While the country is under an extended lockdown to stay protected from COVID-19, the impact on the economy as well as individual finances has become apparent. To reduce the financial burden on individuals, RBI announced a much-welcomed Moratorium on March 27th. While every bank took its stance on deciding the products, segments, or customers which the Moratorium would cover, the consumers have been facing significant challenges in deciding whether to accept or forego the benefit.
Against this backdrop, Spocto, a leading big data analytics-based banking and financial services company, has taken the onus of educating and informing India’s retail consumers on the RBI Moratorium. Leveraging its B2C platform – Credit Monitor, Spocto is helping consumers understand the intricacies and impact of accepting the Moratorium, allowing them to make an informed decision.
Through a tech-backed offering, Spocto has deployed a conversational chatbot which leads the customers through their journey with the bank, their products and outstanding amount, and the impact of their decision of availing or foregoing the benefit. The technology allows customers to view a calculated impact of accepting the Moratorium without having to disclose all their financial details.
Credit Monitor’s conversational chatbot utilizes data analytics and AI to calculate the impact considering various scenarios. For instance, if a salaried professional with a housing loan of an outstanding principal below INR 20 lakh and a residual tenure of fewer than 10 years is expecting a COVID-19 salary cut, he/she would be advised to take the moratorium and pay back the interest default using arrears or bonus. Similarly, an unmarried individual below 30 years of age with a credit card/vehicle loan, and an assured wage with no salary cuts would be advised to forego the benefit as he/she might have sufficient savings.
Speaking on the offering, Sumeet Srivastava, Founder & CEO, Spocto, said, “Through its announcement, the RBI confirmed a 3-month deferment of payment for all outstanding term loans. However, based on the various financial products with an individual, the impact of accepting the Moratorium can be starkly different for each of them. In this already uncertain period, Spocto is proud to take the responsibility of educating and informing consumers about the benefits and impact of the Moratorium. We believe that our technologically advanced product will simplify the decision for customers and allow them to make the best decision for themselves and their families.”
Apart from offering financial assistance through its chatbot, Spocto has also shared several FAQs related to the Moratorium for the benefit of visitors. Through such all-encompassing solutions, the company is offering a guiding light to consumers amidst the uncertain and unprecedented COVID-19 pandemic.