Movius, a cloud-based secure mobile communications firm, announced that its conversational AI platform, Curie™, will power spocto’s debt resolution and risk mitigation platform in India and the MENA region. The Silicon Valley-based Movius has signed an agreement with spocto, the world’s leading debt support and risk mitigation platform powered by AI and ML.
Why did spocto turn to Movius’ solutions?
Founded in 2017, spocto has become a market leader in the world of consumer analytics and risk mitigation. Using proprietary algorithms, spocto’s suite of products apply machine learning and use predictive artificial intelligence (AI) to draw insights from otherwise ambiguous data, helping lenders manage risk and improve debt collection efficiencies.
spocto aims to shape the future of collections by helping banks and NBFC’s achieve better platform integration to improve customer experience in the most compliant manner.
The partnership gains significance in the light of recent regulatory guidelines in India under which the Reserve Bank of India has tightened the norms for loans recovery process to prevent banks from using strong-arm tactics or unfair recovery practices for collecting debt.
It is a matter of time before technology plays a greater role in the debt collection process, whereby debt collection practices will no longer humiliate the person from whom the debt is to be collected and make it less intrusive than what it is now. spocto’s technology, riding on Movius’s innovative conversational AI platform, helps ensure that the debt collection process is robust, personalized, and innovative, as the debt collection process becomes ethical.
What does the partnership mean for Movius and spocto?
Puja Srivastava, Co-Founder & CTO, spocto said, “spocto has established itself as a credible one-stop firm that can convert more than 60% of the unpaid bank loans on the backbone of digitization and education using high-end AI and Machine learning. This is indigenously developed by a robust backend team of operations and domain expertise. This association will now enable spocto to offer an additional feature of conversational AI for lenders in India.”
This agreement was made possible by challenging the norms and pushing boundaries to drive customer value, according to Ananth Siva, CEO, Movius. “We are excited about this partnership with the world’s leading debt support and risk mitigation platform, spocto. The results thus far, even in complex languages and workflows, have been remarkable,” he said.
“Driving business outcomes at scale through AI requires a robust platform that can transform the debt collection industry’s experience through conversational intelligence, unified interaction, and integration across a multitude of languages and channels. We are thrilled to deploy Curie, which will certainly enhance spocto’s developer experience and remove hurdles of AI adoption,” explained Satish Medapati, Head of AI and Data Solutions at Movius.