On Nov 29th 2022, TCS and ICICI Bank announced the launch of ‘iLens,’ a digital lending solution driven by the TCS lending platform. The platform digitizes the entire loan process for users, from application to disbursement. TCS said in a statement that the launch intends to provide clients with speedier loan application turnaround, improved transparency of loan status, and an enhanced experience.
ICICI Bank’s chief technology officer, V V Balaji, stated, “We discovered via research that customers desire financial solutions in a digital approach, with better transparency of loan status and quick response time. We used these data to create ‘iLens,’ a future-ready, unified digital, end-to-end interface for customers and other stakeholders.”
To begin, iLens has already started offering customers, including first-time bank customers, the ability to get housing loans entirely online. This includes paperless login, uploading papers, receiving quick sanctions, assessing properties, and loan disbursement. On this platform, ICICI Bank intends to offer retail loans like personal, auto, and credit cards.
iLens provides a consistent digital interface for all stakeholders – consumers, employees, supply channels, lawyers, technical officers, and underwriters — and is powered by the TCS lending platform. According to TCS, the platform offers easy client onboarding with little data entry, digital credit assessment of borrowers by tapping into numerous data sources via API interfaces, and video KYC. It also includes a built-in user interface that allows borrowers to check the status of their loan application in real-time in addition to digitally submitting extra paperwork obligations and fee payments.