BUSINESSNEXT launches GenAI assistants to streamline lending, cut fraud, and speed approvals for banks and NBFCs.
BUSINESSNEXT has introduced GenAI and Agentic AI assistants to modernize lending operations for banks and NBFCs. These tools aim to speed up application processing, improve risk evaluation, and enhance customer engagement. Financial institutions face rising application volumes and complex compliance. Making automation critical for efficiency.
The AI-powered virtual assistants handle tasks like eligibility checks, fraud detection, document verification, and real-time financial advice. For example, the Virtual Customer Agent assists borrowers by analyzing income data. Whereas the KYC/KYB Agent verifies identities instantly. This cuts manual processing time and reduces errors across the loan lifecycle.
Additional tools like the Balance Sheet Analyser help credit teams assess borrower health instantly. The Fraud Detection Agent flags anomalies in real-time to prevent losses. These functions improve decision accuracy and reduce operational costs. BUSINESSNEXT says their AI tools are trained on BFSI-specific data. Delivering contextual insights with empathy-driven responses.
The GenAI suite is designed to integrate directly into existing loan systems, enabling a 360-degree view of each application. Consequently, by automating workflows, banks can cut loan processing time, improve approval rates, and offer personalized borrower support. BUSINESSNEXT claims these solutions can lower costs by up to 80% while supporting scale in a growing $20.5 billion digital lending market.