IDBI Bank announced the launch of its fully digitised loan processing system on Wednesday, offering over 50 items to the MSME and agriculture sectors.
According to IDBI Bank, the Loan Processing System (LPS) for MSME and Agri products integrates seamlessly with data fintechs, bureau validations, record storage, account management, and customer alerts, among other things.
These features of the completely digitised and automated loan processing system are also intended to provide a superior tech-enabled banking experience to the bank’s MSME and agricultural customers, according to the company.
“More than 50 product lines will be held by LPS and a seamless credit lifecycle with over 35 interface touchpoints would be provided to several satellite systems,” said Suresh Khatanhar, Deputy Managing Director of IDBI Bank.
According to him, the LPS interacts with the bank’s current core database, human resource management system, and numerous other applications. Khatanhar reckoned that this utility will significantly boost the customer experience by reducing turnaround time.