Magma Housing Finance begins its AI journey with Scienaptic AI

By Edil Corneille

Today, Magma Housing Finance, a Mumbai-based affordable housing finance company, announced a tie-up with Scienaptic AI, an AI-powered credit underwriting platform provider, for the deployment of the AI predictive modelling platform for its business to kick-start Magma’s vision to start using AI across the loan life cycle for intelligence building in analytical decisioning.

Magma Housing Finance endeavours to build machine learning models for credit underwriting, collections, early-warning signals, and customer analytics. The immediate use-cases will be in using AI for evolving credit models post portfolio stress testing in the aftermath of the COVID-19 pandemic. Using the automated AI credit modelling platform, Magma will be able to increase loan disbursals and reduce its portfolio losses, while aiming to provide exemplary customer experience.

Manish Jaiswal, CEO & MD Magma Housing Finance said, “We believe AI can help us achieve our vision of providing the best in class customer experience, while accelerating growth and improving our bottom-line. The AI platform integration with our digital platform integrated with multiple APIs will enable high quality dynamic credit model building and sharpen intelligence across the loan life cycle.”

Pankaj Kulshrestha, CEO of Scienaptic AI added, “We are very excited to help Magma Housing Finance transition to AI-based decisions. We hope to move all decisioning across Magma’s businesses over to AI in a phased manner. Our platform’s self-learning AI will help optimize decisions, resulting in higher approvals, lower delinquencies, and superior customer experience.”