NBFC giant, HDFC, on Thursday announced the collaboration with global information technology services and consultancy firm, Accenture, to digitally transform its lending business. The combination will revamp HDFC’s customer experience and business processes to deliver greater operational agility and efficiency and drive business growth.
“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,” said Renu Sud Karnad, Managing Director of HDFC .
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-driven 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. »
The collaboration aims to make HDFC’s loan lifecycle paperless and agile.
In a statement, HDFC highlighted that a key part of the program is a cloud-native lending platform with digital workflows for every stage of the customer journey, including application, loan processing, underwriting and credit decisions, disbursements and loan servicing. It leverages a machine learning-based decision engine aimed at improving risk mitigation and fostering agility by standardizing the credit underwriting process.
Additionally, the platform includes a user-friendly mobile app and web portal for customers. Developed using human-centered design principles, the intuitive mobile app and web portal will enable native digital experiences and significantly reduce the time required for customer onboarding.
Additionally, the platform will provide customers with real-time visibility into the status of their home loan application and other related service requests anytime, anywhere.
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 a critical part of our journey of transformation. A data-driven organizational culture and digital work experiences that empower our people are equally important.”
Additionally, a mobile app with a specially designed and fun user experience will help HDFC’s large sales force and channel partners track leads and serve customers in real time.
On the ESB, HDFC stocks settled at ₹2289.60 each down 1.7%.