Piramal Finance builds internal AI tools boosting AI use fivefold
Piramal Finance just gave its business a major upgrade by building its own AI tools in-house.
With more than 500 engineers on the job, they have created smart systems for everything from loan approvals to customer support (no pricey consultants needed).
CEO Jairam Sridharan says this move has helped them use AI five times more than last year, all while keeping costs down.
Piramal Finance retail assets ₹91,249 cr
Thanks to these AI-powered changes, branch disbursements jumped 23% and credit staff are now 50% more productive.
Retail assets hit ₹91,249 crore (up 32%), and overall assets under management grew to ₹1.1 trillion, a 25% boost from last year.
Profits are up too: first-quarter net profit rose 67% to ₹461 crore.
Even with all this growth, Sridharan points out they are still hiring and raising up to ₹4,000 crore in new equity to keep the momentum going.