New digital loan platform is the first to digitize the home loan process, says ICICI Bank

New Delhi:

ICICI Bank has launched a new digital lending platform called ‘iLens’ developed by Tata Consultancy Services (TCS).

iLens digitizes the entire lending process for borrowers, from loan application to credit disbursement.

Initially, iLens services will be offered to customers who want to use ICICI Bank home loans, TCS said in a statement.

“We have aligned mortgage lending with the ‘iLens’ platform, making us the first to digitize the entire mortgage loan process. This is a significant industry shift as digital home loan pathways are only available until we receive the sanction letter, said VV Balaji, Chief Technology Officer, ICICI Bank.

The digital process offers hassle-free onboarding through paperless login, uploading documents, receiving direct sanctions, assessing properties and disbursing loans, TCS said.

ICICI Bank plans to offer other retail loans such as personal, car and credit cards on this platform.

iLens, which stands for ICICI Bank Lending Solutions, is powered by the TCS Lending Platform and is customized to ICICI Bank’s own lending policies, data-driven algorithms, and more than 130 application program interface (API) integrations, including with fintechs , enabling faster credit review, property appraisals, legal and technical documentation,” said TCS.

Based on these characteristics, the new customers joining the bank will also receive pre-approved offers, which is an industry first, TCS said.

iLens provides a unified digital interface for all stakeholders in the lending process, including customers, employees, purchasing channels, attorneys, technical officers, and insurers.

The platform enables video KYC (know your customer) standards. It also analyzes the borrower’s credit rating by tapping into various data sources through API integrations.

iLens’ built-in customer interface helps borrowers track the status of their loan application in real time, according to TCS. It also digitally helps them pay additional paperwork requirements and fees.

Ujjwal Mathur, Country Head, TCS India, said: “This is a milestone in our partnership with ICICI Bank as we help them digitally transform the lending process and experience using the TCS Lending Platform.”