Salesforce is set to launch Digital Lending for India in a move to provide banks and lenders with a platform to digitally approach consumer lending in the country.
The new digital lending for loan origination solution will reduce the cost and the challenge of maintaining disconnected and outdated platforms.
Digital Lending for India will exclusively serve customers within the country, said Salesforce.
The platform can integrate banking and financial data with customer information in Salesforce.
Built on Salesforce’s Financial Services Cloud, the integration offers a unified view of customer data for loan application processing, leading to faster processing and approvals.
Digital Lending for India will offer a single platform for intake, underwriter review, and pre-disbursement operations for applications for home, auto, and personal loans.
The new product’s application intake feature will provide prebuilt journeys and guarantee a more optimised intake experience across multiple touchpoints. In addition, the underwriter console will offer a unified view of essential data for credit review.
Besides, its India-specific integrations will include prebuilt integrations which can be configured for identity verification, Aadhaar authentication, video know your customer (KYC), risk screening, and employment verification.
This will help credit processing assistants and agents address their KYC compliance and optimise onboarding processes with speed and scale.
Digital Lending for India will also have prebuilt disbursement operations. It is a configurable feature that includes forms for collecting applicant bank account details, mode of repayment, repayment frequency, and monthly amount.
Salesforce India CEO and chairperson Arundhati Bhattacharya said: “Given the potential of technology in driving change, our new product “Digital Lending for India” can offer multiple benefits.
“India, with its rich scientific heritage, and diversity, with strong aspirations for a technology-driven economy, finds itself at a juncture, facing both challenges and opportunities in this global technological race.”
