Voice AI Leader Saarthi AI Launches Pravid, an AI-based Multilingual Communication

The big shift in the lending industry: more Machine, less Muscles

In August 2022, Saarthi AI, a Bengaluru based DeepTech venture crossed a key milestone. Saarthi's Collections AI hit the $100 Mn mark in aggregate debt collected for 20+ top Indian financial companies like CRED, Shriram, Capri Loans and more.

Every month, Saarthi AI recovers more than 95% of the amount allocated, without human intervention, faster than all other channels of collection. The milestone marks the first successful implementation of AI for Collections at scale.

Prophecies of Collections revolutionizing Collections are decades old. It is an opaque, inconsistent, slow & expensive communication process. Businesses witness gruesome financial situations due to increasing debt. In India, delinquencies are on the rise and collection methods are causing serious reputation risks for the entire financial sector.

Yet, millions of new Indians are getting credit in the blink of an eyelid. The good news is it'll only increase. But the ecosystem must grow in a sustainable manner. RBI is ensuring it does!

This makes it an even harder challenge for lenders who struggle with the time-consuming and unstructured process. Eventually, it derails the organization or they sell off the debt to unregulated parties causing more harm than good. Over $500 Mn of debt is written off each year in India.

To resolve this issue, companies generally outsource the collections to call centers. To recover debt, lenders give the same allocations to multiple agencies in desperation. Such approach may seem a solution but over a long span these can cost the lender more than what is being recovered. Moreover, unregulated agencies not only rupture a company's reputation but hamper their customer experience.

Saarthi AI was founded in 2017, with a vision to make voice and non-voice processes in contact centers efficient, affordable and transparent. Saarthi AI is now digitizing a $2Tn Indian lending industry with Pravid.io - an omnichannel multilingual Communication AI Platform.

“There is an urgent need for an effective platform that makes Collections hassle-free. Pravid.io has been purpose-built to do exactly this. We’re helping CROs and collection managers take charge of their communication strategy.”, says Mr. Viswa Nath Jha, CEO & Founder, Saarthi.ai.

Agencies employ tele callers. These call centers are cluttered with issues like workforce management, inability to scale call volumes, inconsistency and siloed data. With financial inclusion, loan ticket sizes have shrunk and it is becoming more common for the cost of collections to exceed the loan amount.

Pravid.io makes it easy for the Collections process to attain 100% transparency, 25% workflow agility, and 7x affordability. It is an end-to-end solution that allows credit and collections teams to automate and streamline their entire customer journey.

The secret sauce is the pre-trained multilingual Conversational AI framework they have pioneered with more than half a decade's work and partnerships with customers, Govt. bodies and data agencies. MAIA (their AI SuperAgent) demonstrates state of the art efficiencies and communicates like a human in 11 languages.

Besides that, all the data captured is stored on an enterprise grade security platform with Contact Center tools, analytics & psychology-based strategies. It ensures you have a control panel with full transparency of the communication, and insights on User Behaviour, Cash Inflow Predictability, Campaign Performance and more.

More than 50+ brands trust Saarthi AI as the go-to partner to scale customer communication. Besides BFSI, their proprietary voice-first AI stack has also been implemented across Telecom, e-commerce and healthcare. Since the announcement of Pravid.io at Voice Tech Summit India 2022, Saarthi.ai had bagged numerous awards and recognitions in the Fintech domain and scaled its revenues fast.

Shri Piyush Goyal, Union Minister of Commerce & Industry, conferred an award for the Best Use of AI in Financial Services two weeks ago. Financial Express had recognized them for their impact in the same category in September 2022

You can meet the Saarthi AI team at multiple events this year and experience the novel technology. They showcased to the Fintech community at the recently concluded Global FinTech Fest 2022 and are opening up to the product community on 18th - 19th October at NASSCOM Product Conclave – South Asia’s Largest Product Festival.

To simplify the process for people who are not able to experience the product it in-person, Saarthi is launching Pravid.io soon on ProductHunt. With a few clicks, new users can test drive their portal and see value right away!

You can visit their pre-launch page by clicking https://www.producthunt.com/upcoming/pravid-io. Get your queries answered and stay posted on multiple in-person and virtual events like Tech Showcase, AMAs, Webinars, etc. to know more about this disruptive product.

For a Successful Partnership in Choosing a Voicebot Solution, Companies Should Focus on These Most Common Challenges

The pandemic has also accelerated the pace of digital transformation and created an unprecedented wave of new users coming online from smaller towns and tier two and three cities. These new users make up a large population of the country, who are non-English speakers and rely on voice rather than text to communicate.

This has posed a formidable challenge for enterprises, as these users prefer to communicate in their regional languages and dialects. While many companies have decided to use chatbots for customer handling, chatbots come as a deterrent in that they may not deliver the human-like experience that customers have started to expect, and sometimes make demands. To handle rising call volumes, it makes sense for enterprise companies to employ multilingual voicebots and provide the best customer support. 

