HDFC partners with Accenture to accelerate digital transformation of its lending business

Country’s largest housing finance company HDFC Ltd, on Thursday, announced the collaboration with global information technology services firm Accenture to digitally transform its lending business.

This collaboration, which is powered by cloud-native applications, machine learning, automation and advanced analytics, would help revamp HDFC’s customer experience and business processes to provide greater operational agility and efficiency and drive business growth, as per a public statement.

Renu Sud Karnad, MD, 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 ongoing 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.”

The collaboration also aims to make HDFC create a paperless lending experience through a new analytics-powered cloud-native lending platform.

Sonali Kulkarni, who leads financial services in India for Accenture 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.”

HDFC, in a statement, highlighted that a key element of the program is a cloud-native lending platform with digital workflows for every step of the customer’s journey such as application, loan processing, credit underwriting and decisions, disbursement, and loan servicing. The program also leverages a machine learning-based decision engine, which is aimed at improving risk mitigation and driving agility by standardising the credit underwriting process.

Moreover, the platform also includes a mobile application and a web-based portal for customers, which is developed using human-centric design principles to enable digital-native experiences and reduce the time taken for customer onboarding.

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.”

In addition to this, the platform would also offer real-time visibility to customers into their home loan application status and other related service requests. The mobile application with a specially designed, the gamified user experience would help HDFC’s large sales field force and channel partners track business leads and service customers in real-time.