India-based credit infrastructure provider FinBox has partnered with IIFL to offer the latter its AI-powered credit decisioning platform, Sentinel. Following this announcement, the collaboration offered IIFL the possibility to streamline loan processing in an easy and secure manner, while improving the efficiencies in the overall lending process as well.

Moreover, the platform was designed to strengthen risk monitoring, increase the reach of customers, expand the number of lending policies as part of risk diversification, and reduce the turnaround time in order to deploy policies by a percentage of over 95%. The Non-Banking Financial Company IIFL adopted Sentinel for disbursing personal loans, as well as business loans at scale. The service was developed to function as a business rules engine and as a credit risk management platform, aiming to improve the manner in which companies make decisions efficiently and timely.

Sentinel also uses AI and ML features in order to pursue development opportunities and ensure effective risk management. More information on the partnership Sentinel uses artificial intelligence and machine learning to offer banks, NBFCs, and financial institutions the ability to understand and meet the needs, preferences, and demands of their clients and customers faster and more securely. In addition to the decision automation feature, the platform’s risk analytics stack can be leveraged to inform risk officers of the best way to communicate and engage with each user, while driving value from multiple areas.

These include reducing operating costs, boosting customer acquisition, increasing client lifetime value, and mitigating credit risk. End users, including new-to-credit borrowers, will be enabled to leverage the features of the platform, as its benefits will be translated in the form of seamless experiences, as well as personalised loan offerings at improved rates. Both companies aim toward financial inclusion-focused loan growth in the area.  IIFL’s strategy of development IIFL Finance Limited raised USD 175 million in a funding round led by HSBC, Union Bank, as well as Bank of Baroda via ECB Route.

According to the press release published in July 2023, the funds were set to further improve the development of the company across its core businesses. In May 2023, IIFL announced its plan to provide business loans to customers who are using WhatsApp. The loan was set to have a quick approval procedure and to give clients a more secure and efficient way to use the application and access loan offers.

IIFL Finance’s WhatsApp loan service was supported by an AI bot that was designed to match the clients’ input to the loan. Following the announcement, customers were enabled to avail of the loan from IIFL Finance by sending a message to a given number on WhatsApp, as well as to complete a paperless process for receiving the funds in their accounts. .