Revolutionizing Debt Collections: The Future of AI and Compliance at Collect CoLabs

Collect CoLabs, the flagship forum of Spocto X, recently convened industry leaders, lenders, regulators, and tech experts to strategize the future of debt collections in India. This exclusive event, organized in partnership with the Fintech Association for Consumer Empowerment (FACE), focused on leveraging AI technology while ensuring compliance and borrower protection.

The theme, 'Building Tomorrow's Collections: AI Technology with Compliant Foundations,' underlined the forum's emphasis on aligning innovation with regulatory standards. Discussions revealed a strategic shift towards employing agentic AI and contextual bots, steering collections from traditional recovery methods toward a trust-driven approach.

Participating institutions like ICICI Bank and Paytm highlighted the necessity for transparent, regulatory-compliant AI models. They argued for standardization and a central repository for guidelines to streamline RBI directives across the financial sector, thus paving the way for scalable, responsible technology deployment.

(With inputs from agencies.)