Transforming Lending for Godrej Capital:
A Cloud-Driven Digital Journey on AWS
Client Profile
Godrej Capital , a subsidiary of Godrej Industries and the holding company for Godrej Housing Finance & Godrej Finance, is a financial services arm of the Godrej Group and is focused on building a long-term, sustainable lending business in India. With a digital-first approach and a keen focus on customer-centric product innovation, Godrej Capital offers housing loans, and secured and unsecured business loans. It is positioned to diversify into other segments and launch new products.Key Requirement
Godrej Capital was looking for a technology partner to help them build an end-to-end digital journey for customers to ease out the loan application process, which is otherwise very tedious and time-consuming. To digitize the entire journey from basic information gathering to evaluating financial standing along with KYC processes, many third-party tools needed to be integrated to complete the loan application process within 15-20 minutes. Since Godrej Capital wanted to go to market with a digital-first strategy, this requirement attracted attention for the actual business launch and had to be delivered in alignment with stringent timelines.Major Challenges
Seamless customer on boarding Management of physical documents and industry-standard offline processes Analysis of intricate financial data and credit assessment Remote KYC processes Background checks of individuals to avert fraud Securely handling financial data of customersSolution
To improve turnaround time for loan processing, eliminate delays with loan processing and documentation, and maintain compliance with credit policies, we collaborated closely with Godrej Capital to architect and build a comprehensive Digital Journey solution on AWS.
Swift Development: Flentas helped architect and build the entire Digital Journey solution on AWS within ~4 months. Seamless Third-Party Integration: We linked the solution with various external tools for financial analysis, KYC verification, and internal applications for real-time eligibility. Reliable and Scalable Design: The solution was built with high availability and scalability requirements. Since it was a primary channel for on boarding customers, it was required to have graceful scalability. Modular API Architecture for better performance: Flentas built a modular API-centric architecture, decoupling the UI/UX from the backend.
Business Impact
The automated workflow and scalable infrastructure significantly reduced the time taken for loan processing, leading to a notable improvement in the Turnaround Time.
The customizable decision engine, powered by AWS Machine Learning, enabled more accurate risk assessments, resulting in a higher rate of loan approvals, and easing of the user experience.
The user-friendly application platform and streamlined process contributed to an enhanced customer experience, improving satisfaction and loyalty.
Automation and workflow tools facilitated faster loan origination and processing, reducing bottlenecks, and enhancing overall efficiency.
A modular approach allowed Godrej Capital to tailor the solution to suit their customers’ needs, adapting to changing market conditions and customer preferences.
The digital document, security, and automated processes ensured better compliance, improving the overall efficiency of the system, and maintaining the trust of regulators and customers alike.
