Kotak Mahindra Bank launches Neo Collections loan repayment platform

Kotak Mahindra Bank said that it has partnered with fintech firm Creditas Solutions to launch a do-it-yourself (DIY) digital repayment platform called ‘Neo Collections’ for making missed loan repayments.

According to the Indian banking and financial services company, the digital repayment platform is powered by artificial intelligence (AI) and machine learning (ML).

Anshuman Panwar — Co-founder of Creditas Solutions said: “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 optimized customer interactions, allowing Kotak to drive intelligent customer engagement for superior collections success at lower cost.”

Kotak Mahindra Bank partners with Creditas Solutions to launch Neo Collections loan repayment platform. Photo courtesy of Indrajit Das/Wikipedia.org.

The Neo Collections loan repayment platform is said to provide a customized and non-intrusive experience to help customers seamlessly manage their dues on their own.

By tapping data analytics for targeting the right customer segments, the Kotak Mahindra Bank digital repayment platform is said to create hyper-personalized scenarios for connecting with each customer.

It analyzes historical and also live customer interaction data, and deploys sophisticated behavioural models for creating individual customer-level personas that take into account the unique choices of each customer. These include their preferred communication mode, the best time for contacting them, and the language of their choice.

Customers by following a link will be directed to the Neo Collections loan repayment platform. From there, the customers can get a consolidated picture of their entire relationship with Kotak Mahindra Bank and will be able to repay outstanding dues using a range of payment modes.

For queries or help, customers can request on the digital loan repayment platform itself. In some cases, the Neo Collections platform also determines the best course of action by providing personalized repayment plans or payment resolution options in line with the internal credit guidelines of Kotak Mahindra Bank.

Ambuj Chandna — Kotak Mahindra Bank President of Consumer Assets said: “The main purpose behind deploying a DIY digital repayment platform was to make repayments for outstanding loans more convenient for our customers. Personalized, 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.”