Voice AI Leader Saarthi AI Launches Pravid, an AI-based Multilingual Communication Platform, Tailor-made for Collections Industry


Bengaluru, 1st November 2022: Voice AI Leader Saarthi AI has Launched Pravid, an AI-based Multilingual Communication Platform, Tailor Made for the Collections Industry. Recently Saarthi AI, a Bengaluru-based DeepTech venture crossed a key milestone. Saarthi’s Collections AI hit the $100 Mn mark in aggregate debt collected for 20+ top Indian financial companies like CRED, Shriram, Capri Loans and more.

Every month, Saarthi AI recovers more than 95% of the amount allocated, without human intervention, faster than all other channels of collection. The milestone marks the first successful implementation of AI for Collections at scale.

Prophecies of Collections revolutionizing Collections are decades old. It is an opaque, inconsistent, slow & expensive communication process. Businesses witness gruesome financial situations due to increasing debt. In India, delinquencies are on the rise and collection methods are causing serious reputation risks for the entire financial sector.

Yet, millions of new Indians are getting credit in the blink of an eyelid. The good news is it’ll only increase. But the ecosystem must grow in a sustainable manner. RBI is ensuring it does!

This makes it an even harder challenge for lenders who struggle with the time-consuming and unstructured process. Eventually, it derails the organization or they sell off the debt to unregulated parties causing more harm than good. Over $500 Mn of debt is written off each year in India.

To resolve this issue, companies generally outsource the collections to call centers. To recover debt, lenders give the same allocations to multiple agencies in desperation. Such an approach may seem a solution but over a long span these can cost the lender more than what is being recovered. Moreover, unregulated agencies not only rupture a company’s reputation but hamper their customer experience.

Saarthi AI is now digitizing a $2Tn Indian lending industry with Pravid.io – an omnichannel multilingual Communication AI Platform.

“There is an urgent need for an effective platform that makes Collections hassle-free. Pravid.io has been purpose-built to do exactly this. We’re helping CROs and collection managers take charge of their communication strategy.”, says Mr. Viswa Nath Jha, CEO & Founder, Saarthi.ai.

Pravid.io makes it easy for the Collections process to attain 100% transparency, 25% workflow agility, and 7x affordability. It is an end-to-end solution that allows credit and collections teams to automate and streamline their entire customer journey.

The secret sauce is the pre-trained multilingual Conversational AI framework they have pioneered with more than half a decade’s work and partnerships with customers, Govt. bodies and data agencies. MAIA (their AI SuperAgent) demonstrates state of the art efficiencies and communicates like a human in 11 languages.

Besides that, all the data captured is stored on an enterprise grade security platform with Contact Center tools, analytics & psychology-based strategies. It ensures you have a control panel with full transparency of the communication, and insights on User Behaviour, Cash Inflow Predictability, Campaign Performance and more.

More than 50+ brands trust Saarthi AI as the go-to partner to scale customer communication. Besides BFSI, their proprietary voice-first AI stack has also been implemented across Telecom, e-commerce and healthcare. Since the announcement of Pravid.io at Voice Tech Summit India 2022, Saarthi.ai has bagged numerous awards and recognitions in the Fintech domain and scaled its revenues fast.

Shri Piyush Goyal, Union Minister of Commerce & Industry, conferred an award for the Best Use of AI in Financial Services two weeks ago. Financial Express had recognized them for their impact in the same category in September 2022.

Saarthi AI team at multiple events this year has showcased to the Fintech community at the recently concluded Global FinTech Fest 2022 and are opening up to the product community on 18th October at NASSCOM Product Conclave – South Asia’s Largest Product Festival.

To simplify the process for people who are not able to experience the product in-person, Saarthi is launching Pravid.io soon on ProductHunt. With a few clicks, new users can test drive their portal and see value right away!