Poonawalla Fincorp Launches AI-Powered Underwriting Solution in Collaboration with IIT Bombay

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Poonawalla Fincorp Limited (PFL), a Cyrus Poonawalla Group-promoted NBFC specializing in Consumer & MSME Lending, has introduced an AI-powered underwriting solution in partnership with the Indian Institute of Technology Bombay (IIT Bombay). This industry-first innovation integrates artificial intelligence with human expertise to revolutionize the credit evaluation process, ensuring faster, more efficient, and risk-optimized credit decisions.

The AI-driven solution leverages Large Language Models (LLM) and Machine Learning (ML) platforms to automate loan underwriting. It processes vast data points from applications, empowering credit managers with real-time insights and enhancing risk management capabilities. By implementing this technology, PFL aims to improve credit managers’ productivity by 40% in retail lending.

Speaking on the launch, Mr. Arvind Kapil, Managing Director & CEO of Poonawalla Fincorp, stated,
“At Poonawalla Fincorp, we embrace AI’s transformative potential in reshaping the credit landscape. Our new solution blends AI-driven innovation with human judgment, positioning us as pioneers in the industry.”

Dr. Pushpak Bhattacharyya, Department of Computer Science and Engineering, IIT Bombay, emphasized,
“This collaboration sets a new benchmark in AI-driven credit underwriting, combining cutting-edge technology with human expertise to enhance efficiency, accuracy, and scalability in financial services.”

Looking ahead, PFL plans to advance its AI model into a self-learning system using deep learning algorithms. This next phase will enable autonomous decision-making, continuous improvement through pattern recognition, and multi-modal communication capabilities, further solidifying PFL’s leadership in technology-driven financial services.

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