Piramal Finance is advancing its operations by incorporating artificial intelligence into its lending activities, aiming to improve efficiency and scalability. This initiative, discussed by Saurabh Mittal, the company's Chief Technology Officer, highlights how AI and machine learning are reshaping decision-making processes while ensuring compliance with financial regulations.
The company has committed resources to develop AI capabilities across various lending phases, including onboarding, underwriting, disbursement, monitoring, and collections. By utilizing AI-driven systems, Piramal Finance enhances data processing through integration of multiple information sources such as KYC records and bank statements, leading to reduced loan processing times and lower operational costs.
In addition to automation, the firm employs supervised models for credit assessment and fraud detection, which work in tandem with AI agents to provide underwriters with reliable data. The introduction of an AI-driven underwriting framework exemplifies this innovation, featuring product-specific scorecards that cater to diverse customer needs.
With AI becoming a core component of its operations, employees engage with these systems daily, leveraging tools like the company's AI assistant, ARYA, to support workflows and enhance performance tracking. This integration is underpinned by a modern technology infrastructure, promoting collaboration among business users and technology experts.