Salesforce India Launches Digital Lending for Loan Origination
Salesforce announced the upcoming availability of Digital Lending for India that will provide banks and lenders with a platform to digitally approach consumer lending, while reducing the cost and burden to maintain disconnected, outdated platforms. Digital Lending for India will exclusively serve customers within the country.
The platform may be integrated with banking and financial data with customer data with Salesforce. Built on Salesforce’s Financial Services Cloud platform, this integration provides a single view of the customer information for loan application processing and helps lead to faster processing and approvals.
Digital Lending for India provides a unified platform for intake, underwriter review, and pre-disbursement operations for applications for home, auto, and personal loans. Salesforce’s preconfigured and configurable solutions to ensure faster time-to-value and reduction in loan processing time.
Product
features:
- Application
intake: offers
prebuilt journeys, ensuring a more streamlined intake experience across
multiple touchpoints, including branch and mobile channels. This empowers
banking relationship managers and agents to efficiently originate loans,
from collecting applicant details to authenticating applicants and
capturing comprehensive information such as address, employment, income
and documents. Application intake is powered by the Discovery Framework,
which tracks responses entered as part of the assessment questions.
- Underwriter
console: provides
a consolidated view of essential data for credit review. Through a unified
configurable interface, it grants underwriters access to applicant
information, chosen loan products, documents, approvals, verifications,
terms, and fees. Underwriters can save time, minimize manual errors, and
enhance risk assessment for borrower creditworthiness. This results in a
greater volume of applications to be processed efficiently.
- India-specific
integrations:
includes pre-built integrations that may be configured for Aadhaar
authentication, identity verification, Video Know Your Customer (KYC),
risk screening, and employment verification, empowering credit processing
assistants and agents to help meet their KYC compliance and streamline
onboarding processes with speed and scale. Additionally, simplified
configuration for bank account and Indian Financial System Code (IFSC)
verification aids operations officers in capturing loan repayment details.
- Pre-disbursement
operations:
This prebuilt disbursement operations is a configurable feature includes
forms for collecting applicant bank account details, mode of repayment
(e-mandate/e-NACH/cheque), repayment frequency, and monthly amount. It
also offers integration templates for verifying bank account and IFSC
details. The workflow encompasses closing the opportunity associated,
creating a financial asset for a secured loan, and a placeholder for a
callout to the core banking system.
- Partner ecosystem: Salesforce’s Digital
Lending for India is pioneering innovation with a partner ecosystem that
provides purpose-built solutions for highly specialized segments in
lending.
Arundhati Bhattacharya, CEO
& Chairperson, Salesforce India, said,
“Given the potential of technology in driving change, our new product “Digital
Lending for India” can offer multiple benefits. India, with its rich
scientific heritage, and diversity, with strong aspirations for a
technology-driven economy, finds itself at a juncture, facing both challenges
and opportunities in this global technological race. I am truly excited to be
launching this product, a first, where we’re solving for the unique
complexities in India and made for Indian businesses. As we grow our presence
in the region, we are confident that Salesforce will be at the forefront of
driving innovation at scale for businesses across sectors in India.”
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