The portfolio consisted of a mix of Vintage, and newly written off accounts. The Bank got into a Proof of Concept (POC) where it shared 5,000 data points of Individuals with spocto Trace. Spocto Trace ran the data in it’s Machine Learning system, combined with predictive analytics and a host of data assimilation tools. Within 7 working days spocto Trace shared a result summary report with the Bank client.
Spocto Trace solution resulted in:
- 12% increased contactability on the total of $5B data points shared
- The result was divided into :
- Possible Person
- Non Contactable
- False Positives
Trace improved operational efficiency of the bank by identifying FALSE POSITIVES to 20% – weeded out False and incorrect Email ID and Contact number, thereby leaving only contactable information for the Bank to work on With Trace image analytics solution, the Bank was able to improve efficiency for the feet on street agents. Over a period of 3 months, the bank recorded an increase of 2-3% in the overall recovery of delinquents.