Poonawalla Fincorp (PFL), a Consumer and MSME Lending Company, has launched an industry-first AI-powered underwriting solution developed in collaboration with the Indian Institute of Technology Bombay (IIT Bombay). This cutting-edge solution seamlessly combines Artificial Intelligence (AI) and human intelligence to automate and optimise the credit evaluation process, delivering efficient, accurate and scalable credit decisions with a risk-first approach.
The AI-driven system leverages Large Language Models (LLM) and Machine Learning (ML) platforms to create a fully automated and intelligent credit decisioning framework. Designed from the ground up, the solution addresses real-world underwriting challenges, with a focus on mirroring human cognitive models for precise decision-making.
By analysing multiple data points from loan applications, the solution empowers credit managers with faster decision-making capabilities, ultimately enhancing PFL’s risk management framework. This breakthrough initiative is set to increase productivity in retail lending by 40 per cent, streamlining credit evaluation while maintaining robust risk assessment standards.
With this pioneering step, Poonawalla Fincorp aims to redefine credit evaluation in the lending industry, driving innovation and efficiency in financial services.
