CreditNirvana has announced the launch of ORCA and CognifAI Assist, an integrated artificial intelligence suite designed specifically for the Indian financial services sector. This suite is expected to aid lenders in significantly lowering their operational costs by 40 per cent while increasing customer engagement rates by 30 per cent. Furthermore, it enables the autonomous completion of 60 to 70 per cent of collection journeys without human intervention.

The fintech sector is experiencing rapid growth, and with that comes challenges for financial institutions. These include high customer drop-off rates during onboarding processes, particularly during re-KYC and loan origination, alongside rising debt collection costs. Traditionally, addressing these issues required extensive and expensive core system overhauls, which in turn hindered innovation and strained businesses.

CreditNirvana aims to tackle these challenges through the deployment of a non-intrusive agentic AI layer that integrates seamlessly with existing banking portals, mobile applications, and third-party systems, thereby eliminating the need for significant infrastructure changes.

Operational Features of the AI Solutions

ORCA and CognifAI are designed to work in tandem with CreditNirvana’s primary debt collection platform, Maestro. They provide targeted automation throughout various stages of the credit lifecycle. Unlike traditional collections platforms which follow pre-set sequences, ORCA employs a contextualised and adaptive approach to determine the best next action for each account. The system continually observes outcomes and refines strategies based on these results.

Equipped with over 200 specialised AI agents, ORCA streamlines recovery operations by coordinating efforts across digital, voice, calling, field, and legal channels. It allows lenders to set their recovery objectives while maintaining compliance with established guidelines, ensuring that strategies are tailored on an account-by-account basis.

The CEO of CreditNirvana, Vinay Sathyanarayan, emphasised the importance of creating contextual and efficient customer interactions. He stated that the introduction of CognifAI and ORCA expands the use of AI in the lending process, from assisting customers with digital navigation to equipping lenders with better information for making collection decisions.

Enhanced Customer Experience and Security Measures

Complementing the functionalities of ORCA, CognifAI features an AI voice assistant capable of conversing in multiple languages, including several Indian regional languages as well as Spanish, Mandarin, Arabic, and Bahasa. This assistant is combined with visual co-browsing capabilities, guiding customers step-by-step through their digital lending, origination, and servicing journeys.

CognifAI operates as an overlay that does not require any additional application downloads. It facilitates processes such as highlighting fields, autofilling forms, and enabling in-session negotiations for rates and tenures within pre-established parameters. This integration ensures a notable increase in completion rates, achieving 30 per cent higher journey completion and a 35 per cent reduction in handling time.

To safeguard sensitive customer data, CognifAI employs end-to-end encryption and field-level data masking. This ensures that critical information such as PAN, OTPs, and account details remain secure, thereby enhancing trust while conducting financial transactions.

Impact on the Financial Services Landscape

By combining real-time voice assistance with autonomous collection capabilities, CreditNirvana is establishing a new standard for operational efficiency in digital financial services. As lenders adapt to changing regulatory landscapes and customer expectations, this AI suite offers a scalable and compliant solution essential for maximising customer value and facilitating sustainable growth.

CreditNirvana, being a subsidiary of Perfios, continues to provide AI-driven solutions throughout the lending process, enhancing efficiency and improving borrower experience. The platform currently manages assets exceeding $30 billion across over one crore loan accounts, cementing its impact in the financial sector.

This integrated AI approach signifies a major advancement in the capabilities available to financial institutions, reflecting the ongoing evolution of technology in the realm of lending and collections.

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