Image Courtesy: The Bridge Chronicle

IIT Bombay has partnered with Poonawalla Fincorp Limited (PFL) to develop an advanced AI-powered underwriting solution aimed at transforming the credit evaluation process. This cutting-edge platform integrates artificial intelligence with human expertise, helping credit managers make faster, more informed decisions when assessing loan applications.

Designed to enhance decision-making speed, accuracy, and risk management, the AI system analyzes numerous data points from loan applications to assist in quicker, more reliable assessments. With its user-centric design and practical application focus, the platform is expected to increase PFL’s credit manager productivity by 40% in retail lending.

Mr. Arvind Kapil, Managing Director & CEO of Poonawalla Fincorp, commented, “We recognize the transformative potential of AI in the financial sector. By combining AI-driven insights with human judgment, we aim to lead the evolution of credit underwriting and set new industry benchmarks.”

The solution is built on advanced Large Language Models (LLMs) and Machine Learning (ML) technologies, designed to mimic human cognitive processes for smarter, adaptive decision-making. IIT Bombay’s collaboration with PFL highlights the critical role of industry-academia partnerships in advancing technological innovation.

Dr. Pushpak Bhattacharyya, from IIT Bombay’s Department of Computer Science and Engineering, remarked, “Our partnership with Poonawalla Fincorp is a significant step toward leveraging AI to address real-world financial challenges. This solution sets a new standard for credit underwriting, improving efficiency, accuracy, and scalability in financial services.”

Looking ahead, Poonawalla Fincorp plans to expand its AI capabilities by developing self-learning models powered by deep learning algorithms. These will enhance autonomous decision-making, continuous system improvement, and multi-modal communication.

At the heart of this groundbreaking initiative is IIT Bombay’s expertise in cutting-edge research and technology development. As a leader in fostering industry-academia collaborations, IITB continues to play a pivotal role in driving innovation, shaping the future of AI-driven solutions, and contributing to the growth and transformation of the financial sector. This partnership underscores the Institute’s commitment to advancing real-world applications of technology and reinforcing its position as a global hub for pioneering research and development.