Tata Consultancy Services (TCS) and ICICI Bank on Tuesday announced the launch of ‘iLens’, a digital lending solution, powered by the TCS lending platform. The platform digitises the entire lending process— from application to disbursement— for users. The launch aims to offer customers faster turnaround of loan applications, greater transparency of loan status and enriched experience, TCS said in a statement.
V V Balaji, chief technology officer, ICICI Bank, said, “Through research, we have found out that customers want financial solutions in an entirely digital process, with greater transparency of the status of loans and faster turn-around time. We have incorporated these insights to build ‘iLens’ as a future-ready, unified digital, end-to-end interface for customers as well as other stakeholders.”
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To begin with, iLens has started offering customers, including new-to-bank individuals, to avail housing loans in a completely digital process. This includes onboarding through paperless login, uploading documents, receiving instant sanctions, appraising properties, and disbursement of loans. ICICI Bank plans to offer other retail loans such as personal, auto and credit cards on this platform.
Powered by the TCS lending platform, iLens offers a unified digital interface for all stakeholders — customers, employees, sourcing channels, lawyers, technical officers, and underwriters. As per TCS, the platform enables seamless on-boarding of customers with minimal data entry, digital credit assessment of the borrower by tapping into various data sources through API integrations, and video KYC. Further, it has an inbuilt customer interface that helps borrowers track the status of their loan application in real time, as well as digitally fulfil additional paperwork requirements and fee payments.
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“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,” Ujjwal Mathur, country head, TCS India, stated.
Moreover, the platform’s mobile-first architecture enables the entire user community to operate it on any device – mobiles, tablets, or desktops.
