At spocto, we’re dedicated to help financial institutions overcome challenges in retail loan recovery. Our innovative products are tailored to boost lenders’ success while fostering positive borrower relationships. Here’s how:
- Enhanced Loan Recovery: By harnessing AI-driven risk models and predictive analytics, spocto has proven to increase loan recovery rates by an impressive 20-30%. Early detection of potential delinquencies allows lenders to take timely actions, saving loans from becoming irrecoverable.
- Reduced Default Rates: Our data-driven approach leads to a significant reduction in default rates, helping banks and NBFCs cut defaults by up to 10-15%. Better risk assessment enables them to avoid lending to high-risk applicants.
- Seamless Digital Payment Adoption: Embracing the growing trend of digital payments, Spocto facilitates the smooth integration of digital channels. As a result, an increasing number of borrowers, about 15-20% annually, opt for convenient online repayments, ensuring better compliance and fewer delinquencies.
- Personalized Communication for Better Engagement: Building meaningful connections with borrowers is crucial. With Spocto’s tailored communication strategies, lenders experience a 25-30% increase in on-time payments. Engaging with borrowers on a personal level enhances cooperation and willingness to repay.
- Flexibility for Financial Hardships: Recognising the challenges borrowers face, spocto enables banks and NBFCs to offer flexible repayment options. Providing alternatives like deferred payments or loan restructuring results in a 25-30% decrease in delinquency rates.
- Sharper Risk Assessment: Our data analytics empowers lenders to make well-informed decisions about borrowers’ creditworthiness. By leveraging this insight, they can minimise lending risks and improve overall portfolio health.
- Contributing to Economic Stability: Successful loan recovery not only benefits lenders but also supports economic stability. By reducing default rates, spocto’s solutions contribute to a healthier lending market, fostering economic growth and consumer confidence.
- Measurable Success: spocto’s impact is measurable through concrete metrics. With increased loan recovery rates and reduced defaults, our innovative approaches have proven to be effective in elevating lenders’ performance.
Have a look at the video to know more.
