AI Speeds MSME Loans, Saves Bank Staff Time

New Delhi, Feb 18 (PTI) Artificial Intelligence has helped reduce the time to disburse loans to MSMEs to under 30 minutes, and saves relationship managers' eight hours every week, a top official of BUSINESSNEXT, an autonomous AI operating system for banks and financial services, said on Wednesday.

Retail lending decision-making has become 60 per cent autonomous, almost 50 per cent of service requests are being resolved autonomously, Nishant Singh, Co-Founder and Global CEO of BUSINESSNEXT, said.

BUSINESSNEXT has worked with top lenders in the country, including the SBI, HDFC Bank, Axis Bank, IndusInd Bank, and Kotak Mahindra Bank.

The Reserve Bank of India's ombudsman platform Complaint Management System (CMS) is being run on its CRMNEXT product for over five years now.


"We are now able to save as much as eight hours of a relationship manager (RM) every week, allowing them to focus more on valuable activities for further strengthening customer relationships and better banking," Singh told PTI on the sidelines of a session at the ongoing AI Impact Summit in the national capital.

He further said AI offerings have helped bring down time to disburse loans to MSMEs to under 30 minutes.

The firm offers AGENTNEXT -- verticalised AI agents created using sovereign AI models -- data, and are deployed on sovereign infrastructure to help deliver financial services "in an increasingly autonomous way with humans in the loop where they can add value".

"These have agents like relationship manager (RM) assistant, document AI with specialist Vision Language Models (VLMs), service categorisations, customer service agent, MSME lending agents, and more," Singh said.

Commenting on the response received at the summit, he said, "AI is disrupting every sector, so it was an excellent platform to a showcase the made-in-Bharat product to the world.