 "Artificial Intelligence is creating jobs, hardly stealing: Capgemini")
Cloud-lending startup Lentra introduced its Intelligent Lending Cloud Platform on Wednesday. It announced the launch of three artificial intelligence (AI) products for the financial sector during the company's Lentra Digital Lending Summit in Mumbai.
The company launched AI products, namely Lentra Convo, Lentra Insights, and Lentra Wingman, to serve lenders with solutions that enhance the lending processes.
Lentra Convo enables natural conversations in multiple Indian languages to simplify the loan origination journey. The product provides end-customers with a personalised experience in terms of language and enhances the lending process.
The company's second launch, Lentra Insights, provides actionable intelligence to a lending institution to optimise credit policy and the design of a loan journey.
Similarly, Lentra Wingman assists loan underwriters in summarising financial information from various sources, such as bank statements and other financial transaction records. The product can identify financial information, which is processed in the form of natural language questions. Human underwriters who can focus on loan applications can address the questions on loan applications requiring additional scrutiny.
"The evolution of trends in India's credit consumption narrative demands thorough understanding and analysis. At Lentra, we strive to meet the increasing demand for personalisation and localisation by harnessing the power of AI, ensuring accessibility for our clients," said Ankur Handa, Chief Product Officer at Lentra.
The company said it uses AI to automate financial solutions for the country's banks and non-banking financial companies (NBFCs).
"The initiatives include leveraging machine learning models to identify potential borrower segments within the existing customer base, employing AI for intelligent customer engagement and lead nurturing," the company said.
"AI has recently garnered widespread attention for various reasons, with its capacity for human-like interactions standing out. Aligning with our mission to transform lending by empowering lenders to democratise credit and foster financial inclusion through intelligent decisions, we are thrilled to introduce a wave of AI products and AI-infused features," said Rangarajan Vasudevan, Chief Data Officer at Lentra.
