ICICI Bank launches digital loan solution iLens, powered by TCS

• ICICI Bank launched iLensa digital lending solution powered by the TCS lending platform.
  
• iLens digitizes the entire mortgage process – from application to payment – for everyone, including new customers.
  
• Customers can currently get home loans through iLens, but the bank has plans to also offer personal and car loans on it.
  

ICICI Bank, one of India’s largest private banks, announced on Tuesday the launch of iLens, a digital lending solution. The solution is powered by the TCS lending platform.

The bank said iLens is the industry’s first solution that digitizes the entire credit process — from application to payout — for everyone, including new customers. It also allows borrowers to track the status of their loan application in real time.

“Currently, we have aligned mortgage lending with the iLens platform, making us the first to digitize the entire mortgage lending process. This represents a significant shift in the industry as digital home loan pathways are only available until the sanction letter is received,” said VV Balaji, chief technology officer, ICICI Bank.

Customers can easily use digital home loans via iLens, according to the bank. This includes on-boarding via paperless login, document upload, instant sanctions, property appraisals and loan disbursements. In the future, ICICI Bank has plans to also offer other loans, such as personal and car loans.

iLens provides a unified digital interface for all stakeholders – customers, employees, purchasing channels, attorneys, technical officers and insurers – and can be used on mobile phones, tablets or desktops. It is also equipped with built-in e-sign, e-NACH and e-stamp functions.

Digital lending has been picking up in recent years and in the last quarter of September the sector showed strong growth, according to a report from Fintech Association for Consumer Empowerment (FACE). It said payouts among digital lending platforms more than tripled to ₹14,016 crore in Q2 FY23 from the same quarter last year.

Loan disbursements grew both in volume and value year-over-year, as well as on a sequential basis, said the FACE report, which had collected data from 21 of its association members.

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