HDFC Ltd Collaborates with Accenture to Accelerate Digital Transformation
The transformation exercise is aimed at making HDFC Ltd.’s lending lifecycle paper-less and nimble. A key element of the program is a cloud-native lending platform with digital workflows for every step of the customer journey including application, loan processing, credit underwriting and decisioning, disbursement and loan servicing. 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. Developed using human-centric design principles, the intuitive mobile application and web portal will enable digital-native experiences and significantly reduce the time taken for customer onboarding. 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 specially designed, gamified user experience will help HDFC’s large sales field force and channel partners track business leads and service customers in real time.
Abhijit Singh, Chief Information and Technology Officer, 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.”
Sonali Kulkarni, who leads financial services in India for Accenture said, “We are excited to be a key partner to HDFC Ltd. in their next frontier of customer-centric innovation — digitalizing their lending process from beginning to end. 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.”