Movius, a leader in cloud-based mobile communications, has reportedly announced that Curie, its AI platform, will power spocto’s debt resolution and risk mitigation platform in the MENA region and India. As per reports, spocto aims to help NBFCs and banks achieve better platform integration, through which they can improve customer experience in the most compliant manner.
The partnership is significant as the Reserve Bank of India has recently tightened the norms for the loan recovery process to stop lenders and banks from using any tactics or other unfair recovery practices to collect the debt. spocto’s technology, coupled with Movius’s conversational artificial intelligence platform, ensures that the debt collection process is personalized, robust, ethical, and innovative.
Ananth Siva, CEO, Movius, has claimed that this agreement between the two firms could have been made possible only by pushing the existing boundaries and challenging the current norms. He has also claimed that the firm is excited about this partnership and that the results, despite having complex languages and workflows, have been remarkable.
Meanwhile, Satish Medapati, Head of AI and Data Solutions, Movius, added that the firm is excited to deploy Curie, which will remove spocto’s hurdles in AI adoption and enhance the developer’s experience
About this deal, Puja Srivastava, Co-Founder & CTO of spocto has claimed that the firm has established itself as a reputable one-stop organization which can convert over 60 percent of the unpaid bank loans by using high-end ML and AI. This is developed indigenously by a robust backend team of domain expertise and operations. The new association will now enable spocto to offer an additional feature of conversational AI for Indian lenders.
For the unversed, spocto was founded in 2017 and has since become a market leader in the world of risk mitigation and consumer analytics. spocto relies on propriety algorithms and its suite of products apply ML and use predictive AI to draw understanding from ambiguous data, which helps lenders to improve debt collection efficiencies and manage risk.