In 2018, Indiabulls’ mobile-based instant personal loan app, Dhani, was disbursing loans in 3 minutes without zero manual intervention. While the record-breaking timeline couldn’t be sustained after the October 2018 Supreme Court verdict on Aadhaar (as it depended on Aadhaar for e-KYC), it nevertheless gave a sneak peek into the power of digitization in re-imagining business.
Nafees Ahmed, CIO, Indiabulls Group, who was instrumental in building the Dhani app, is now focusing on disrupting the different businesses of Indiabulls group through the use of digital technologies. The results are there to see – the number of loans disbursed in a month increased from 15,000 in a month to 2,00,000 loans in March 2019. According to Ahmed, this huge jump in the loans disbursed has been possible because of digital. Buoyed by the results, the target for next year is set to one million loans in a month.
End-to-End Digital Platform for Housing Finance
As part of Indiabulls’ digital transformation roadmap, the group’s housing finance arm, Indiabulls Housing Finance has implemented an end-to-end digital platform bringing together all stakeholders involved in the housing finance ecosystem. In the first phase, which has already gone live, the platform connects customers and sales. In the second phase, which is expected to go live by September 2019, it will be further extended to operations, credit, DSAs and the builders.
The cloud-based platform developed on Microsoft Dynamics is available both on the web and mobile. It automates the entire housing loan workflow and allows each of the ecosystem partners to access the data they are authorized to access. From the customers’ perspective, they can apply for the loan on the platform and track the loan application journey from start to end.
Meanwhile, being a common platform, all the stakeholders have a single consistent view of the application status, which was not possible earlier as the application would move between different systems. It has also significantly cut down on the manual intervention over the previous systems.
According to Ahmed, “With all the stakeholders on a singe platform, the entire workflow across the housing loan process has become seamless and there is a single version of the truth available to everyone.” The platform is further integrated with the HR system for a more seamless workflow. For instance, if someone is on leave and the system receives a lead, then it automatically assigns it to another person.
With improved process efficiencies Ahmed informs that the whole loan processing and disbursement time to come down from 3-4 weeks to 2-3 days. Thus, helping enhance the overall customer experience.
The group is now also working on building a similar end-to-end platform for its securities and trading business as well.
Automating Underwriting Using AI
Artificial Intelligence (AI) is a key piece of Indiabulls Group’s digitization roadmap, especially in the underwriting process. According to Ahmed, underwriting is the biggest use case of AI in the insurance industry.
The group is currently leveraging AI for underwriting in both the personal loans and housing loans businesses. For this it’s using the financial data as well as data from social media platforms and running AI on top of it to understand the behavior of the customer.
In case of personal loans business, almost 50 – 60% of the underwriting has been automated with the help of AI while in the housing loan business the usage is still in the early phase. Ahmed is confident that going forward as their AI systems mature and fine-tune over a period of time, it will be possible to do 100% automated underwriting for certain customers.
AI enabled Chatbot for Enhanced Customer & Employee Experience
The group has also implemented AI enabled chatbot for the housing loan business on Facebook, allowing customers to apply for a loan through the chatbot itself. Going forward it will be extended for customer support service as well. The chatbot will also be integrated with the housing loan end-to-end digital platform.
The next step is building a chatbot for internal employees for HR support, IT and finance support. With over 18,000 employees spread over 250 locations, Ahmed sees chatbot as an efficient way of streamlining support across different functions and enhancing employee experience.
Next on the group’s radar is Robotic Process Automation (RPA) for automating a lot of the standard manual processes, especially the repetitive ones. Also in pipeline is a group-wide Business Intelligence (BI) project.