IDBI Bank Limited announced the launch of a fully digital end-to-end (LPS) Loan Processing System (LPS) for its MSME and Agri products.
This new loan processing system seamlessly integrates with data fintech, bureau validation processes, document storage/retrieval, account opening/management, client notifications, and portfolio management capabilities along with embodied policies/knock-off parameters.
These features of the fully digitized and automated loan processing system aim to provide a superior, technology-backed banking experience for MSME and Agricultural Clients.
The platform is designed to incorporate knock-off criteria and credit policy standards for higher underwriting standards.
Comment this, Shri Suresh Khatanhar, deputy general manager of IDBI, stated that LPS will have a total of more than 50 product lines and provide a seamless credit life cycle with more than 35 interface touchpoints for various satellite systems. The LPS system integrates with the existing central database, human resource management system, and many other bank applications. This tool will greatly improve the customer experience by improving turn-around time.
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