Lenders say AI to fintech startups for debt collection

Lenders are now turning to AI-led models which can reduce the cost of each collection journey. This is opening a business opportunity for new-age startups to disrupt the traditional collections business. Recently, financial software services provider Perfios acquired CreditNirvana, a collections and debt management platform, to help banks and NBFCs streamline loan recovery, reduce delinquencies, and enhance portfolio performance.