TCS, ICICI Bank launch digital lending platform iLens

Tata Consultancy Services TCS and ICICI Bank have announced the launch of iLens, a digital lending solution powered by the TCS lending platform. The platform digitises the entire lending process for users, from application to disbursement. The launch aims to give customers quicker turnaround of loan applications, greater transparency of loan status and enriched experience, TCS said in a statement.

Through research, customers want financial solutions in an entirely digital process, with greater transparency of the status of loans and faster turn-around time, said V V Balaji, chief technology officer, ICICI Bank. We have incorporated these insights into the iLens to build a future-ready, unified digital, end-to- end interface for customers as well as other stakeholders. To begin with, iLens has started offering customers, including new-to-bank individuals, the ability to avail housing loans in a completely digital process. This includes onboarding through paperless login, uploading documents, 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.

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 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, as per TCS. The inbuilt customer interface helps borrowers track their loan application status in real time, as well as digitally fulfill additional paperwork requirements and fee payments.

This is a momentous moment in our partnership with ICICI Bank as we help them digitally transform the retail lending process and experience using the TCS lending platform. The bank's reputation for using digital technologies to provide superior customer experiences and drive competitive differentiation is reinforced by this, said Ujjwal Mathur, country head, TCS India.

The platform's mobile-first architecture allows the entire user community to use it on any device, mobiles, tablets or desktops.