SMARTCollect Case Study

Client Business tools integration.

One of the leading Private Bank in the country with presence across 500+ cities and multiple product segments.

 

Problem

The bank had quite a few problems to deal with:

  1. Higher bounce rates
  2. Lower coverage and contacts
  3. Reduced customer experience
  4. Higher cost of collections

Our Solution

spocto ran its Machine Learning and AI led platform – SMARTCollect to influence the customer only through digital channels and managed to increase the self-pay exponentially higher in comparison to what the bank had experienced in the past month on month and at the same time have the bank experience a dip in bounce cases getting the overall number down drastically.

Result

SMARTCollect self-pay solution resulted in

  • Reduction of headcount by ~80% owing to digital collections
  • 47% reduction in cost of collections
  • 22% reduction in Bounce rate
  • Field/referral stamping on day ZERO
  • 80% increase in self-paid rate