IDBI Bank introduces automated loan processing system for SMEs

IDBI Bank introduces an automated loan processing system for SMEs

IDBI Bank Limited announced the introduction of their end-to-end fully digitized Loan Processing System (LPS) for their MSME and Agri products. This new loan processing system seamlessly integrates with data fintechs, office validations, document storage / retrieval, account opening / management, customer notifications and portfolio management functions as well as integrated policy / forgery parameters.

These features of the fully digitized and automated loan processing system are also aimed at delivering a superior technology-based banking experience to the bank’s MSME and agricultural customers.

“LPS would have more than 50 product lines in total and offer a seamless credit lifecycle with over 35 interface contact points for many satellite systems,” said Suresh Khatanhar, deputy general manager of IDBI Bank.

He said the LPS is integrated with the bank’s existing core database, human resources management system and various other applications. This utility would greatly improve the customer experience through improved turnaround time, said Khatanhar.

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