HDFC ties up with Accenture for digital transformation

Image
Capital Market
Last Updated : Jun 03 2022 | 9:17 AM IST

The collaboration will revamp HDFC's customer experience and business processes to provide greater operational agility and efficiency, and drive business growth.

The housing finance major has collaborated with Accenture to digitally transform its lending business. The transformation exercise is aimed at making HDFC's lending lifecycle paper-less and nimble.

A key element of the program is a cloud-native lending platform with digital workflows for every step of the customer journey including application, loan processing, credit underwriting and decisioning, disbursement and loan servicing. It leverages a machine learning-based decision engine aimed at improving risk mitigation and driving agility by standardizing the credit underwriting process, Housing Development Finance Corporation (HDFC) said in a statement on Thursday.

Renu Sud Karnad, managing director, HDFC said: "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."

In addition, a mobile application with a specially designed, gamified user experience will help HDFC's large sales field force and channel partners track business leads and service customers in real time, it added.

Sonali Kulkarni, who leads financial services in India for Accenture said: "We are excited to be a key partner to HDFC in their next frontier of customer-centric innovation digitalizing their lending process from beginning to end. 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 is the pioneer of retail housing finance in India. It provides home loans for affordable housing and continues to have the largest number of home loan customers at over 3,14,000 who have availed benefits under the government's Credit Linked Subsidy Scheme.

The housing finance major's standalone net profit rose 16.37% to Rs 3700.32 crore on 5.13% increase in total income to Rs 12308.46 crore in Q4 March 2022 over Q4 March 2021.

Shares of HDFC fell 1.69% to Rs 2289.60 on Thursday.

HDFC and HDFC Bank on 4 April 2022 announced merger, in which shareholders of HDFC will receive 42 shares of HDFC Bank, for 25 shares held in HDFC. As a result, HDFC Bank will be 100% owned by public shareholders and existing shareholders of HDFC will own 41% of HDFC Bank.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jun 03 2022 | 8:50 AM IST

Next Story