spocto launches India’s First Innovation Lab focusing on the Debt Collection ecosystem
spocto Innovation labs aim to develop a start-up ecosystem touching close to 10,000+ enterprises to co-create, prototype and implement ideas within fintech and collections space
World’s leading full-stack debt support and risk mitigation platform — has launched India’s first Innovation Lab (SIL) catering to the debt collection segment of banking industries across India and MENA. SIL will be collaborating with multiple bank stakeholders to better understand the NPA crisis, and how the team might be able to use tech to resolve it.
spocto will also enable digitization in the collections ecosystem by employing technologies that drive hyper-personalization and data-driven tools to enable better repayments. The said solutions will be firmed up in consultation with a ‘borrower’ focus group that comprises people from different demographics. Since SIL will solicit inputs from the borrower and lender segments alike, spocto aims to further reduce the delinquency rate by 10% by 2025.
SIL is designed to fast-track work on disruptive technologies focusing on AI/ML, big data, data security, etc. through an accelerated mechanism. SIL is collaborating with all players within the collection ecosystem to become future-ready with a digital-first approach.
In addition, the innovation lab is set to launch 3 to 4 tech-driven initiatives that will cater to different segments: banking partners, NBFCs, collection agencies, fintechs & end consumers in the Q4 of this financial year. The initiative alone is expected to accelerate spocto’s reach to over 100 million end consumers by 2023.
Sumeet Srivastava, Founder and CEO, spocto, said, “We firmly believe that a credit-led economy is a crucial pillar to achieve the $5 trillion goal of the overall economy set by the Hon Prime Minister of India. With SIL, we aim to tackle the mammoth hurdle of debt resolution and make it seamless by simplifying the entire journey of debt. We have engineers, data scientists and banking experts from diverse geographies coming together to tackle this global issue.
spocto has made immense strides in the collections segment with its work with leading banks. since 2017. In these years, spocto has touched over 54 million end customers while processing volumes worth USD 100 billion and has worked with 30+ financial institutions across the globe.
About: spocto is the world’s leading debt support & risk mitigation platform. Launched by Sumeet Srivastava and Puja Srivastava in 2017, the platform enhances collection mechanisms, providing banks and consumers with advanced repayment opportunities. spocto has processed loans worth USD 25 billion through the collection of 35 million accounts in FY22 and has established its presence in the MENA market with its first office outside of India, headquartered at the Dubai International Financial Centre (DIFC).