Tata Consultancy Services and ICICI Bank announced the launch of iLens, a digital lending solution, powered by the TCS lending platform. The first-of-its-kind platform digitizes the entire lending process?from application to disbursement?for everyone, including new-to-bank customers, to offer them unparalleled convenience with faster turnaround of loan applications, greater transparency of loan status and enriched experience. To begin with, iLens has started empowering customers, including new-to-bank individuals, to avail housing loans in a completely digital process with hassle-free on-boarding via paperless login, uploading documents, receiving instant sanctions, appraising properties, and disbursement of loans. ICICI Bank plans to offer other retail loans such as personal, auto and credit cards on this platform. iLens, which stands for ICICI Bank Lending Solutions, is powered by the TCS Lending Platform and is customized with ICICI Banks proprietary policies for loans, data-led algorithms and over 130 API integrations including with fintechs, enabling quicker credit assessment, property appraisals, legal and technical documentation. Based on these, many of the new-to-bank customers will also be given pre-approved offers? yet another industry first initiative. Powered by the TCS Lending Platform, iLens offers a unified digital interface for all stakeholders? customers, employees, sourcing channels, lawyers, technical officers, and underwriters. The state-of-the-art platform enables seamless on-boarding of customers with minimal data entry, digital credit assessment of the borrower by tapping into various data sources through API integrations, and video KYC. Further, it has an inbuilt customer interface that helps borrowers track the status of their loan application in real time, as well as digitally fulfil additional paperwork requirements and fee payments. Its open API-architecture enables the back-office processing to be seamlessly integrated with third parties such as legal counsel and property evaluators to accelerate the workflows and eliminate paperwork. iLens is also equipped with inbuilt e-sign, e-NACH and e-stamp features enabling swift disbursal of the loan with minimal paperwork. Powered by Capital Market - Live News
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