AI Revolutionizes Loan Disbursement and Banking Efficiency
Artificial Intelligence is dramatically reducing the time needed to process loans for MSMEs and saving significant work hours for banking professionals. BUSINESSNEXT, co-founded by Nishant Singh, is at the forefront of this transformation, providing AI-driven solutions to major Indian banks to enhance service delivery.
- Country:
- India
In a significant technological advancement, Artificial Intelligence is playing a crucial role in expediting loan disbursements and banking efficiency. According to Nishant Singh, Co-Founder and Global CEO of BUSINESSNEXT, AI has reduced the loan processing time for MSMEs to under 30 minutes.
Singh revealed that the autonomous AI system developed by BUSINESSNEXT for banks and financial services is also saving relationship managers eight hours per week, enabling them to focus on building stronger customer relationships. "AI has made retail lending decision-making 60% autonomous, and around 50% of service requests are resolved without human intervention," he said.
BUSINESSNEXT has partnered with top lenders, including SBI and HDFC Bank, to integrate AI tools that significantly enhance operational efficiencies. Their CRMNEXT product supports the Reserve Bank of India's Complaint Management System, demonstrating AI's capability in elevating financial services.
ALSO READ
-
India AI Impact Summit 2026: Leading the Future of Artificial Intelligence
-
Switzerland fully shares and supports India's and other countries' efforts to democratize artificial intelligence: Swiss President Parmelin.
-
UN approves 40-member scientific panel on impact of artificial intelligence over US objections
-
Artificial Intelligence in Health Care Needs Governance, Not Hype, to Truly Deliver Benefits
-
India AI Impact Summit to Bring Artificial Intelligence Closer to Citizens: Abhishek Singh
Google News