Machine learning fuels credit boom in India as 93% of lenders claims higher approvals: Report
New research indicates AI and ML are revolutionizing Indian credit decisions, boosting financial inclusion and improving loan portfolios. Lenders report higher approval rates, reduced bad debt, and the ability to serve new customer segments. Automation and Generative AI are key drivers, promising faster model development and streamlined compliance, though cost and understanding remain adoption hurdles.
New research indicates AI and ML are revolutionizing Indian credit decisions, boosting financial inclusion and improving loan portfolios. Lenders report higher approval rates, reduced bad debt, and the ability to serve new customer segments. Automation and Generative AI are key drivers, promising faster model development and streamlined compliance, though cost and understanding remain adoption hurdles.
