AI-Powered Innovation: Lentra's Impact on the Future of Indian Banking

Lentra's Role in Changing Indian Banking with AI

Lentra AI, a digital lending platform, is using advanced AI to revolutionize banking in India. Rangarajan Vasudevan, Lentra's Chief Data Officer, discussed the impact of generative AI on digital lending.

Digital Lending Transformation

Digital lending in India has transformed, with Lentra AI playing a vital role for major banks like HDFC and Standard Chartered. Lentra uses machine learning models for credit scoring and decision-making, tailoring them to different customer segments. For example, they have created specific models for farmers in the agricultural sector.

Innovative Approach

Lentra's models are a mix of in-house innovations and open-source platforms like Sci-kit learn and Py-Spark. They prioritize using models like XGBoost and random forests for ethical and explainable lending decisions. However, in less regulated cases, Lentra explores deep learning models.

Collaborative Innovation

Vasudevan emphasized the need for collaborative innovation and incorporating local perspectives into models. Lentra is also experimenting with generative AI for identifying test cases, especially in scenarios like legal age restrictions for lending.

Consistency Challenges with Generative AI

Despite the benefits, Lentra faced consistency issues with generative AI, with varying accuracy in test results over time. Vasudevan highlighted ongoing experiments and plans to develop their own language models for long-term stability.