Housing finance company, HDFC Ltd., has partnered with tech firm Accenture to digitally transform its lending business.
HDFC said that by leveraging emerging technologies such as cloud-native applications, machine learning, automation and advanced analytics, it will make its lending lifecycle “paperless and nimble”. This in turn can in turn help them enhance customer experience and drive business growth.
HDFC has always been at the centre of tech innovation, as Renu Sud Karnad, managing director, HDFC Ltd. said, while the company has “always looked to technology as a way of getting closer to our customers. The ongoing market disruption in the mortgage industry calls for a focused commitment to digital-led reinvention of customer experiences, which we believe will be pivotal to driving future growth.”
With a cloud-native lending platform, Accenture will help simplify digital workflows for every step of the customer journey including application, loan processing, credit underwriting and decisioning, disbursement and loan servicing.
In order to do so, it leverages a machine learning-based decision engine aimed at improving risk mitigation and driving agility by standardising the credit underwriting process.
In addition, the platform includes a user-friendly mobile application and web-based portal for customers. Developed using human-centric design principles, the intuitive mobile application and web portal will enable digital-native experiences and significantly reduce the time taken for customer onboarding. They will also offer customers real-time visibility into their home loan application status and other related service requests anytime, anywhere.
A mobile application with a specially designed, gamified user experience will further help HDFC’s large sales field force and channel partners track business leads and service customers in real time.
Sonali Kulkarni, who leads financial services in India for Accenture said, by taking a cloud-first approach, HDFC will be able to leverage the power of digital innovations and embed AI-driven insights throughout their lending lifecycle.