CUSTOMER STORIES
LB Finance Scales AI-Powered Lending and Financial Innovation with Snowflake
By unifying its data and AI, LB Finance drives product innovation, boosts operational efficiency and delivers business intelligence in near real time.
$1B+Assets protected by enterprise-grade data and AI security
1M+Customers benefiting from AI-powered finance
Industry
Financial ServicesLocation
Sri LankaStory highlights
- Fast-tracking loan approvals and credit accuracy with AI: By automating manual paperwork and creating a credit approval assistant with Snowflake Document AI and Cortex AI, LB Finance has eliminated customer wait times and scaled AI-powered personal loans with higher credit decision accuracy.
- Eliminating infrastructure maintenance costs and performance bottlenecks: Thanks to the separation of storage and compute, LB Finance has removed performance bottlenecks and reduced IT maintenance costs to nearly zero while empowering teams with “limitless” compute power.
- Refreshing critical business dashboards in minutes instead of hours: With dashboard refresh times down from hours to minutes, LB Finance has empowered employees with self-service capabilities and "at-your-fingertips" data for faster and more informed decision-making.
Video Transcript
We are Sri Lanka's industry-leading non-banking financial organization with assets over a billion dollars. We serve over a million customers and businesses to manage their financial journey with our deposits, savings, leasing, and gold loans.
Life before Snowflake at LB Finance PLC, we had a SQL server-based data warehouse. There we encountered slow performance, and there was high IT dependency where business teams couldn't self-serve for their requirements. Also, there were no real-time insights.
Snowflake stood out as the best solution. The main reason was the elasticity because of the clear separation between the compute and the storage. We could instantly scale up without having any issues whenever we have a higher demand for data.
As you know, LB Finance is a large organization. In order to manage the whole business, we have to have multiple applications, but those were in different silos. We wanted to bring all these information silos under one umbrella. After implementing Snowflake, now the data is readily available and it's at the fingertips of our employees.
When we look at the performance and business impact, previously there were dashboards which took hours to get refreshed. Now they are taking only minutes. Also, when it comes to IT maintenance cost, this cost has reduced to almost zero because Snowflake takes care of everything.
With the inbuilt features like role-based access controls, data encryption, and field masking, we could easily fulfill the enterprise-grade security and governance requirements which are required by our regulator. When it comes to scaling for AI, our data and our AI models reside on the same platform and the compute power is limitless.
Snowflake has helped us to implement AI-powered personal loans with the help of Snowflake Document AI technology, enabling rapid disbursement of funds and eliminating customer waiting time and manual paperwork. We have also implemented a credit approval assistant powered by Snowflake Cortex, enabling our credit approvers to increase the accuracy of credit decisions they take.
We have come a very long way within a very short period of time with the Snowflake cloud platform. As we look into the future, we have a vision to build AI-ready digital finance built on trusted data. As services move from branches to apps, speed, scale, and intelligence become absolutely critical for our business decision-making. With Snowflake as a single source of truth, we have enabled data democratization and the ability to talk to data at LB Finance.