The Voicebot not only answers queries but can also perform complex tasks such as making recommendations, taking customers through a process, setting up new accounts, etc. Communicating with customers in their regional languages, when things remain unresolved or too complex, are unhindered to human agents. Apart from general, Voicebots can also help companies to analyze customers based on their speech patterns and get useful business insights like customer age, gender, region, dialect, tonality for better targeting.

Amit Gandhi, Founder of NovelVox

Although other companies have different business objectives, they will still need to custom-build the Voicebot to meet the needs of their individual customers. This will allow them to get vital information about their customers in order to serve them better. Therefore, it is important to recognize that deploying Voicebots is not a one-size-fits-all solution, but an ongoing optimization and optimization process that will be the key to a successful deployment, which can have maximum impact long-term, regardless of ROI. I can be immediate.

For a successful partnership in deploying Voicebots, enterprises should focus on these most common challenges:

Cultural Change: Naturally, any enterprise will need time to adapt to a new process and it takes three to six months to adapt to it. It's even more so for the end customer. An enterprise customer will not be familiar with the new way of interacting and may be surprised by suddenly switching to Voicebot, and it may take some time to get comfortable like any new experience. This is especially the case when Voicebot suddenly hooks up with a customer, without having tried and tested it on a small group.

Although it is important to see how quickly you can develop a Contact Center Voicebot, speed of development should not be the only objective. Ideally, Voicebots should be implemented in a phased manner, starting with a smaller audience. This will provide an opportunity to monitor and evaluate each stage against predetermined success criteria and enable rapid improvement before the application is expanded. 

In addition, companies must map out specific use cases, products, and scenarios where they can see Voicebots delivering value quickly and immediately. Lastly, enterprises should see how the customer is responding to it. Most of the time the signals given by the voicebot do not elicit the desired response from the customer. The best way to get the right information from the customer is to monitor, tune and adjust signals, see results and measure success before deciding on the next step.

Turnaround times: No new process introduced in a legacy system will be flawless. This can only be accomplished over time. While technology has a way of adapting rapidly, the only way to optimize a process is by working on customer feedback and fine-tuning the flow. 

In fact, according to a recent study, 82% of customers said they would change products or service providers after a poor experience with a company's customer service department. Hence, the quick turnaround time will make the customer happy as well as help Voicebot to adapt its solutions to suit the needs of the customer. One way to do this is by introducing an assisted plug-and-play or DIY system into the Voicebot system that allows customers not only to replace or flag any issues but also to teach them the craft with relevant suggestions, improvements. Shifts to a more mature self-service model.

Comprehension error: As enterprises adopt Voicebot to handle customer queries, reducing the error rate for speech recognition will be critical to building user trust. There are two types of errors: domain error, which is a knowledge gap in Voicebot understanding domain-specific terms, and user-understanding error, which is an error when Voicebot is not able to understand the input given by the user. This can be due to excessive background noise or too many inputs being given at the same time. 

A domain error can occur due to Voicebot not being updated with an understanding of the business domain. In the first three to six months, the system may encounter many or all of these errors. Fixing multiple issues at once can be difficult and overwhelming for teams on both sides. Therefore, it is best to analyze problems, allow the business to prioritize solutions, and ultimately fine-tune and tune systems to meet customer needs.

This content is written by: Amit Gandhi, Founder of NovelVox

Rezo.AI Launches New Game Changing Offering Designed to Fuel Sales, Marketing, and Support Activities for B2C Businesses

Rezo.AI launches a game changer for Enterprises fueling Sales, Marketing and Support teams to boost revenue growth

Rezo.ai, an AI-powered CX Cloud for enterprises that are transforming customer experience, improving agent productivity, and operationalizing real-time intelligence, today announced the launch of its new offering designed to fuel sales, marketing, and support activities for B2C businesses.

In a highly competitive sales landscape, Rezo.ai carves out a path for businesses to increase top lines, improve agent productivity, and delight every customer. Rezo.ai allows businesses to review 100% of customer interactions, tapping into every customer agent interaction from first contact to resolution. This enables bringing transparency to enterprises, allowing them to understand how consumers are feeling and their major pain points while amplifying their best agent’s capability across the organization.

Fueling sales is powered through Rezo by enforcing script adoption, conversational flow adherence, and protocol compliance, and gaining critical real-time insights into situational factors that may bring down the sales. Real-time insights are consumed by Rezo to assist agents with course correction and provide prompts and suggestive scripts for quick closures/upsell/cross-sell.

So far, the solution has analysed over 21 million minutes in over 30+ languages across multiple channels which is a strong testimony to the interest expressed by enterprises across industries – including insurance, financial services, automobile, and telecom.

