New Delhi, February 18 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, and 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 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
The firm offers AGENTNEXT -- vertically-focused 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 include agents like a relationship manager (RM) assistant, document AI with specialist Vision Language Models (VLMs), service categorizations, 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 showcase the made-in-Bharat product to the world."