HDFC teams up with Accenture for digital transformation

HDFC teams up with Accenture for digital transformation
The partnership 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.