Poonawalla Fincorp Limited (PFL), a Cyrus Poonawalla Group promoted NBFC, focused on Consumer & MSME Lending, has unveiled an industry-first AI-Powered Underwriting Solution. Developed in collaboration with the Indian Institute of Technology Bombay (IIT Bombay), this innovative solution integrates artificial intelligence with human intelligence to automate and streamline the credit evaluation process. It aims to accelerate credit decisions by ensuring efficient, accurate, scalable and risk-first approach. By analyzing multiple data points from loan applications, the solution empowers credit managers with faster decision-making capabilities while enhancing the company’s risk management framework.
The AI solution integrates Large Language Models (LLM) and Machine Learning (ML) platforms to create an automated and intelligent credit decisioning system. Built from the ground up, it focuses on real-world underwriting demands, keeping the human cognitive model at the core of its architectural design. With this groundbreaking initiative, PFL aims to boost its credit managers' productivity by 40 percent in retail lending.
Commenting on the launch, Mr. Arvind Kapil, Managing Director & CEO of Poonawalla Fincorp, said, “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.”
Dr. Pushpak Bhattacharyya, Department of Computer Science and Engineering, IIT Bombay, said, “Our collaboration with Poonawalla Fincorp represents a transformative step in reshaping the future of financial services through AI-driven innovation. By seamlessly merging advanced AI technologies with human expertise, we're setting a new benchmark for credit underwriting efficiency, accuracy, and scalability. This powerful partnership demonstrates how industry-academia synergy can tackle real-world business challenges, fostering smarter decision-making, deeper risk insights, and exceptional customer experiences.”
In the next phase, PFL aims to evolve its current AI functionality to a more sophisticated self-learning AI model. These will leverage powerful deep learning algorithms, enabling autonomous decision-making, continuous system improvement through pattern recognition, and multi-modal communication capabilities, further solidifying its leadership position in technology-driven financial services. The company continues to focus on simplifying lending, creating customer delight, and enhancing experiences, which remain its top priorities.
For more details, visit the website or download the Poonawalla Fincorp app.