Poonawalla Fincorp unveils AI-powered underwriting solution

Poonawalla Fincorp (PFL) 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.

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