ICICI Financial institution Launches New Digital-Lending Platform 'iLens'

New Delhi:

ICICI Financial institution has launched a brand new digital-lending platform referred to as ‘iLens’, which is developed by Tata Consultancy Providers (TCS).

iLens digitises the whole lending course of for debtors, from mortgage utility to credit score disbursement.

Initially, iLens providers will probably be provided to prospects searching for to avail of housing loans from ICICI Financial institution, TCS stated in a press release.

“Now we have aligned mortgage loans to ‘iLens’ platform making us the primary to digitise the whole mortgage lending course of. This brings in a big shift within the {industry}, as digital journeys for dwelling mortgage can be found solely until receiving the sanction letter,” stated V V Balaji, Chief Know-how Officer, ICICI Financial institution.

The digital course of provides hassle-free onboarding by way of paperless login, importing paperwork, receiving prompt sanctions, appraising properties, and disbursement of loans, TCS stated.

ICICI Financial institution plans to supply different retail loans corresponding to private, auto, and bank cards on this platform.

“iLens, which stands for ICICI Financial institution Lending Options, is powered by the TCS Lending Platform and is customised with ICICI Financial institution’s proprietary insurance policies for loans, data-led algorithms, and over 130 API (utility programme interface) integrations, together with with fintechs, enabling faster credit score evaluation, property value determinations, authorized, and technical documentation,” TCS stated.

Based mostly on these options, the new-to-bank prospects can even be given pre-approved provides, which is an industry-first initiative, TCS stated.

iLens provides a unified digital interface for all stakeholders within the lending course of, together with prospects, workers, sourcing channels, attorneys, technical officers, and underwriters.

The platform allows video KYC (know-your-customer) norms. It additionally analyses the credit score evaluation of the borrower by tapping into numerous information sources by way of API integrations.

iLens’s inbuilt buyer interface helps debtors monitor their mortgage utility standing in real-time, TCS stated. It additionally helps them digitally to do further paperwork necessities and payment funds.

Ujjwal Mathur, Nation Head, TCS India, stated: “It is a landmark second in our partnership with ICICI Financial institution as we assist them digitally remodel the retail lending course of and expertise utilizing the TCS Lending Platform.”