ComBank launches AI-powered SME Credit Underwriting Solution
View(s):The Commercial Bank of Ceylon has launched Sri Lanka’s first Artificial Intelligence-powered SME Credit Underwriting Solution, taking a transformative step in reshaping how small and medium enterprises (SMEs) access credit and financial solutions.
This custom-built AI platform was fully developed as a collaborative effort with a top global consulting company, integrating the bank’s in-house capabilities with world-class expertise. It has been designed in line with Commercial Bank’s SME business model and risk policy framework, underscoring the bank’s strategic approach to transcend market dynamics and scale up SME financing sustainably, according to a bank media release.
This milestone initiative also reflects the bank’s strategic commitment to redefining SME banking, in line with its status as the largest lender to SMEs in the country and a recipient of multiple international awards as Sri Lanka’s Best SME Bank.
The solution leverages advanced machine learning algorithms and predictive analytics to identify the financial needs of SMEs by analysing their behavioural data and evaluating their financial requirements through proprietary algorithms.
By automating and optimising these processes, the platform enables the bank to offer hyper-personalised products and competitive pricing while ensuring faster loan approval and delivery. This data-centric approach supports SMEs in accessing tailored financial solutions at their convenience, underpinned by rigorous standards of privacy.
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