IDBI Bank Limited on Wednesday announced a digitized loan processing system for its Micro, Small & Medium Enterprises (MSME) and agri products. From data fintechs, bureau validations to document storage/retrieval, account opening/management, customer notifications, and portfolio management capabilities, this new system has integrated all the necessary steps of granting a loan to customers. The platform is designed to incorporate knock-off criteria and credit policy parameters as well, IDBI Bank said.
This automated loan processing system are further aimed at providing a superior tech-enabled banking experience to bank’s MSME and agri, the lender said.
Commenting on the new loan processing system, Suresh Khatanhar, deputy managing director, IDBI Bank, stated that, ‘ Loan processing system would carry a total of more than 50 product lines and would offer seamless credit lifecycle with over 35 interface touch points to many satellite systems.”
“The new system integrates with the existing core database, human resource management system, and various other applications of the bank. This utility would considerably enhance the customer experience with improved turn-around time,” he further mentioned.
IDBI Bank posted a whopping 288% year-on-year increase in the net profit to Rs 512 crore during the fourth quarter of FY21. The lender turned profitable in FY21 after five years. The private sector lender reported a net profit of Rs 1,359 crore, against a net loss of Rs 12,887 crore in FY20. The bank, which came out of the RBI’s prompt corrective action (PCA) framework earlier in March this year, said its turnaround strategies led to the transformation. The total income during Q4FY21 rose to Rs 6,969.59 crore from Rs 6,924.94 crore in the same period of 2019-20.
To provide seamless customer experience, IDBI Bank has recently launched the facility of periodic KYC updation through the video based customer identification process (V-CIP). Announcing this initiative, Khatanhar said “In continuation of various digital measures introduced by IDBI Bank, customers can now update their KYC through the V-CIP without any need to visit the branches. The customers can initiate the process at their convenience through the V-CIP link available on the Bank’s website. This is a completely contactless process”
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