The farmers tend to forget their EMI dates due to some reason or other, and their knowledge about digital payment is helping solve that problem. Spocto has a vernacular chatbot, which is available for interaction in 26 languages and multiple dialects thus increasing inclusivity.
Mumbai-based data analytics firm, Spocto, is helping nearly 4 lakh domestic farmers to digitally repay their loans every month and reducing the delay in loan recovery for banks. The start-up leverages Machine Learning and Artificial Intelligence platform named SMARTcollect, and Kisan Pay to educate the farmers and carry forth its operations.
The farmers tend to forget their EMI dates due to some reason or other, and their knowledge about digital payment is helping solve that problem. Spocto has a vernacular chatbot, which is available for interaction in 26 languages and multiple dialects thus increasing inclusivity.
This technology can accelerate the speed and cost involved in loan recovery while reducing the harassment of borrowers. The start-up is also working on a propensity to pay score, which will also complement its credit score. The project is piloted across 135 countries thus far.
Source: Business World
