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  • Spocto’s Kisan Pay BOT reduces farm loan NPAs and eases collections with digitisation for over 2.5mn farmers in India

    Published on November 30, 2021

    Mumbai: Spocto Solutions Pvt Ltd, a collectech start-up & 1st to introduce contactless collections for banks and NBFCs in India covering all kinds of loans, enters the agricultural sector with its Kisan Pay BOT, a one stop solution for the banks and farmers, where banks do not have to worry about farmer loan payment under Kisan Credit Cards. Launched in early 2021, till now Spocto has transformed self-pay for 2.5mn farmers in India. It has successfully bridged the digital divide by connecting farmers with loan repayments. 

    This is first of its kind innovative application that reads farmer data, details like collection timing, due date, analysing and augmenting with the use of Machine learning, behavioural and psychographic information with 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 helps 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.

    With the help of Spocto Kisan Pay solution integration with banks and NBFC’s, farmers get a call, sms in their regional language with continues education and guidance on payment details, outstanding, due date. The product is currently available in 18 regional languages and offers digital payments over 9 platforms in 100 dialects. 

    Speaking on this milestone in Kisan Credit Card with Kisan Pay, Mr. Sumeet Srivastava, Founder & CEO, Spocto Solutions Pvt. Ltd says, “Financial independence in rural pockets in the country is the need of the hour. With financial counselling and services, we empower and enhance their propensity to pay. Spocto has established itself as a credible organisation being able to convert more than 60% of the unpaid bank loans on the backbone of digitisation, education using high end AI and Machine learning. Indigenously developed, this entire platform supported by a robust backend team of operations and domain expertise, Spocto is now happy to impact the agricultural sector. We hope this product will be able to drive financial literacy and aid collection of farm loans. Testing this solution for KCC users, we hope to extend our service across all agricultural loans educating farmers to pay. With the economy on the path of revival, farmers and their credit or loan repayments are an important parameter fuelling growth.” 


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