Neowise has unveiled India’s first generative AI-powered debt collection tools, NeoBot and NeoSight. Developed in partnership with Bangalore-based AI startup Sarvam AI, these innovations aim to reshape the debt recovery industry by increasing efficiency and reducing costs for lenders across the country.
NeoBot, a voice-activated debt collection assistant and NeoSight, an advanced AI call analytics tool, are designed to streamline the debt recovery process by improving collection efficiency by 15 per cent and lowering operational expenses by 33 per cent. The pilot testing with three lending institutions has shown promising outcomes, and Neowise has plans to expand these tools to over 150 lenders throughout India.
Rohit Ramachandran, Co-Founder & CEO, Neowise, said, “With the launch of our AI-driven tools, we’re setting a new standard in debt recovery. Our collaboration with Sarvam AI has enabled us to blend cutting-edge AI technology with strategic industry insights, optimising debt recovery while enhancing customer interactions.”
As India’s non-performing assets (NPAs) rise, particularly in the retail loan sector, Neowise’s AI-driven solutions are poised to assist banks and lenders in managing debt recovery more effectively.
Pratyush Kumar, Co-Founder, Sarvam AI, sated, “By integrating our AI technology into Neowise’s debt collection processes, we’re paving the way for a more efficient and scalable approach to debt recovery.”
The key advantages of Neowise’s AI solutions include:
– 33 per cent reduction in operational costs
– Enhanced customer satisfaction with personalised, empathetic outreach
– Robust regulatory compliance support
– Data-driven insights, optimising recovery strategies up to 20x faster
With these innovations, Neowise is set to transform India’s debt recovery landscape, driving sustainable growth for lenders and improved experiences for customers.