EvolveX pre-approved loans Qorus-Infosys Finacle Banking Innovation Awards 2025

** Concept and Objectives

The project introduces Sri Lanka’s first fully AI-powered instant personal loan solution named EvolveX, representing a transformative shift in the country’s retail lending landscape. At its core, the solution leverages advanced predictive analytics to evaluate customer creditworthiness in real time—analyzing a wide spectrum of data including deposit behaviors, salary crediting patterns, repayment history, existing facilities, and external credit exposures through integration with the Credit Information Bureau (CRIB).

The primary objective of this initiative is to revolutionize the personal lending process by eliminating manual credit assessments and long processing times, replacing them with automated, accurate and personalized loan approvals, documentation and loan account opening/disbursements in Core Banking system delivered instantly. The system ensures that customers receive loan offers proactively and can conveniently access and obtain their approved credit facilities through multiple channels—branch counters, the online banking portal, and the corporate website.

By embedding intelligence directly into the decision-making and fulfilment lifecycle, the bank aims to: • Significantly enhance the customer experience through speed, convenience, and personalization • Optimize internal operational efficiency by reducing manual intervention and processing overhead • Improve credit decision accuracy through data-driven risk assessment models • And ultimately, position the bank as a national leader in innovative, AI-driven financial services.

This solution aligns with the bank’s broader digital transformation strategy and reinforces its commitment to redefine the future of banking through intelligent automation.

** Reason Behind the State of Competition

In a market where traditional loan approvals still take days and involve manual assessment, our product breaks the status quo. The demand for speed, precision, and customer-centric lending models has never been higher, especially post-pandemic. We aimed to meet this demand with a pioneering AI system integrated seamlessly with core banking operations via Finacle.   ** Sources of Inspiration

The development of this AI-powered personal loan solution was inspired by a confluence of global trends, evolving customer expectations, and internal process improvement needs. Globally, the rapid advancement of AI-led lending models, particularly by digital banks and neobanks, has demonstrated the immense potential of artificial intelligence in transforming credit evaluation and delivery. These institutions have set new benchmarks by offering real-time, highly personalized financial products, raising the bar for customer experience and operational efficiency.

Locally, there has been a growing demand from customers for instant, frictionless access to credit. Traditional lending processes, which often require multiple visits, paperwork, and days of manual assessment, no longer align with the expectations of today’s digital-first customers. This increasing appetite for speed and simplicity became a key driver in reimagining the personal loan journey.

In addition, the bank conducted a detailed internal review that highlighted several inefficiencies in the manual loan processing cycle, including dependency on human intervention, delays in credit decisions, and inconsistencies in risk evaluations. These gaps pointed to the urgent need for automation and standardization.

Furthermore, the growing global success of data-driven personalization in financial services served as a strong proof point. Leveraging behavioral and transactional insights to tailor financial offerings not only improves customer satisfaction but also enhances portfolio quality and profitability.

Together, these factors inspired the creation of an intelligent, automated, and scalable lending platform that reflects both international innovation standards and local market realities.

** Departments Involved • Advance Analytics Unit (AI Model Development) • IT Systems Department (System Integration and AI Implementation) • Branch Credit (Product Design & Customer Experience) • Compliance & Risk (Validation of Credit Models and Regulatory Alignment) • Branch Banking Network (Frontline Disbursement and Customer Handling)

** Main Results So Far • Over 85% reduction in loan processing time • More than 900 loans with a value exceeding LKR 2.0 Bn were disbursed during the last 06 months. • Loan Interest income increased by more than LKR 16.0 Mn during the last 06 months • Loan processing fee increased by more than LKR 22.0 Mn during the last 06 months • Zero ‘Non-performing’ facilities (NPL) have been reported as of date • Improved approval accuracy and credit decisioning through AI • Seamless experience via Finacle OTC services and online integrations