Pune: Poonawalla Fincorp Limited (PFL), a non-banking financial company (NBFC) promoted by the Cyrus Poonawalla Group, has announced the launch of its AI-powered underwriting solution. Developed in collaboration with the Indian Institute of Technology Bombay (IIT Bombay), this innovative platform integrates artificial intelligence with human expertise to enhance the credit evaluation process.
The AI solution is designed to accelerate decision-making, improve accuracy, and reinforce risk management. By analyzing a wide range of data points from loan applications, the system supports credit managers in making quicker and more informed decisions. With its human-centric design and real-world application focus, the platform is projected to boost PFL’s credit manager productivity by 40% in retail lending.
“At Poonawalla Fincorp, we recognize the transformative potential of AI in the financial sector,” said Arvind Kapil, Managing Director & CEO of Poonawalla Fincorp. “By combining AI-driven insights with human judgment, we aim to lead the credit underwriting evolution and set new industry standards.”
The solution is built on advanced Large Language Models (LLMs) and Machine Learning (ML) platforms. Its architecture is inspired by human cognitive models, ensuring intelligent and adaptive decision-making. PFL's collaboration with IIT Bombay underscores the strength of industry-academia partnerships in driving technological advancements.
“Our association with Poonawalla Fincorp marks a significant step in leveraging AI to solve real-world financial challenges,” said Dr. Pushpak Bhattacharyya from the Department of Computer Science and Engineering at IIT Bombay. “This innovation represents a benchmark in credit underwriting efficiency, accuracy, and scalability, setting a new standard for AI-driven financial services.”
Looking to the future, PFL plans to expand its AI capabilities by developing self-learning AI models. These models will utilize deep learning algorithms for autonomous decision-making, continuous system enhancement through pattern recognition, and multi-modal communication.