Harnessing Predictive Analytics, Exploring Predictive Modeling

Rachit Gehani, Chief Technology Officer, IIFL Home Finance, sheds light on the technologies, partners and team that is propelling the company into the future:

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Ravi Lalwani: How is IIFL Home Finance leveraging transformative technologies like RegTech, PropTech, and GenAl to enhance operational efficiency, customer experience, and regulatory compliance in a rapidly evolving financial landscape?

Rachit Gehani: My focus extends beyond core responsibilities to explore transformative technologies focusing on operational efficiency, customer experience and security. Our major focus is on regulation and compliance within the existing ecosystem. We prioritize a mobile-first approach to ensure a seamless experience for our customers - from loan applications and onboarding to servicing - effectively bridging the urban-rural divide. Our GenAI-powered chatbots offer 24x7 multilingual support, resolving routine queries efficiently and enabling our agents to focus on more complex customer needs.

To drive operational efficiency, we have implemented AI-driven digital KYC solutions that leverage facial recognition and OCR-based document verification, significantly reducing turnaround times for loan processing. In addition, our cloud migration strategy has enhanced our scalability, security, and business continuity while optimizing infrastructure management and reducing operational costs.

To maintain the highest standards in regulatory compliance, we have AI-based KYC systems and e-signature capabilities to ensure secure and accurate customer verification, enabling a faster and error-free onboarding process.

We harness the power of predictive analytics to deliver hyper-personalized experiences that tailor recommendations and support to individual customer needs. This approach not only boosts satisfaction but also enhances retention, reinforcing our customer-first philosophy. We are exploring the potential of AI and machine learning for predictive modeling, which can help in understanding customer behavior better, offering personalized products, and improving risk assessment models.