A new digital lending platform called “iLens,” which is powered by Tata Consultancy Services (TCS), has been announced for launch by ICICI Bank.
The IT conglomerate stated in a statement that the platform would digitize the entire lending process, from application to disbursement, to provide unparalleled convenience, faster turnaround times for loan applications, greater transparency regarding loan status, and a smooth experience for everyone, including new bank customers.
iLens has previously helped clients, including new-to-bank people, to profit of lodging credits in a totally computerized process with problem free onboarding through paperless login, transferring reports, getting moment sanctions, evaluating properties and dispensing of credits, the IT organization said in a proclamation imparted to stock trades.
On this platform, ICICI Bank intends to provide additional retail loans, including personal, auto, and credit cards.ICICI Bank’s proprietary loan policies, data-driven algorithms, and more than 130 application programming interface (API) integrations, including with fintech, are all incorporated into iLens, which stands for ICICI Bank Lending Solutions.
According to the IT company, this app enables faster credit assessments, property appraisals, legal and technical documentation, and on the basis of these, many new bank customers will also receive pre-approved offers—another industry first.
According to the statement, iLens provides a single digital interface for all stakeholders, including customers, employees, sourcing channels, lawyers, technical officers, and underwriters.It added, among other things, a cutting-edge platform that made it possible for customers to be onboarded without having to enter any data and video KYC.
A built-in customer interface, according to the IT company, enables borrowers to monitor the status of their loan application in real time.”Over the years, we have focused on enhancing customer experience through digital enablement and streamlining of processes,” stated V V Balaji, Chief Technology Officer of ICICI Bank.Our banking solutions are based on our digital platforms, analytics, and behavioral sciences.
“At this time, we have aligned mortgage loans with the iLens platform, making us the first company to digitize the mortgage lending procedure.”Due to the fact that digital applications for a home loan are only available until the sanction letter is received, this marks a significant shift in the industry.The Chief Technology Officer stated, “We believe that this platform will offer our customers an unparalleled experience to fulfill their aspirations of owning a home or car, acquiring a higher education, and enabling business growth.”
According to the statement, TCS’ open API architecture makes it possible for the back-office processing to seamlessly integrate with third parties like property evaluators and legal counsel to speed up workflows and eliminate paperwork.
The IT company stated that iLens also has built-in e-sign, e-NACH, and e-stamp features that make it possible to quickly disburse the loan with minimal paperwork. Additionally, the platform’s mobile-first architecture enables customers to use it on any device, including desktops, smartphones, and tablets.
“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,” Ujjwal Mathur, Country Head, TCS India, stated. The bank’s reputation for utilizing digital technologies to provide superior customer experiences and drive competitive differentiation is further bolstered by this.”
