New Digital-Lending Platform Is First To Digitise Home Loan Process, Says ICICI Bank

ICICI Bank has launched a new digital-lending platform called 'iLens', which is developed by Tata Consultancy Services (TCS)..iLens digitises the entire lending process for borrowers, from loan application to credit disbursement..Initially, iLens services will be offered to customers seeking to avail of housing loans from ICICI Bank, TCS said in a statement.."We have aligned mortgage loans to 'iLens' platform making us the first to digitise the entire mortgage lending process. This brings in a significant shift in the industry, as digital journeys for home loan are available only till receiving the sanction letter," said V V Balaji, Chief Technology Officer, ICICI Bank..The digital process offers hassle-free onboarding through paperless login, uploading documents, receiving instant sanctions, appraising properties, and disbursement of loans, TCS said..ICICI Bank plans to offer other retail loans such as personal, auto, and credit cards on this platform.."iLens, which stands for ICICI Bank Lending Solutions, is powered by the TCS Lending Platform and is customised with ICICI Bank's proprietary policies for loans, data-led algorithms, and over 130 API (application programme interface) integrations, including with fintechs, enabling quicker credit assessment, property appraisals, legal, and technical documentation," TCS said..Based on these features, the new-to-bank customers will also be given pre-approved offers, which is an industry-first initiative, TCS said..iLens offers a unified digital interface for all stakeholders in the lending process, including customers, employees, sourcing channels, lawyers, technical officers, and underwriters..The platform enables video KYC (know-your-customer) norms. It also analyses the credit assessment of the borrower by tapping into various data sources through API integrations..iLens's inbuilt customer interface helps borrowers track their loan application status in real-time, TCS said. It also helps them digitally to do additional paperwork requirements and fee payments..Ujjwal Mathur, Country Head, TCS India, said: "This is a landmark moment in our partnership with ICICI Bank as we help them digitally transform the retail lending process and experience using the TCS Lending Platform."

New Digital-Lending Platform Is First To Digitise Home Loan Process, Says ICICI Bank

NDTV Profit

NDTV Profit

Follow Us

DOWNLOAD THE APP