HDFC partners with Accenture to accelerate the digital transformation of its lending business


The country’s largest housing finance company, HDFC Ltd, on Thursday announced the collaboration with global information technology services company Accenture to digitally transform its lending business.

This collaboration, which leverages cloud-native applications, machine learning, automation and advanced analytics, would help revamp HDFC’s customer experience and business processes to deliver greater operational agility and efficiency. and drive business growth, according to a public statement.

Renu Sud Karnad, MD, HDFC Ltd, said, “HDFC has a rich heritage of customer-centric innovation, and we have always viewed technology as a way to bring us closer to our customers. Continued market disruption in the mortgage industry requires a focused commitment to the digital reinvention of customer experiences, which we believe will be key to driving future growth.

The collaboration also aims to have HDFC create a paperless lending experience through a new analytics-powered cloud-native lending platform.

Sonali Kulkarni, who leads financial services in India for Accenture, said, “By adopting a cloud-first approach, HDFC will be able to leverage the power of digital innovations and integrate AI-powered insights. throughout their loan life cycle. The platform will also serve as a model for additional new customer services and capabilities, all enabled by a cloud-based digital core, which is essential for business reinvention.

HDFC, in a statement, highlighted that a key part of the program is a cloud-native lending platform with digital workflows for every stage of the customer journey, such as application, loan processing, underwriting. and credit decisions, disbursements and servicing of loans. The program also leverages a machine learning-based decision engine, which aims to improve risk mitigation and drive agility by standardizing the credit underwriting process.

Additionally, the platform also includes a mobile app and web portal for customers, which is developed using human-centered design principles to enable native digital experiences and reduce the time needed to onboard clients.

Abhijit Singh, Chief Information and Technology Officer, HDFC Ltd, said, “We believe that adopting cutting-edge technologies to develop user-centric systems and robust technology infrastructure is an essential part of our transformation journey. A data-driven organizational culture and digital work experiences that empower our people are equally important. »

In addition to this, the platform would also provide customers with real-time visibility into the status of their home loan application and other related service requests. The mobile app with a specially designed gamified user experience would help HDFC’s large sales force and channel partners track business leads and serve customers in real time.

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