Indian microfinance firms use in-house AI to secure borrower data
Indian microfinance companies are turning to AI to make their work smoother and safer.
From chatting with customers to spotting fraud and boosting cybersecurity, tools like in-house AI systems are helping firms like Spandana Sphoorty and Belstar Microfinance protect sensitive borrower data without relying on outside software.
AI handles collections and fraud detection
Even though credit checks still need a human touch (since borrower information can be pretty messy), AI is shaking up other areas.
Multilingual bots now handle collection calls, cutting down on field visits, and Spandana says this has made its loan officers 15% to 20% more efficient.
Plus, AI helps catch fraud faster by checking loan details automatically and tracking things like attendance, while companies like Fusion Finance use it to keep personal data extra secure.