Agencies employ callers. These call centers are plagued with issues such as workforce management, inability to scale call volumes, inconsistency, and siled data. With financial inclusion, the size of loan vouchers has decreased and it is increasingly common for the cost of collections to exceed the loan amount.
Pravid.io enables the recovery process to easily achieve 100% transparency, 25% workflow agility, and 7x accessibility. It’s an end-to-end solution that enables credit and collections teams to automate and streamline their entire customer journey.
The Secret Sauce is the pre-trained multilingual conversational AI framework that they have developed with over half a decade of work and partnerships with clients, Govt. data organizations and agencies. MAIA (their AI SuperAgent) demonstrates peak efficiency and communicates like a human in 11 languages.
Additionally, all captured data is stored on an enterprise-grade security platform with contact center tools, analytics, and psychology-based strategies. It ensures that you have a control panel with full communication transparency and insights into user behavior, cash inflow predictability, campaign performance, and more.
More than 50 brands trust Saarthi AI as their go-to partner to evolve customer communication. Besides BFSI, their proprietary Voice First AI stack has also been implemented in telecommunications, e-commerce and healthcare. Since announcing Pravid.io at Voice Tech Summit India 2022, Saarthi.ai has won numerous Fintech awards and accolades and rapidly increased its revenue.
Union Trade and Industry Minister Shri Piyush Goyal presented an award two weeks ago for the best use of AI in financial services. Financial Express had recognized them for their impact in the same category in September 2022.
You can meet the Saarthi AI team at several events this year and learn about the new technology. They were introduced to the Fintech community at the recently concluded Global FinTech Fest 2022 and open to the product community on October 18-19 at the NASSCOM Product Conclave – the largest product festival in North Asia. South.
To simplify the process for people who are unable to experience the product in person, Saarthi is soon launching Pravid.io on ProductHunt. With just a few clicks, new users can test their portal and immediately see the value! You can visit their pre-launch page by clicking https://www.producthunt.com/upcoming/pravid-io. Get your questions answered and stay informed with multiple in-person and virtual events such as Tech Showcase, AMA, webinars, and more. to learn more about this disruptive product.
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