Mumbai-based LIC Housing Finance is adopting Google Cloud to power its next-generation digital mobile platform and serve the needs of home loan applicants, as part of its digital transformation journey.
MR Kumar, chairman of LIC of India and LIC Housing Finance, launched the mobile application LIC HFL Home Loans and unveiled its mascot HomY.
“We’re honoured to partner with LIC Housing Finance to launch their new home loan app and help accelerate their digital transformation strategy. The advanced features and reliable performance of the app will enable LIC Housing Finance to engage a new generation of customers across India, and provide greater convenience and choice for home loan applicants," Kamolika Peres, director of sales for Google Cloud in India, said.
With the ability to assess the eligibility of each applicant online, the app minimises the lengthy paper-based loan application process. Other requirements, such as submission of documents and background checks of customers, will also become faster.
“The new app will enable us to speed up the entire process of granting loans to new applicants as well as facilitate the services being availed by the existing beneficiaries. Working with Google Cloud, we have the ability to scale automatically to handle peak customer loads securely, and serve the needs of our customers nationwide,” Siddhartha Mohanty, managing director and CEO of LIC Housing Finance, said.
With the app, one can check their eligibility for a pre-approved home loan based on KYC and other data. The app can also be used by LIC Housing Finance agents in the field to engage with customers and provide services in real time.
The app, which is compatible with Android and iOS, is built on a microservice-based architecture that runs on Google Cloud Kubernetes Engine. With this, LIC Housing Finance aims to increase developer productivity on the app, leading to faster time to market.
The app also features an interactive chat application built on Firebase and DialogFlow, which helps LIC Housing Finance respond to loan queries from customers faster. The app’s security is managed by Cloud Armour.