HDFC, Accenture collaborate to accelerate digital transformation

HDFC, Accenture collaborate to accelerate digital transformation
HDFC, Accenture collaborate to accelerate digital transformation

Making HDFC Ltd.’s lending cycle paper-less and nimble is the aim of the digital transformation exercise

India’s largest housing finance company, HDFC Ltd. has collaborated with Accenture to digitally transform its lending business. To provide greater operational agility and efficiency, and drive business growth, the collaboration, which is powered by cloud-native applications, machine learning, automation and advanced analytics, will revamp HDFC’s customer experience and business processes.

Renu Sud karnad, managing director of HDFC Ltd. 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 on-going 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.”

Making HDFC Ltd.’s lending cycle paper-less and nimble is the aim of the digital transformation exercise. Including application, loan processing, credit underwriting and decisioning, disbursement and loan servicing, a key element of the program is a cloud-native lending platform with digital workflows for every step of the customer journey. It leverages a machine learning-based decision engine aimed at improving risk mitigation and driving agility by standardizing the credit underwriting process.

The platform includes a user-friendly mobile application and web-based portal for customers. The intuitive mobile application and web portal, developed using human-centric design principles, will enable digital-native experiences and significantly reduce the time taken for customer on-boarding. They will also offer customers real-time visibility into their home loan application status and other related service requests anytime, anywhere.

In addition, a mobile application with a specifically designed, gamified user experience will help HDFC’s large scales field force and channel partners track business leads and service customers in real time.

Abhijit Singh, chief information and technology officer of HDFC Ltd. 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. 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.”

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