Salesforce India Introduces Digital Lending Platform for Loan Origination
New Delhi: Salesforce (NYSE: CRM), the global leader in customer relationship management, has unveiled Digital Lending for India, a platform designed to transform consumer lending for banks and lenders. This innovative solution aims to reduce the cost and burden associated with outdated, disconnected systems. Exclusively serving customers within India, Digital Lending for India will integrate banking and financial data with customer data from Salesforce.
This platform is built on Salesforce’s Financial Services Cloud and offers a single view of customer information for loan application processing, leading to faster processing and approvals. It provides a unified platform for intake, underwriter review, and pre-disbursement operations for home, auto, and personal loans. With preconfigured and configurable solutions, banks can achieve faster time-to-value and reduced loan processing times.
Key product features include:
Application Intake: This feature offers prebuilt journeys for a streamlined intake experience across multiple touchpoints, including branch and mobile channels. Banking relationship managers and agents can efficiently originate loans, collect applicant details, authenticate applicants, and capture comprehensive information such as address, employment, income, and documents. Powered by the Discovery Framework, application intake tracks responses entered during assessment questions.
Underwriter Console: The underwriter console provides a consolidated view of essential data for credit review. With a unified, configurable interface, it grants underwriters access to applicant information, chosen loan products, documents, approvals, verifications, terms, and fees. This helps underwriters save time, minimize manual errors, and enhance risk assessment for borrower creditworthiness, potentially enabling more applications to be processed efficiently.
India-Specific Integrations: The platform includes pre-built integrations for Aadhaar authentication, identity verification, Video Know Your Customer (KYC), risk screening, and employment verification. This empowers credit processing assistants and agents to meet KYC compliance and streamline onboarding processes quickly and at scale. Additionally, simplified configuration for bank account and IFSC verification aids operations officers in capturing loan repayment details.
Pre-disbursement Operations: The prebuilt disbursement operations feature includes forms for collecting applicant bank account details, mode of repayment (e-mandate/e-NACH/cheque), repayment frequency, and monthly amount. It offers integration templates for verifying bank account and IFSC details, encompassing the workflow from closing the opportunity to 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 fosters innovation with a partner ecosystem that provides purpose-built solutions for highly specialized segments in lending.
Salesforce’s Digital Lending for India is poised to revolutionize the loan origination process, offering a seamless, efficient, and integrated approach to consumer lending. This solution is tailored specifically for the Indian market, ensuring faster time-to-value and a reduction in loan processing time for banks. By leveraging Salesforce’s advanced technologies and preconfigured solutions, banks can enhance customer experience and operational efficiency, staying competitive in an evolving financial landscape.
Salesforce Executive Quote
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.”
Customer Quotes
Approved customer quote.
Rajendra Bisht VP – Technology and Digital, Bajaj Finance Limited Auto Finance, said, “Over the last few years, India’s FinTech sector has witnessed a remarkable evolution with digital lending emerging as a frontrunner in this transformation wave. With a strong digital focused approach, digital lending is reaching the hinterlands of Bharat, reshaping how borrowers access funds, making lending more convenient, efficient, and accessible than ever before. As we look to explore the next phase of digital lending in India, the potential of technology to transform this sector is immense and innovation from companies like Salesforce will provide a strong impetus for digital lending in the country.”
Sachinder Bhinder, MD & CEO, Aavas Financiers, said, “Aavas’ mission and vision is to enrich the lives of low- and middle-income individuals in unserved and underserved markets by helping them realize their dreams of owning a home. Technology breaks down geographic and economic barriers, enabling us to bring financial services directly to these communities via mobile and online platforms. Our partnership with Salesforce has empowered us to create seamless customer journeys across both online and assisted channels, underscoring our unwavering commitment to delivering exceptional customer experiences and ensuring customer delight. At Aavas, we are dedicated to creating a more inclusive and equitable financial future for India, bringing us closer to the vision of financial empowerment for all.”
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