Image credit: The Financial Express
Kotak Mahindra Bank (KMBL) announced that it has deployed a secure, Do It Yourself (DIY) Digital Repayment Platform for missed loan repayments, in a tie-up with Creditas Solutions.
Powered by Artificial Intelligence (AI) and Machine Learning (ML), the ‘Neo Collections’ platform delivers a personalised and non-intrusive experience thereby enabling customers to manage their dues seamlessly on their own through an intuitive repayment platform.
The ‘Neo Collections’ platform uses data analytics to target the right customer segments to create hyper-personalised scenarios to connect with each customer. The platform analyses both historical as well as live customer interaction data, deploying sophisticated behavioural models to create individual customer-level personas that take into account the unique preferences of each customer, including their preferred communication mode, the best time to contact them and the language of their choice, the company said
The further explained that by clicking on the link received, customers will be directed to the platform that provides them with a consolidated view of their entire relationship with the bank and enables repayment of outstanding dues through a variety of payment modes. For any queries or assistance, customers can also raise a request on the platform itself, which will be addressed by the bank. In select cases, the platform also determines the best course of action by offering customised repayment plans or payment resolution options in line with the bank’s internal credit guidelines.
“The main purpose behind deploying a DIY digital repayment platform was to make repayments for outstanding loans more convenient for our customers. Personalised, intelligent and more sensitive to the needs of our customers, the system keeps refreshing itself based on a customer’s preferences and behaviour. Bringing in an analytics and digital-enabled model into collections, enhances our ability to deliver a superior post-lending customer experience, while at the same time ensuring greater efficiencies in collections,” said Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank.
“Creditas has created an agile and responsive repayment platform for Kotak Mahindra Bank which is underpinned by a digital-first and mobile-first approach. The platform is intuitive, using contextualised and optimised customer interactions, allowing Kotak to drive intelligent customer engagement for superior collections success at lower cost,” said Anshuman Panwar, Co-founder of Creditas Solutions.