Kotak Mahindra Bank has deployed a secure, Do It Yourself digital repayment platform for missed loan repayments. Powered by Artificial Intelligence (AI) and Machine Learning (ML), the ‘Neo Collections’ DIY platform, in a tie-up with Creditas Solutions, delivers a personalized and non-intrusive experience thereby enabling customers to manage their dues seamlessly on their own through an intuitive repayment platform.
Using data analytics to target the right customer segments, the platform creates hyper- personalized scenarios to connect with each customer. The platform analyses both historical as well as live customer interaction data, deploying sophisticated behavioral 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.
In select cases, the platform also determines the best course of action by offering customized repayment plans or payment resolution options in line with the bank’s internal credit guidelines. 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.