Lenders Pursue AI while Auto Dealers Juggle Multiple Apps

Jagadeesh Venugopal, President at Knight Fintech, explained at an auto lending summit in Mumbai on 19th August that multi-lender systems can evaluate buyer eligibility across several banks and NBFCs in seconds. However, Venugopal warned against building software that does not solve imKmediate business needs. "The best technology is built when the business identifies a clear need and technology fulfills it," Venugopal noted. He added that keeping existing borrowers for their next loan increases total customer profit by 35 to 40 percent.

Piyush Jain, Managing Director and CEO of Moongipa Capital Finance, said financial technology sometimes arrives ahead of market readiness, similar to the early days of UPI. Jain focused directly on the daily frustration at dealerships. "Sales teams should not have to log into five different software programs for five different NBFCs," Jain said, calling for a single digital connection across lenders.

Neeraj Chauhan, Co-Founder of Nxcar, supported Jain's view. He described a future where digital inventory tools and smart algorithms match buyers to the right loan automatically, removing the need to pass physical paperwork across desks.

Dr. Kumar Sampath, Managing Director and CEO of AEQUA Capital, reminded the panel that software alone cannot replace personal trust. "Above all technology, institutional success relies on empathy and trust across teams," Dr. Sampath said. Creating one shared digital platform that connects dealers, lenders, and car makers remains the industry's main goal.