Galytix, a London-headquartered GenAI-focused fintech, has launched a game-changing Generative AI-based Credit Agent solution, CreditX, for the Indian banking sector that would help banks here to deliver credit better, faster and cheaper.

“Think of it (CreditX) as a Credit Analyst on demand. We are now bringing CreditX to India as this journey of an Indian economy that is now $3.5 trillion and moving towards $5 trillion is going to have a significant credit boom and human capital is not going to be able to serve this boom”, Raj Abrol, Co-founder and CEO, Galytix told businessline here.

Generative AI is a recently developed type of artificial intelligence—a general-purpose technology— capable of producing new and original content such as text, images, videos, and audio. 

This is achieved by learning statistical patterns from existing data and then using these patterns to generate new and novel outputs upon request.

“This (the launch of CreditX) could be a game-changing initiative on GenAI’s side for the Indian banking sector, which is absolutely critical for the growth of the economy to the 2030 aspiration,” Abrol said.

He said that Galytix is in an exploratory stage in India to see where this technology fits well. “We want to partner government institutions. We don’t want to focus only on the private sector. We want to broaden the application of GenAI technology in banking sector,” Abrol added.

Galytix, through CreditX, has a credit agent ready to automate all credit-related tasks in a banking set-up. “The productivity gains you can generate are 20-30 per cent at front office level and 30-40 per cent at mid-office level.

Think of it as an agent that every banker can connect with and gives you all the info for your decisions,” he said.

Abrol also highlighted that India has a credit gap of $300-500 billion, mostly in the MSME space,  that needs to be filled, and GenAI-based CreditX can boost credit flow to MSMEs in this area.

“So far we have not seen globally any bank  where a credit agent behaves like an analyst on demand and covers the full credit life cycle. This credit agent will help penetrate the untapped market that is part of 67 million MSMEs in India but is taking unofficial credit”, Abrol said.

Abrol also claimed that Galytix is the only company that has implemented GenAI-based credit agent solutions across the world in multiple banks. CreditX is implemented in multiple banks abroad, he said, adding that it is also now being used by a foreign bank based in Bengaluru.

Banks encounter numerous hurdles in efficiently managing Counterparty Credit Risk (CCR), such as the absence of an end-to-end credit intelligence engine with integrated workflow functionality.

 Excel and Word are the primary tools Relationship Managers (RMs) and Credit Analysts (CAs) use today. 

CreditX addresses these challenges by automating the CCR journey through a tailored Credit Agent solution. The solution offers RMs and CAs the ability to automate their routine tasks, allowing them to focus on high-value activities such as addressing clients’ needs and monitoring complex client situations.

CreditX solves challenges related to information gathering, credit memorandum preparation, credit decisions, post- approval monitoring, and risk reporting. 

CreditX offers flexible, accurate risk reporting empowered by the full potential of data analytics, providing banks with actionable insights to drive decision-making, he said.

“Galytix’s CreditX aims to revolutionize credit lending in India by addressing these challenges and offering unparalleled efficiency and accuracy through advanced GenAI technology,” Abrol said.