India has truly been a launchpad for technology led innovation in the financial services sector. Given the heterogeneity of our population and lending solutions, the country provides a fertile ground for groundbreaking innovations fueled by first principle thinking. Spocto’s journey has been no different.
As it serves the top lenders in India and continue to add value, Yubi decided to take its learnings to other markets which are at the cusp of digital transformation. UAE is one of the financial hubs, with a supportive ecosystem for FinTech, was the perfect first global market to enter. Spocto’s foray into the MENA region will effectively drive the value proposition to lenders and borrowers alike.
Spocto – a Yubi company that was founded in 2017 and has since forged partnerships with over 21 financial institutions, including HDFC and ICICI Banks in India, as well as Emirates NBD and Standard Chartered in the UAE.
A hyper-personalized approach and adaptive compliance have enabled more than 30 institutions to improve collections, served more than 52 million customers and processed $95 billion AUM to date. spocto has achieved a 57% reduction in the cost of collections that has helped its partners with an 18% improvement in efficiency. The company’s debt recovery mechanisms have helped reduce bank loan delinquencies by 23%.