Startup ‘Spocto’ Uses Machine Learning To Understand Customer Behavior

Founded in December 2016, Spocto helps the BFSI domain with customer details and insights, enabling them to contact their customers and increase the recoveries on delinquent accounts.
In the retail space, Spocto enables the companies gain insights on their customers so as to provide a unique buyer proposition for each of their customers rather than a generic marketing message targeting a broad segment. Customer experience is therefore enhanced.

Sumeet Srivastava, Co-Founder, SPOCTO tell us more.

How has digital business exploded amid the current pandemic? Is there an upsurge?

I think that the digital business has already exploded with the current pandemic, and businesses that have not invested in technology to run their operations will be forced to rethink their strategies. Traditional ways of operations have been and will be transformed time again. Businesses are more reliant on technology now than ever to function, scale, and be efficient in their operations. Productivity is the key area of focus for organizations to retain or sustain their market position yet alone scale and dominate. Hence, technology that complements the existing business thinking and strategies will definitely be a deciding factor in their operational success

How is Spocto differentiable from the other fintech players?

Spocto has products that specifically cater to the CollectTech segment of banking and NBFC domain, where no other FinTech is currently servicing. Enabling these sectors to grow their bottom line by focussing on recoveries from delinquent accounts through digital medium in a timely and efficient way in comparison to the traditional route apart from the solution being very cost-effective, this is a disruption in the collection space, it has begun and is now picking up momentum faster owing to the working constraints faced by the industry at large and the benefits that the products bring to the table, bridging the gap in the best way possible.
Spocto is able to provide the BFSI domain with a unique proposition of collecting from their customers with the aid of technology, rather than a traditional way of contact center or field collections, saving them huge costs, as the cost of collections digitally is drastically reduced by almost 30%.

How is Spocto equipped with Machine Learning? Does it help in gauging customer behaviour? 

So at Spocto, machine learning is used at large to understand and comprehend customer behavior and gather those insights back to our clientele enabling them with better decision-making abilities to further their engagement in a customized route with each of their customers thereafter.

Do you vouch for the fact that technology has become the backbone for business operations?

I believe whether an individual or an organization admits it or not, technology has paved its way into everyone’s life in more than ways imaginable few weeks ago. It’s the new normal now. Ways of living and working have drastically changed and technology has become a lifeline for business operations to sustain and grow if adopted well and invested well, or merely perish or vanish sooner than they expected.

However, every organization that deals with sensitive data has to be cognizant of the change in operational perimeters and enhance their security protocols to now cover broader perimeters or hubs of perimeters put together as teams continue to work remotely from multiple locations than a concise location or locations earlier. Hence investing and ensuring data security and other security standards are set up and maintained will be the foundation for the organization to build trust amongst its customers, the very basic hygiene factor, and will pave way for its future growth and expansion, without which it is leaving a huge gap for breaches and should be ready to bear the cost or consequences thereafter. Just hoping and praying a hacker wouldn’t notice that would be a folly

Any milestones you wish to achieve?

We want to keep investing and creating B2B and B2C solutions for loan borrowers – As the economy improves, access to capital will remain a driver and how to effectively service the loan is an area we will keep focussing – We want to be the UBER for Collections.

What can we except your wannabe clan to behave like?

I would say that they should be true to their purpose and cause, and not just run after the next shiny object if they want to build a sustainable business