Godrej Capital, the financial services arm of Godrej Industries Group, has become one of the early adopters of Generative AI, (GenAI) in the NBFC space with the launch of various Generative AI solutions, now live.
One of the standout applications of GenAI at Godrej Capital is its role in transforming customer interactions through comprehensive AI-driven quality checks. By analysing 100% of customer calls and email engagements, Godrej Capital enables its decision-makers to extract actionable insights that drive continuous service enhancements. This in-depth analysis streamlines workflows and reduces the manual time required to review interactions, resulting in a seamless, highly personalised experience for customers while also saving on operational costs.
In addition, Godrej Capital’s use of GenAI extends to its 100% analysis of Net Promoter Score (NPS) feedback. By assessing all NPS data, the company proactively identifies trends in customer satisfaction, allowing it to swiftly adapt to changing needs. This responsiveness is both customer-focused and efficient, as it enables Godrej Capital to address customer demands in real-time without incurring the traditional resource-intensive processes typically involved. An upcoming development in Godrej Capital’s AI-powered customer service initiative will soon offer a 360-degree view of each customer, integrating loan information, communication across channels, NPS data, and service request history. This feature will provide a holistic understanding of customer needs, enabling more responsive and effective service.
Another noteworthy implementation slated to go live is the AI/ML-driven credit risk assessment system combined with Gen AI that analyses real-time data from credit bureaus, and soon from bank statements, to combine with applicant profiles. This allows for comprehensive assessments of creditworthiness and early identification of potential risks, enhancing the company’s risk management and decision-making capabilities.
The company is also gearing up to launch ‘Godrej Capital SAKSHAM-AI/ML’, a robust Enterprise platform that offers a unified solution for implementing GenAI and ML capabilities, focusing on integration, security, efficiency, and advanced AI model deployment. It is a scalable model architecture that adapts to evolving trends, ultimately optimising performance. This centralised platform will provide the flexibility of using multiple LLMs through a single platform for all GenAI capabilities, simplifying access and management. It ensures precise control and security of sensitive information, with efficient management for GenAI-driven applications.
Mrs. Jyothirlatha, Chief Technology Officer, Godrej Capital said “As a Tech-forward company, Godrej Capital is committed to harnessing AI responsibly and ethically, particularly in the evolving financial services landscape. Recognising the challenges within the NBFC ecosystem and MSME space, we saw an opportunity to leverage AI to improve critical processes like customer service, credit risk assessment and loan disbursement, delivering faster, more reliable services. AI also allows us to offer personalised interactions, meeting individual customer needs more effectively. This integration not only accelerates our operations but also underscores our dedication to providing responsible, secure, and innovative financial solutions.”
There are several other GenAI initiatives in progress, for productivity enhancements. The company is working on developing multilingual capabilities for internal training videos, allowing employees to receive training in their preferred language. In the next few months, Godrej Capital systems will also offer multi-lingual content services to customers.
While Generative AI may not be a solution for every challenge, its groundbreaking impact shines through when combined with machine learning and other automation tools. This powerful synergy is accelerating process efficiencies and elevating customer experiences to new heights. By ensuring that these innovations are deployed responsibly and with top-tier data protection, Godrej Capital intends to accelerate efficiency and strengthen customer trust.
