● ‘Project Cyclops’ is a revolutionary in-house developed proprietary credit engine which facilitates a thorough credit underwriting on a multi-dimensional axis
● Beta version of ‘Project Cyclops’ deployed at select dealers across the country offering L&T Finance’s Two-wheeler Loans
● ‘Project Cyclops’ to lead to better-informed decision-making at a speed that delights customers, with minimal requirement of additional documents
● ‘Project Cyclops’ additionally reduces credit risk while increasing productivity and process efficiency at L&T Finance
Mumbai, July 9, 2024: L&T Finance Ltd. (LTF), a leading Non-Banking Financial Company (NBFC) in India, today announced the beta launch of ‘Project Cyclops,’ a state-of-the-art credit risk assessment and automated decision-making digital credit engine. This innovative system leverages Artificial Intelligence (AI) and Machine Learning (ML) to evaluate the repayment capability and credit quality of prospective customers. Developed in-house, ‘Project Cyclops’ offers a comprehensive analysis of customer potential by integrating data from credit bureaus, account aggregators, and alternative trust signals using ML-based ensemble scorecards, informed by extensive historical credit performance data.
LTF has rolled out the beta version of ‘Project Cyclops’ at 25 locations through a network of 200 selected dealers, specifically targeting its Two-wheeler Loans. This AI-driven solution employs advanced algorithms and analytics to process vast amounts of data from various sources, including behavioral patterns, financial data, demographics, and socio-economic variables.
Commenting on the launch, Mr. Sudipta Roy, Managing Director & CEO of LTF, said, “In today’s rapidly evolving digital landscape, securing fast and reliable credit for businesses and individuals is more crucial than ever. Traditional credit scoring methods often rely solely on credit bureau data and manual income assessments, leading to inefficiencies and delays. ‘Project Cyclops’ addresses this issue by utilizing advanced algorithms and AI-powered signals to process vast amounts of data from multiple sources, enhancing the depth and accuracy of our credit underwriting while maintaining adherence to existing risk and credit guardrails.”
Mr. Roy added, “With ‘Project Cyclops,’ we are confident that our underwriting capabilities will become even more comprehensive and accurate, enabling us to make informed decisions with faster Turn-Around-Times (TAT). The development of this proprietary engine will significantly enhance the underwriting depth of the company and strengthen its core businesses.”
Key features and benefits of ‘Project Cyclops’ include:
- Predictive Modeling: Utilizes ML-based predictive modeling to accurately forecast customer default risks, facilitating informed decision-making.
- Data Integration: Merges credit bureau data with alternative sources, increasing confidence in assessing both existing and potential customers.
- Risk Assessment: Incorporates advanced risk assessment capabilities to identify potential risks and provide actionable insights, minimizing potential losses.
- Risk-Weighted Credit Solutions: Offers risk-weighted credit solutions to New-To-Credit customers, improving conversion rates and promoting financial inclusion.
LTF is committed to revolutionizing the credit assessment landscape with innovative solutions like ‘Project Cyclops,’ creating a more efficient and accurate system that benefits both customers and the business.
