Poonawalla Fincorp Unveils AI-Powered Underwriting Solution, Aiming to Boost Productivity by 40%
Poonawalla Fincorp Limited has introduced an AI-powered underwriting solution developed in collaboration with IIT Bombay. The technology integrates AI with human intelligence to streamline credit evaluation processes. It's expected to boost credit managers' productivity by 40% for retail lending. The company plans to evolve this into a self-learning AI model with deep learning algorithms for autonomous decision-making.

*this image is generated using AI for illustrative purposes only.
Poonawalla Fincorp Limited (PFL), a prominent non-banking finance company (NBFC) promoted by the Cyrus Poonawalla Group, has announced the launch of an innovative AI-powered underwriting solution. This groundbreaking technology, developed in collaboration with the Indian Institute of Technology Bombay (IIT Bombay), is set to revolutionize the company's loan assessment and approval processes.
Cutting-Edge Technology Meets Financial Expertise
The new AI-powered underwriting solution integrates artificial intelligence with human intelligence, creating a synergy that promises to streamline and automate the credit evaluation process. By leveraging Large Language Models (LLM) and Machine Learning (ML) platforms, Poonawalla Fincorp aims to accelerate credit decisions while maintaining a risk-first approach.
Boosting Productivity and Efficiency
One of the key highlights of this new technology is its potential to significantly enhance productivity. Poonawalla Fincorp projects a 40% boost in credit managers' productivity for retail lending, a substantial improvement that could have far-reaching implications for the company's operations and customer service.
Industry-Academia Collaboration
The development of this AI-powered solution is a result of a strategic partnership between Poonawalla Fincorp and IIT Bombay. This collaboration underscores the potential of industry-academia synergy in addressing real-world business challenges and driving innovation in the financial sector.
Mr. Arvind Kapil, Managing Director & CEO of Poonawalla Fincorp, expressed enthusiasm about the launch, stating, "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."
Future Developments
Poonawalla Fincorp is not resting on its laurels. The company has already set its sights on the next phase of development, which aims to evolve the current AI functionality into a more sophisticated self-learning AI model. This future iteration will incorporate deep learning algorithms, enabling autonomous decision-making and continuous system improvement through pattern recognition.
About Poonawalla Fincorp Limited
Poonawalla Fincorp Limited is a non-deposit taking systemically important NBFC, registered with the Reserve Bank of India (RBI). With a history spanning nearly three decades, the company has established a strong presence across 18 states and 2 Union Territories in India. As of December 31, 2023, Poonawalla Fincorp reported an Assets Under Management (AUM) of ₹30,984.00 crore and employs over 2,560 people.
The company offers a wide range of financial services, including:
- Pre-owned car finance
- Personal loans
- Consumer loans
- Loans to professionals
- Business loans
- Loans against property
- Machinery loans
With this latest technological advancement, Poonawalla Fincorp continues to demonstrate its commitment to innovation, efficiency, and customer-centric services in the competitive landscape of India's financial sector.
Historical Stock Returns for Poonawalla Fincorp
1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
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+0.22% | +5.01% | +32.80% | +2.18% | -23.15% | +2,149.42% |