In collaboration with Creditas Solutions, Kotak Mahindra Bank (KMBL), the leading private sector bank, has launched a secure Do It Yourself (DIY) Digital Repayment Platform for outstanding debt or loan repayments. This move will improve existing and new loan customers' repayment experiences and efficiency. Via its press release, the lender has said that " Powered by Artificial Intelligence (AI) and Machine Learning (ML), the 'Neo Collections' platform delivers a personalised and non-intrusive experience thereby enabling customers to manage their dues seamlessly on their own through an intuitive repayment platform."
Regarding how the platform will work the bank has clarified that "Using data analytics to target the right customer segments, the 'Neo Collections' platform creates hyper-personalised scenarios to connect with each customer. The platform analyses both historical as well as live customer interaction data, deploying sophisticated behavioural models to create individual customer-level personas that take into account the unique preferences of each customer, including their preferred communication mode, the best time to contact them and the language of their choice."
KMBL has also further added that "By clicking on the link received, customers will be directed to the platform that provides them with a consolidated view of their entire relationship with the bank and enables repayment of outstanding dues through a variety of payment modes. For any queries or assistance, customers can also raise a request on the platform itself, which will be addressed by the bank. In select cases, the platform also determines the best course of action by offering customised repayment plans or payment resolution options in line with the bank's internal credit guidelines."
"The main purpose behind deploying a DIY digital repayment platform was to make repayments for outstanding loans more convenient for our customers. Personalised, 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," Kotak Mahindra Bank's President - Consumer Assets, Ambuj Chandna, acknowledged.
"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 optimised customer interactions, allowing Kotak to drive intelligent customer engagement for superior collections success at lower cost." remarked Anshuman Panwar, Co-founder of Creditas Solutions.
The foremost firm of Kotak Group, Kotak Mahindra Bank, is one of the country's fastest-growing private banks. As of June 30, 2021, Kotak Mahindra Bank Ltd has 1,612 branches and 2,591 ATMs across the country, as well as branches in GIFT City and DIFC (Dubai).