New Delhi: IDBI Bank Limited has launched a fully digitized end-to-end Loan Processing System (LPS) for its MSME and Agriculture products.
This new loan processing system integrates seamlessly with data fintechs, desktop validations, document storage / retrieval, account opening / management, client notifications and portfolio management capabilities, as well as the built-in policy / cancellation settings.
These features of the fully digitized and automated loan processing system aim to provide a superior technology-based banking experience to the bank’s MSMEs and Agri. customers, the bank said in a statement.
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The platform is designed to incorporate mimicry criteria and credit policy settings for higher underwriting standards, the statement added.
Commenting on this, Suresh Khatanhar, Deputy Managing Director of IDBI Bank, said that âLPS would offer a total of more than 50 product lines and offer a transparent credit life cycle with more than 35 interface contact points with many many satellite systems. The LPS integrates with the existing main database, the human resources management system and various other applications of the Bank. This utility would dramatically improve the customer experience with improved turnaround time.