Indian retail housing finance major HDFC has selected IT major Accenture to digitally transform its lending operations from beginning to end.
Through this partnership, HDFC hopes to enhance business processes and customer experience to achieve operational agility and efficiency, while driving business growth.
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Accenture will power HDFC with a cloud-native digital lending platform with digital workflows for application, loan processing, credit underwriting and decisioning, disbursement, and loan servicing.
The platform leverages machine learning to mitigate risk and standardise the credit underwriting process.
Additionally, it will provide customers access to a mobile application and a web-based portal, which can be used to track loan applications and access other services.
HDFC chief information and technology officer Abhijit Singh said: “We believe that embracing leading-edge technologies to develop user-centric systems and a robust technology backbone is an essential element of our transformation journey.
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By GlobalData“A data-driven organisational culture and digitally-enabled workplace experiences that empower our people are equally important. At HDFC, we prioritise customer-focused innovation, and our collaboration with Accenture is helping us build a future-proof business model.”
Accenture financial services head in India 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.”
The collaboration follows the announcement that HDFC will merge with and into HDFC Bank to create a banking behemoth.
