ICICI Bank launches digital lending solution iLens, powered by TCS

• ICICI Bank launched iLens, a digital lending solution, powered by TCS lending platform.
  
• iLens digitizes the entire mortgage lending process—from application to disbursement—for everyone, including new-to-bank customers.
  
• Customers can currently avail housing loans via iLens for now, but the bank has plans to offer personal and auto loans on it, too.
  

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

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

“Currently, we have aligned mortgage loans to iLens platform making us the first to digitize the entire mortgage lending process. This brings in a significant shift in the industry, as digital journeys for home loan are available only till receiving the sanction letter,” said V V Balaji, chief technology officer, ICICI Bank.

Customers can digitally avail housing loans in a hassle-free process through iLens, the bank said. This includes on-boarding via paperless login, uploading documents, instant sanctions, property appraisals and loan disbursement. Going forward, ICICI Bank has plans to offer other loans like personal and auto loans on it, too.

iLens offers a unified digital interface for all stakeholders—customers, employees, sourcing channels, lawyers, technical officers, and underwriters, and can be operated on mobiles, tablets, or desktops. It is also equipped with inbuilt e-sign, e-NACH and e-stamp features.

Digital lending has been picking up in the last few years, and in the September ending quarter, the sector has shown sharp growth, according to a report by Fintech Association for Consumer Empowerment (FACE). It said that disbursals rose over threefold among digital lending platforms in Q2 FY23 to ₹14,016 crore from the same quarter last year.

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

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