Reduces farm loan NPAs and eases collections with digitisation
Spocto Solutions has ventured into the agricultural sector with its Kisan Pay BOT, a one-stop solution for the banks and farmers. Launched in early 2021, Spocto has transformed self-pay for 2.5 million farmers in India. It has successfully bridged the digital divide by connecting farmers with loan repayments.
The first-of-its-kind innovative application reads farmer data, details like collection timing, due date, analysing and augmenting with the use of machine learning, behavioural and psychographic information with the use of AI to reach out to the customers in their own desired language. With this, the life of farmers has become easier for loan payments reducing travel to the nearest bank branch for cash payment and thus helping them to adopt digital payment modes enhancing financial literacy and driving inclusion.
The data is enriched with behavioural and psychographic information arrived at with the use of proprietary AI-based Machine learning algorithms. The process allows Spocto to reach out to farmers at their preferred timing, through their preferred communication channel in the language they prefer thus increasing their propensity to pay within the due date.
The product is currently available in 18 regional languages and offers digital payments over 9 platforms in 100 dialects.
