ComBank launches Sri Lanka’s first AI-powered SME Credit Underwriting Solution

Commercial Bank of Ceylon launched Sri Lanka’s first artificial intelligence (AI)-powered SME Credit Underwriting Solution, taking a transformative step in reshaping how the small and medium enterprises (SMEs) access credit and financial solutions. 

This custom-built AI platform, another breakthrough initiative by the country’s largest private sector bank, 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.

The solution leverages advanced machine learning algorithms and predictive analytics to identify the financial needs of the 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 the SMEs in accessing tailored financial solutions at their convenience, underpinned by rigorous standards of privacy.

The objectives of this initiative are to accelerate the SME loan approval process, promote greater customer convenience and drive financial inclusion across the sector. Recognising the vital contribution the SMEs make to the national economy and the importance of embedding environmental, social and governance (ESG) practices within the industry, Commercial Bank has made a significant investment to bring this capability to life, setting new benchmarks for innovation in the market. 

Beyond the customer impact, the use of AI delivers substantial benefits to the bank by expanding market reach, improving customer experience, strengthening risk management and asset quality, enhancing resource efficiency and ensuring adaptability to evolving the ESG requirements.

Commercial Bank has been progressively transforming its SME business model from conventional product offerings toward more meaningful and value-rich solutions designed to help enterprises grow sustainably. With the deployment of this scalable AI architecture, the bank is now equipped to capture new opportunities and meet the emerging demands across the SME sector. 

As part of an ambitious drive to deliver an unparalleled customer experience and leverage cutting-edge technology, Commercial Bank said it is also poised to roll out advanced AI-powered underwriting models for personal and housing loans and card credits. These forthcoming models would significantly enhance customer experience, boost convenience and provide hyper-personalised services to customers, the bank said.