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spocto SMARTCollect Case Study

Client

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