ICICI Bank partners with TCS to launch iLens digital lending solution

ICICI Bank has partnered with Tata Consultancy Services (TCS) to launch a digital lending solution called — iLens, which is powered by the latter’s lending platform.

According to Tata Consultancy Services, the iLens platform digitizes the complete lending process. This is from application to disbursement of loans to enable quicker turnaround of loan applications, increased transparency of loan status, and improved experience.

Ujjwal Mathur — TCS India Country Head said, “This is a landmark moment in our partnership with ICICI Bank as we help them digitally transform the retail lending process and experience using the TCS Lending Platform. This further reinforces the bank’s reputation for using digital technologies to provide superior customer experiences and drive competitive differentiation.”

ICICI Bank partners with Tata Consultancy Services to launch iLens digital lending solution. Photo courtesy of Rakesh from Bangalore/Wikimedia Commonns.

The Indian IT services provider said that the iLens digital lending solution has begun to help customers, including new-to-bank individuals, in availing housing loans in a fully digital process with frictionless on-boarding with paperless login, uploading documents, getting instant sanctions, appraising properties, and loan disbursement.

ICICI Bank is looking to offer auto, personal, and credit cards, and other retail loans on the new digital lending platform.

iLens expands to ICICI Bank Lending Solutions. Powered by the TCS Lending Platform, it is tailored with the proprietary policies of the bank for loans, data-led algorithms, and more than 130 API integrations including with fintechs to facilitate faster credit assessment, appraisals of properties, legal and technical documentation. Many of the new-to-bank customers will be provided pre-approved offers as well based on these factors, said Tata Consultancy Services.

The ICICI Bank digital lending solution also features inbuilt e-sign, e-stamp, and e-NACH for enabling quick disbursal of the loan with almost zero paperwork.

V V Balaji — ICICI Bank Chief Technology Officer said: “Over the years, we have focused on enhancing customer experience through digital enablement and streamlining of processes. Our digital platforms, usage of analytics and behavioral sciences underpin our banking solutions.”