Housing Development Finance Corporation (HDFC), an Indian housing finance company, has selected Accenture to drive the digital transformation of its lending business.
By using cloud-native applications, automation, advanced analytics, and machine learning, Accenture will help HDFC in revamping its customer experience and business processes.
The Indian firm is expected to realise improved operational agility and efficiency, and fuel business growth through the collaboration with Accenture.
HDFC managing director Renu Sud Karnad said: “HDFC has a rich legacy of customer centric innovation, and we have always looked to technology as a way of getting closer to our customers.
“The ongoing market disruption in the mortgage industry calls for a focused commitment to digital-led reinvention of customer experiences, which we believe will be pivotal to driving future growth.”
According to Accenture, the aim of the transformation programme is to make its lending lifecycle paper-less and nimble.
An important element of the programme is a cloud-native lending platform that will have digital workflows for all the steps of the customer journey. These include application, processing of the loan, credit underwriting and decisioning, disbursement, and servicing of the loan.
The lending platform will utilise a machine learning-based decision engine aimed at enhancing risk mitigation and bringing in agility by the standardisation of the credit underwriting process.
It is said to have a user-friendly mobile application as well as a web-based portal for customers. Built by using human-centric design principles, the mobile application and web portal will facilitate digital-native experiences and considerably cut down the time required for customer onboarding, said Accenture.
They will also offer customers real-time visibility into their home loan application status and other related service requests anytime, anywhere.
Additionally, HDFC’s sales field force and channel partners will get a mobile application with a specially designed, gamified user experience to help in real-time tracking of business leads and serving of customers.
Accenture India financial services lead Sonali Kulkarni said: “By taking a cloud-first approach, HDFC will be able to leverage the power of digital innovations and embed AI-driven insights throughout their lending lifecycle.
“The platform will also serve as a template for additional, new customer services and capabilities, all made possible by a cloud-based digital core, which is essential for enterprise reinvention.”
