LIC Housing Finance Ltd. has adopted Google Cloud to power its next-generation digital mobile platform and serve the needs of home loan applicants.
The app launch and unveiling of Mascot HomY was done at the hands of Shri M R Kumar, Chairman, LIC of India and LIC Housing Finance Ltd. The new mobile application enables LIC Housing Finance to reach a broader audience of customers with an easy-to-use mobile interface and efficient process. With the ability to assess the eligibility of each applicant online, the app minimizes the lengthy paper-based loan application process. Other requirements such as submission of documents needed and background checks of the aspirants that make up the pre-loan approval stage will also become faster.
The mobile application provides instant eligibility for pre-approval home loan based on the KYC and other data provided by the applicants. Furthermore, the new mobile application can be used by LIC Housing Finance Limited agents in the field to engage with customers and provide services in real-time.
The MD & CEO of LIC Housing Finance, Mr Siddhartha Mohanty, said, “The new app will enable us to speed up the entire process of granting loans to new applicants as well as facilitate the services being availed by the existing beneficiaries. Working with Google Cloud, we have the ability to scale automatically to handle peak customer loads securely, and serve the needs of our customers nationwide.”
Compatible with Android and iOS, LICHFL home loan app is built on a microservice-based architecture that runs on Google Cloud Kubernetes Engine, LIC Housing Finance was able to increase developer productivity on the app with faster time to market. The app also features an interactive chat application built on Firebase and DialogFlow that enables LIC Housing Finance to respond to loan queries from customers, with security managed by Cloud Armour.
Kamolika Peres, Director of Sales, Google Cloud in India, “We’re honored to partner with LIC Housing Finance to launch their new home loan app and help accelerate their digital transformation strategy. The advanced features and reliable performance of the app will enable LIC Housing Finance to engage a new generation of customers across India, and provide greater convenience and choice for home loan applicants.”
LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of offices across the country and representative offices at Dubai & Kuwait. In addition, the Company also distributes its products through branches of its subsidiary LICHFL Financial Services Ltd. LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. It launched its maiden GDR offering in 2004. The company enjoys the highest rating from CRISIL & CARE indicating highest safety about the ability to service interest and repay principal.
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