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Neowise Launches AI-Powered Debt Recovery Solutions for Lenders

NeoBot and NeoSight have introduced two AI-powered products designed to enhance lenders' engagement with borrowers: NeoBot, a Debt Collection VoiceBot, and NeoSight, an AI Call Analytics Tool.

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Neowise Launches AI-Powered Debt Recovery Solutions for Lenders

Neowise Launches AI-Powered Debt Recovery Solutions for Lenders

Neowise, a debt recovery solutions provider in India and a subsidiary of the Decentro group, has introduced two AI-powered products designed to enhance lenders' engagement with borrowers: NeoBot, a Debt Collection VoiceBot, and NeoSight, an AI Call Analytics Tool. These products are part of Neowise's mission to improve debt recovery processes and overall lending infrastructure.

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Developed in partnership with Bangalore-based AI startup Sarvam AI, both solutions leverage advanced large language models (LLMs) to boost efficiency by approximately 15% and reduce costs by 33%. Initial proof-of-concept (POC) trials with three lenders demonstrated the effectiveness of these tools, and Neowise plans to expand their use to over 150 lenders across India.

The new tools aim to reshape how lenders manage debt recovery, offering improved operational efficiency and cost savings.

"We are proud to unveil the industry’s first generative AI solutions for debt recovery, addressing one of the biggest pain points for lenders: the high costs of managing debt collection at scale," said Rohit Ramachandran, CEO of Neowise. "With these AI-driven tools, we are optimising the debt recovery process to reduce defaults and significantly lower operational costs while improving customer engagement. Our collaboration with Sarvam AI has been key to achieving this breakthrough, allowing us to marry cutting-edge technology with deep industry insights. Together, we are transforming debt collection and setting new benchmarks for efficiency, compliance, and customer experience," he added.

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RBI's Financial Stability Report Signals Growing Stress in Banking Sector

India's banking and lending sector is grappling with a rise in non-performing assets (NPAs), a growing concern highlighted by the Reserve Bank of India (RBI) in its recent Financial Stability Report (FSR). The report pointed out two key indicators of financial stress: an increase in slippages, with 40% of new NPAs in FY24 stemming from retail loans (excluding home loans), and high delinquency rates among small borrowers with personal loans below INR 50,000.

In light of these challenges, AI-driven platforms like Neowise are being adopted to minimize risk and enhance recovery processes. These solutions enable banks and lenders to improve debt recovery through faster, more precise methods, avoiding outdated or coercive tactics. By offering better borrower insights and improving decision-making, such tools help maintain healthy loan portfolios and ensure sustainable growth in lending operations.

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Neowise's AI-driven debt recovery tools offer several advantages for lenders:

Increased Efficiency: Automating routine tasks and enabling personalized interactions results in significant time and cost savings, improving efficiency by 33%.
  
Improved Customer Satisfaction: A more empathetic and customized approach to debt collection leads to a better borrower experience.

Enhanced Compliance: AI-powered solutions ensure adherence to regulatory standards, reducing compliance risks.

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Data-Driven Decision Making: Advanced analytics help lenders make faster, data-backed decisions, optimizing recovery strategies up to 20 times faster.

The collaboration between Neowise and Sarvam AI has been central to developing these solutions, combining Sarvam AI's advanced generative AI capabilities with Neowise's expertise in debt recovery. This partnership has created innovative tools that streamline the debt recovery process for lenders.

"At Sarvam AI we are building a Generative AI stack for India grounds-up. Neowise has been leveraging our stack to innovate in debt collections. We are excited to see how NeoBot and NeoSight lead to a more efficient and scalable way to manage debt recovery." - Pratyush Kumar - Co-Founder, Sarvam AI. 

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Decentro Expands Deeper into the BFSI Sector with NeoBot and NeoSight Launch

Decentro, with the introduction of NeoBot and NeoSight, is further strengthening its support for banks, NBFCs, lenders, and other segments within the BFSI sector. In less than four years, the company has developed a comprehensive fintech infrastructure platform serving over 1,000 companies, including notable names like Freo (MoneyTap), CashE, Muthoot Capital, Credit Fair, Shiprocket, and CRED.

Focusing on key aspects such as customer experience, innovation, and compliance, Decentro currently offers more than 40 APIs, SDKs, and automated workflows. These tools address the complete financial infrastructure needs of companies, covering payments, identity, and credit management.

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Regarding the development, Rohit Taneja, founder and CEO of Decentro, stated: “At Decentro, we’re committed to solving complex challenges businesses face by constantly innovating and generative AI is a great tool. The launch of NeoBot and NeoSight marks a significant step in transforming debt recovery using the best possible technology. These AI-driven solutions empower lenders to streamline their operations, reduce costs, stay compliant, and deliver exceptional customer experiences. By leveraging cutting-edge AI, we enable businesses to scale efficiently and tackle critical challenges head-on."

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