State investment corporation, Financial services company

Tata Consultancy Services and ICICI Bank on Tuesday announced the launch of iLens, a digital-lending solutions app, which is powered by the TCS lending platform.According to a statement from the IT giant, the platform would digitise the entire lending process --from application to disbursement-- to offer everyone, including new-to-bank customers, unparalleled convenience with faster turnaround of loan applications, greater transparency of loan status and smooth experience.iLens has already helped customers, including new-to-bank individuals, to avail housing loans in a completely digital process with hassle-free on-boarding via paperless login, uploading documents, receiving instant sanctions, appraising properties and disbursement of loans, the IT company said in a statement shared with stock exchanges. ICICI Bank plans to offer other retail loans such as personal, auto and credit cards on this platform.iLens, which stands for ICICI Bank Lending Solutions, is customised with ICICI Bank's proprietary policies for loans, data-led algorithms and over 130 application programming interface (API) integrations including with fintechs. This app enables quicker credit assessment, property appraisals, legal and technical documentation, the IT firm said, adding that based on these, many of the new-to-bank customers will also be given pre-approved offers -- yet another industry-first initiative.iLens offers a unified digital interface for all stakeholders--customers, employees, sourcing channels, lawyers, technical officers, and underwriters, according to the statement. It added the latest platform enables seamless on-boarding of customers with minimal data entry, and video KYC, among others. The IT firm said it has an inbuilt customer interface that helps borrowers track the status of their loan application in real-time.V V Balaji, Chief Technology Officer, ICICI Bank, said, "Over the years, we have focused on enhancing customer experience through digital enablement and streamlining of processes. Our digital platforms, usage of analytics and behavioural sciences underpin our banking solutions.""Currently, we have aligned mortgage loans to iLens platform making us the first to digitise the entire mortgage lending process. This brings in a significant shift in the industry, as digital journeys for home loan are available only till receiving the sanction letter. We believe that this platform will offer unparalleled experience to our customers to fulfil their aspirations of owning a home or a car, acquire higher education and enable business growth," the CTO said.TCS in the statement said its open API-architecture enables the back-office processing to be seamlessly integrated with third parties such as legal counsel and property evaluators to accelerate the workflows and eliminate paperwork. iLens is also equipped with inbuilt e-sign, e-NACH and e-stamp features enabling swift disbursal of the loan with minimal paperwork, the IT firm said, adding that the platform's mobile-first architecture enables customers to operate it on any device - mobiles, tablets, or desktops.Ujjwal Mathur, Country Head, TCS India, said, "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. This further reinforces the bank's reputation for using digital technologies to provide superior customer experiences and drive competitive differentiation."( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

State Investment CorporationFOLLOW

State investment corporation, Latest News

Mumbai, Dec 27 Former top honcho of the ICICI Bank, Chanda Kochhar and her businessman husband Deepak Kochhar ... ...

Videocon chairman Venugopal Dhoot, former MD and CEO of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar were ... ...

New Delhi, Dec 26 In a latest development in the loan fraud case involving former ICICI Bank CEO ... ...

New Delhi, Dec 24 The CBI on Saturday said that former ICICI Bank CEO Chanda Kochhar, an accused ... ...

New Delhi, Dec 24 A special court in Mumbai on Saturday sent former ICICI Bank CEO Chanda Kochhar ... ...

New Delhi, Dec 23 Former ICICI Bank CEO Chanda Kochhar and her husband and businessman Deepak Kochhar were ... ...

Ratlam (Madhya Pradesh), Nov 30 (/ 101Reporters) In 2018, when heavy rain destroyed his soybean crops, Sunil Patidar of ... ...

Tata Consultancy Services and ICICI Bank on Tuesday announced the launch of iLens, a digital-lending solutions app, which is ... ...