Tech-Powered Financial Assistance: Smarter, fairer, and more effective

Digital transformation is reshaping industries and redefining daily operations across the board. Technology is percolating into India’s day to day life and companies are forced to adopt and evolve alongside. Given the dynamic landscape, financial institutions are rethinking how they engage with customers, particularly in collections and hardship assistance.

As economic uncertainties persist, the ability to leverage data-driven strategies, automation, and AI to enhance customer support is more critical than ever. Rama Kadapala, a Senior Data Science Manager at Discover, has been at the forefront of this transformation. A seasoned expert in data science and analytics, Kadapala emerged as a key figure in turning data into a force for good. With over a decade of experience at global institutions like Discover, HSBC, and CURO Financial Technologies, Kadapala specializes in designing and implementing data-driven financial programs that balance the needs of banks with the people that rely on them.

"There's a misconception that data is cold and impersonal," he explains.

"The right data enables support at a scale that's impossible to achieve in any other way. It helps you see the full picture—everyone at once". Kadapala has pioneered innovative collections strategies that integrate machine learning, omnichannel engagement and regulatory compliance to create a more empathetic and effective approach to customer assistance.

“The traditional collections model is evolving,” says Kadapala, recipient of the ‘Best Risk Management & Investment Presentation’ award at ICMR 2024.

“AI and data-driven insights are helping us to look beyond rigid payment plans, allowing for greater flexibility and personalized solutions that are far more humane. These innovations help our customers regain financial stability and get back on their feet.”

Rama has been a tech-warrior to come up with smart solutions that have customer centricity at its heart. He actively contributes to the industry’s evolution by presenting groundbreaking research and sharing insights at top-tier conferences, driving innovation and collaboration. At the 2024 IEEE International Conference on Augmented Reality, Intelligent Systems, and Industrial Automation (ARIIA-2024), he was invited to serve the advisory board and as a session chair, playing a key role in shaping discussions on emerging advancements in Robotics, Industry 4.0 & 5.0, Bioengineering, Artificial Intelligence, Machine Learning and related fields.

Speaking about the evolution of collection strategy through technology, Rama explained, “Collections used to be a rigid process—calls, letters, and escalating penalties. Some companies resorted to humiliation and muscle power to little or no consequences. The shift towards digital-first banking has opened up opportunities for real-time engagement, predictive analytics, and customer-centric hardship solutions. “ Kadapala’s work in developing AI-powered segmentation models has changed how institutions approach collections and have helped financial institutions reduce charge-offs by nearly 100 million dollars while improving customer retention.

He explained,” With this technology in place, financial institutions can predict financial distress early on and tailor solutions accordingly. You need to push a door for it to open – if you keep pushing a wall there will be no result”.