Movius Conversational AI to power spocto’s debt resolution platform

By Leandra Monteiro

Movius, a cloud-based secure mobile communications company, announced that its conversational artificial intelligence (Conversational AI) platform, Curie™, will power spocto’s debt resolution and risk mitigation platform in India and the MENA region.

The Silicon Valley-based Movius has signed an agreement with spocto, the debt support and risk mitigation platform powered by AI and ML. spocto aims to shape the future of collections by helping banks and NBFC’s achieve better platform integration to improve customer experience in the most compliant manner.

Speaking on this milestone, Puja Srivastava, Co-Founder & CTO, spocto said, “spocto has established itself as a credible one-stop organization that can convert more than 60% of the unpaid bank loans on the backbone of digitization and education using high-end AI and Machine learning. This is indigenously developed by a robust backend team of operations and domain expertise. This association will now enable spocto to offer an additional feature of conversational AI for lenders in India.”

“Driving business outcomes at scale through AI requires a robust platform that can transform the debt collection industry’s experience through conversational intelligence, unified interaction, and integration across a multitude of languages and channels. We are thrilled to deploy Curie, which will certainly enhance spocto’s developer experience and remove hurdles of AI adoption,” explained Satish Medapati, Head of AI and Data Solutions at Movius.

The partnership gains significance in light of recent regulatory guidelines in India under which the Reserve Bank of India has tightened the norms for loan recovery process to prevent banks and other lenders from using strong-arm tactics or other unfair recovery practices for collecting debt. It is a matter of time before technology plays a greater role in the debt collection process, whereby debt collection practices will no longer humiliate the person from whom the debt is to be collected and make it less intrusive than what it is now. spocto’s technology, riding on Movius’s conversational AI platform, helps ensure that the debt collection process is robust, personalized, and innovative, as the debt collection process becomes ethical.