Make AI based Smart Credit Decisions

Indian banking sector has seen unprecedented levels of Non-Performing Assets in recent years. This has significantly affected the ability of the banks to lend. Industries in India suffer due to non-availability of credit at the time of need. A recent survey from CII, indicated that the biggest problem hindering the growth of MSMEs in India is the availability of credit at the time of need.

Banks are extremely risk averse and tend to take inordinate time in scrutinizing credit applications from borrowers. As they say, if the bank decides to lend next month, instead of this month, SMEs would have lost the business opportunity.



As per RBI provisional data on global operations, as on 31.3.2019, the aggregate amount of gross NPAs of PSBs and Scheduled Commercial Banks (SCBs) were Rs. 8,06,412 crore and Rs. 9,49,279 crore respectively. Close to half of the Nationalized Banks and Co-operative Banks have NPAs exceeding 10%. This is not a healthy situation for financial institutions.
The cause of this problem traces to the process adopted for scrutinizing these credit applications while granting the same. Today, Banks can use the existing transaction data to ascertain the credit worthiness of the customer. Technology is available today to detect and map several attributes characterizing the customer. 

SmartCredit is an AI (Artificial Intelligence) based tool, which helps financial institutions to quickly assess the credit applicant and gives an immediate result to the customer. The tool is comprehensive and uses several attributes and past repayment information to arrive at the decision. The credit manager can use this tool effectively to manage their portfolio. In a country like India, there is constant demand for retail and corporate credit.

Today, AI has been playing a key role across industrial sectors from healthcare to human development. The technology has matured over the past few years and is poised to enter each aspect of human life. Tools such as SmartCredit will help financial institutions to deploy their funds more effectively and thereby increase the volume of their business.

In today's critical situation with the Covid-19 epidemic disrupting the global economy, financial institutions have a key role to play in rebuilding. AI based tools will help the financial sector to increase their credit portfolio by making data driven decisions.

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