Poonawalla Fincorp Limited (PFL), a Cyrus Poonawalla Group-promoted NBFC specializing in Consumer and MSME Lending, has introduced an AI-Powered Underwriting Solution, developed in partnership with IIT Bombay. This pioneering technology integrates artificial intelligence (AI) with human expertise to automate and optimize the credit evaluation process, ensuring quicker, more accurate, and scalable credit decisions with a risk-first approach.

By analyzing extensive data points from loan applications, the solution equips credit managers with enhanced decision-making capabilities and strengthens PFL’s risk management framework. Utilizing Large Language Models (LLM) and Machine Learning (ML), the AI system has been built from the ground up to address the complexities of real-world underwriting while incorporating human cognitive insights at its core. The initiative is expected to increase productivity in retail lending by 40%.

Mr. Arvind Kapil, Managing Director & CEO of Poonawalla Fincorp, commented, “We recognize the transformative potential of AI in revolutionizing the credit landscape. Our groundbreaking solution seamlessly blends AI innovation with human judgment, reaffirming our leadership in driving technological transformation within the financial services sector.”

Dr. Pushpak Bhattacharyya, from the Department of Computer Science and Engineering at IIT Bombay, added, “Our collaboration with Poonawalla Fincorp is a testament to how industry-academia partnerships can drive innovation. By combining advanced AI with human expertise, we are setting a new benchmark for credit underwriting efficiency, accuracy, and scalability.”

Looking ahead, PFL plans to enhance its AI capabilities by transitioning to self-learning AI models powered by deep learning algorithms. These advanced systems will offer autonomous decision-making and continuous improvements through pattern recognition and multimodal communication. This evolution will further cement PFL’s leadership in technology-driven financial services while ensuring an exceptional customer experience.