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Voice AI in lending: 5 things borrowers should know about EMI calls and loan collections

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Voice AI in lending: 5 things borrowers should know about EMI calls and loan collections

A borrower misses an EMI, receives an automated call and is asked to make the payment. But what if the borrower wants to explain why the payment is delayed, understand the available repayment options or ask a question in a regional language?

This is where Voice AI could change how lenders interact with borrowers.

Moving beyond pre-recorded messages and scripted payment reminders, conversational AI systems are being developed to understand queries, interpret responses and guide borrowers through different stages of the lending process.

In India, where borrowers often switch between Hindi, English and regional languages within the same conversation, the technology could make financial interactions more accessible. However, understanding the language is only one part of the challenge. Systems also need to interpret the context, protect borrower information and know when a human representative should take over.

Here are five things to know about the emerging role of Voice AI in lending.

Voice AI could be used across several stages of the lending lifecycle, including customer onboarding, loan servicing, repayment queries and collections.

During loan onboarding, conversational systems could ask borrowers follow-up questions about their income patterns and existing financial obligations. During collections, they could attempt to understand why an EMI has been missed, respond to repayment-related queries and provide information about options permitted by the lender.

Gautam Rege, Co-founder and Director of Josh Software, a software development and IT services company, said conversational AI could also help borrowers understand how changes in loan tenure may affect their monthly repayment obligations.


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