With a mission to enable lenders to engage with borrowers more effectively, Neowise has unveiled two transformative products powered by generative AI: NeoBot, the Debt Collection VoiceBot, and NeoSight, the AI Call Analytics Tool. Neowise is a debt recovery solutions provider and a Decentro group subsidiary that contributes to the overarching lending infrastructure.
Developed in close collaboration with Bangalore-based generative AI startup Sarvam AI, these solutions — powered by advanced large language models (LLMs) — transform the way lenders approach debt recovery by improving efficiency by around 15% and reducing costs by 33%. The initial POCs tested by around 3 lenders have proved very successful in achieving the above numbers, and now the company wants to scale these across 150+ lenders across the country.
“We are proud to unveil the industry’s first generative AI solutions for debt recovery, addressing one of the biggest pain points for lenders: the high costs of managing debt collection at scale,” said Rohit Ramachandran, CEO of Neowise. “With these AI-driven tools, we are optimising the debt recovery process to reduce defaults and significantly lower operational costs while improving customer engagement. Our collaboration with Sarvam AI has been key to achieving this breakthrough, allowing us to marry cutting-edge technology with deep industry insights. Together, we are transforming debt collection and setting new benchmarks for efficiency, compliance, and customer experience,” he added.
The rise of non-performing assets (NPAs) in India has become a significant challenge in the banking and lending sector, with the Reserve Bank of India (RBI) expressing growing concern. In its recent Financial Stability Report (FSR), the RBI highlighted two signs of incipient stress: slippages—fresh additions of bad loans—are on the rise, with 40% of new NPAs in FY24 originating from retail loans, excluding home loans. And the delinquency levels among small borrowers with personal loans below INR 50,000 remained exceptionally high.
In response to these challenges, new-age solutions are emerging to minimise risk and streamline recovery processes. By leveraging AI-driven platforms like Neowise, banks and lenders can ensure faster, more accurate debt recovery without resorting to outdated or coercive tactics. These innovative tools provide better borrower insights, enhance decision-making, and help lenders maintain healthy portfolios, offering a more sustainable approach to loan book growth and debt recovery.
Key benefits of Neowise’s AI solutions include:
⦁ Increased efficiency: Automation of routine tasks and personalised interactions lead to significant time and cost savings, increasing overall efficiency by 33%
⦁ Improved customer satisfaction: A more empathetic and tailored approach to debt collection enhances the borrower experience.
⦁ Enhanced compliance: AI-powered tools ensure adherence to regulatory standards, mitigating risks.
⦁ Data-driven decision-making: Insightful analytics enable lenders to make informed decisions and optimise their recovery strategies at least 20X faster.
This overall collaboration with Sarvam AI has been instrumental in developing these cutting-edge solutions. These solutions combine industry-leading AI infrastructure with Neowise’s deep domain expertise in debt recovery. This collaboration enables Neowise to leverage Sarvam AI’s advanced generative AI capabilities to create robust tools that streamline debt recovery processes.
“At Sarvam AI we are building a Generative AI stack for India grounds-up. Neowise has been leveraging our stack to innovate in debt collections. We are excited to see how NeoBot and NeoSight lead to a more efficient and scalable way to manage debt recovery.” – Pratyush Kumar – Co-Founder, Sarvam AI.
With the launch of NeoBot and NeoSight, the Decentro brand is going deeper into helping Banks, NBFCs, Lenders, and other sub-categories under the BFSI sector. In under four years, the company has rapidly built a full-stack fintech infrastructure platform that provides solutions to over 1000 companies, including Freo (MoneyTap), CashE, Muthoot Capital, Credit Fair, Shiprocket, CRED, and many more. With critical pillars of customer experience, innovation, and compliance, Decentro currently has 40+ deep APIs, SDKs & automated workflows catering to the entire value chain of a company’s financial infrastructure needs across payments, identity, and credit.
Regarding the development, Rohit Taneja, founder and CEO of Decentro, stated: “At Decentro, we’re committed to solving complex challenges businesses face by constantly innovating and generative AI is a great tool. The launch of NeoBot and NeoSight marks a significant step in transforming debt recovery using the best possible technology. These AI-driven solutions empower lenders to streamline their operations, reduce costs, stay compliant, and deliver exceptional customer experiences. By leveraging cutting-edge AI, we enable businesses to scale efficiently and tackle critical challenges head-on.”