Poonawalla Fincorp Limited (PFL), a leading NBFC backed by the Cyrus Poonawalla Group, has launched an industry-first AI-powered underwriting solution in partnership with IIT Bombay. This cutting-edge technology seamlessly integrates artificial intelligence (AI) with human expertise to revolutionize the credit evaluation process for consumer and MSME lending.
The AI-driven solution leverages Large Language Models (LLMs) and Machine Learning (ML) to automate credit decision-making, significantly improving accuracy, efficiency, and scalability. By analyzing vast datasets from loan applications, it enhances risk management while enabling faster approvals. This initiative aims to boost credit managers’ productivity by 40% in retail lending, marking a significant step forward in digital finance.
Arvind Kapil, MD & CEO of Poonawalla Fincorp, stated, “At Poonawalla Fincorp we fully respect and understand the transformative impact of AI in reshaping the credit landscape. We are delighted to launch our groundbreaking solution, blending AI innovation and human judgment in credit underwriting. With this initiative, we position ourselves as paradigm pioneers, driving transformation in our industry.”
Looking ahead, PFL plans to enhance its AI capabilities with self-learning models powered by deep learning algorithms. These advanced systems will enable autonomous decision-making, continuous improvements through pattern recognition, and multi-modal communication. The company remains committed to simplifying lending, enhancing customer experience, and maintaining its leadership in AI-driven financial services.
