Nafees Ahmed, Indiabulls Housing Finance
Sep 07th 2016

Digital Innovation Strategy

The company’s “e-Home Loan” project comprises all digital technology enablers in line with the latest financial technology trends and threading of these enablers into a comprehensive ‘digital mortgage model’. The company has integrated their systems that reduce manual data entry and cumbersome interfaces to avoid delay in loan origination and processing. This has enabled online application processing 24*7 over various platforms. With the launch of e-Home loan platform, the company has spearheaded the digitization of the entire loan cycle from e-apply to e-disbursal.

The platform has integration with external vendors and government agencies, providing e-verification for a number of borrower data points. There are special mobile apps for sales, collections, and verification agencies that have helped them perform their activities on the move. Digilocker integration facilitates customer document upload from source, preventing any chance of forgery. UPI-based payments and digital wallets allow easy payment options. Customer data and applications security are prioritized to safeguard against emerging cyber-threats. Process automation has eliminated errors, permitting the credit team to focus on underwriting.

The e-Home Loan platform has allowed business to extend its reach to Tier II and III cities launching specific products like Smart City loans, without any brick and mortar branches, thus having minimal impact on the outlaid budget. Loan sanction time has come down from 21 days to 48 hours. The productivity of teams has increased stupendously. Elimination of manual data entry saved two man-hours per file.