Speaking about the impact on businesses, Dr. Rashi Gupta, Chief Data Scientist & Co-Founder, Rezo.AI, said, "Rezo enables enterprises with data packed insights for long term business growth. Our focus is to empower teams to understand their customer behaviour, build personas that can be leveraged to boost sales. Our AI engine also proposes prompts, next best action and ensure enhanced customer experience (CX). In addition, we focus on empowering sales team to understand their customers better, ask right questions and tap on opportunities for 100% conversions.

About Rezo.ai

Rezo.ai is India’s fastest evolving AI-powered CX Cloud for enterprises, transforming businesses with its turnkey services for quick scalability and better economics.

Founded in 2017 by an IITian couple - Manish and Rashi Gupta, Rezo.ai is powered by Machine Learning, Natural Language Processing and Predictive Intelligence, and other proprietary algorithms. With Rezo.ai, businesses can look at strengthening their contact center capabilities and scaling without worrying about customer experience (CX).

Rezo is helping organizations transform traditional contact centers into modern AI-powered contact centers. AI-powered contact centers enable automated interactions across multiple channels – email, chat, voice, and social and support 100+ languages. Rezo also helps analyse customer–agent interactions, coach and train agents and enhance the customer experience with in-built RPA.

With a strong presence in India, and with expansion plans for the US and the Middle East, Rezo.ai is moving ahead with high vigor to empower businesses across the globe with its AI-powered contact center. Backed by a team of world-class Ph.Ds., data scientists, engineers, and futuristic technology, the company is delivering business success to hundreds of companies across industries such as Logistics, BFSI, Healthcare, Automobile, Education, and Travel.

Dialpad Strengthens Focus on Research and Development With India Team Expansion

Business Wire India

Dialpad Inc., the industry leader in AI-powered communication and collaboration, today announced its India team expansion to support an increased focus on research and development. Dialpad is committed to driving the future of work with hybrid work for both the SMB and enterprise markets through product innovations for truly unified communications. With more than 70 employees throughout India working remotely and in its Bangalore office, and easily collaborating with more than 700 co-workers worldwide, Dialpad is leading hybrid work for cloud communications by example.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210616006035/en/

 

The Dialpad India team is led by Vice President of Engineering and India Country Manager, Amit Kaul. (Photo: Business Wire)

“Dialpad has experienced tremendous growth and significant milestones over the past year including a 50% headcount expansion and announcing our partnership with T-Mobile,” said Craig Walker, Chief Executive Officer, Dialpad. “The Dialpad India team is a crucial component to the company’s success and key driver of Dialpad product innovation.”

 

Dialpad has seen a heightened demand for its cloud-based unified communications solutions due to the increase in flexible working environments during the COVID-19 pandemic. Dialpad plans to continue its India software engineering team investment with up to 50 new hires over the next 12 months. The India team will focus on Dialpad conferencing capabilities, product integrations and cloud platform infrastructure to support artificial intelligence (AI), a critical component as Dialpad expands research and development efforts for its proprietary Voice Intelligence (Vi™) technology. Vi delivers real-time business optimization, including call coaching, automated note-taking, sentiment tracking and transcription analysis to businesses of all sizes.

The Dialpad India team is led by Vice President of Engineering and India Country Manager, Amit Kaul. With more than 20 years of experience in software engineering at Poly, Cisco, and Intel, Kaul is a highly-skilled engineer and team leader. Dialpad India currently makes up 10% of the overall Dialpad employee base with aggressive growth plans for the next 12-18 months, leveraging its recent Series-E funding round to accelerate research and development.

Additional Resources

 

• Explore new career opportunities at Dialpad
• Learn more about T-Mobile Collaborate, Powered by Dialpad
• Discover how Dialpad utilizes AI to unify UCaaS and CCaaS

About Dialpad

Dialpad is the leading cloud communications platform for AI-powered calling, conferencing and contact centres. Dialpad's proprietary, real-time Artificial Intelligence engine, Voice Intelligence (Vi™), helps businesses make smarter decisions by giving real-time insights on every call. Built on the Google Cloud Platform for unmatched security and reliability, Dialpad is easy to deploy, integrate and scale. Today, more than 70,000 of the world’s most innovative businesses use Dialpad and its seamless integrations with Google Workspace, Hubspot, Microsoft Office 365, Salesforce, Zendesk and others to allow every user to be more productive. Customers include T-Mobile, Twitter, WeWork, Uber, Stripe, Netflix, Motorola Solutions, Splunk and Domo. Dialpad is backed by the world’s leading investors including Amasia, Andreessen Horowitz, Felicis Ventures, GV, ICONIQ Capital, OMERS Growth Equity, Salesforce Ventures, Scale Ventures, Section 32, SoftBank Corp., T-Mobile Ventures and Work-Bench. Headquartered in the United States, Dialpad has offices in Australia/New Zealand, Brazil, Canada, India, Japan and the UK. Visit www.dialpad.com for more information and to request a demo. 
 

 View source version on businesswire.com: https://www.businesswire.com/news/home/20210616006035/en/