The conversational AI tool acts as a bridge between lenders and borrowers across Indian geographies and enables communication in 10+ languages with multiple dialects
Strategic partnership with KisanServ to activate Bhaasa to deepen communication with farmers in rural India
spocto, the world’s leading debt support and risk mitigation platform, is excited to announce its strategic partnership with KisanServ, a prominent AgriTech company based out of Pune, for the deployment of spocto’s AI driven multilingual voice bot ‘Bhaasa’. Through Bhaasa, Kisanserv would be able to communicate across different languages in real-time with thousands of farmers across 4 states.
From L-R: Sumeet Srivastava, Founder & CEO, spocto; Niranjan Sharma, Co-Founder & CEO, Kisanserv; Praveen Tiwary, Co-Founder & CDO, Kisanserv; and Arun Kumar, Co-Founder & CFO, Kisanserv
Developed within spocto X platform, Bhaasa is a multilingual AI voicebot that communicates in regional dialects and languages, with context recognition capabilities. Powered by Natural Language Processing (NLP), Bhaasa can be integrated with the recovery interface and reduce human intervention, thus saving 30% in resource cost every year for the lenders, while improving customer experience for delinquent customers by over 47%.
“The agricultural sector holds great significance not only for the government but also for banks. Given our extensive experience in the agricultural domain with banks, we enthusiastically embraced the challenge presented by kisanserv in a different world of agritech. We have developed modules in four languages – Marathi, Hindi, Gujarati and Kannada. This endeavor reflects our commitment to serving the needs of farmers and underscores the importance we place on the agricultural sector and its application to any industry,” said Sumeet Srivastava, CEO & Founder, spocto.
To make Kisanserv communication easily accessible and effective to Indian farmers, even from the remotest parts of India, Kisanserv partnered with spocto to develop a specific module that will solve their use case.
Acknowledging the same, Praveen Tiwary, Co-Founder & CTO, KisanServ, said “On our supply side, We work with thousands of farmers on a daily basis about their produce, and our operations. The challenge is always the variety of languages, and the quantum of people we work with daily that leads to efficiency issues. And on our demand side, we have to talk to retail customers across metro cities as we have numerous retail outlets in Maharashtra. We wanted a great uniform communication experience on both sides of the spectrum irrespective of different communication strategies. It’s been a great experience so far with spocto developing 2 different communication strategies for both sides that has led to significant savings for us and led to great customer satisfaction index when we looked at our feedback score.”
Bhaasa built within the spocto X platform is amongst the first of the many creations of the spocto innovation lab (SIL). SIL was launched late last year and is India’s first innovation lab dedicated to the debt collection segment of banking industries in India and the Middle East. Through an expedited method, SIL is intended to speed the development of disruptive technologies such as AI/ML, big data, data security, and so on. SIL is working with all participants in the collecting ecosystem to prepare for the future by taking a digital-first strategy. Being a NLP collection voice bot with human-like engagement, Bhaasa is powered by speech recognition that can converse in 10 languages across 80+ dialects.
About spocto
spocto is the world’s leading debt support & risk mitigation platform. Launched by Sumeet Srivastava and Puja Srivastava in 2017, the platform enhances collection mechanisms, providing banks and consumers with advanced repayment opportunities. spocto has processed loans worth USD 25 billion through the collection of 35 million accounts in FY22 and has established its presence in the MENA market with its first office outside of India, headquartered at the Dubai International Financial Centre (DIFC).
About KisanServ
Founded in April 2015 by Niranjan Sharma, Praveen Tiwary and Arun Rai, KisanServ is a leading AgriTech company optimising price discovery and procurement, which traverses through different segments E-Grocery, Eateries, D2C, Enterprise business and trade. The company optimises market linkage within food sourcing through its multifaceted approach with technology and operational experience. Over 100+ business partners, 1 million customers served, 15+ retail outlets and grew 10x in GMV in the last 2 years.
