Time taken for home loan approvals went down to 48 hours from 10 days previously
NAFEES AHMED
INDIABULLS
IT infrastructure becomes critical in implementing digital initiatives as it generally results in exponential data growth and may result in a bottleneck if not upgraded, keeping long-term growth in mind. To support digitisation, we reviewed the IT infrastructure and a refresh is being conducted in tandem by gradually replacing existing infrastructure with new one for smooth transition.
Nafees Ahmed, CIO Indiabulls Group, is one of the few CIOs who have introduced phenomenal transformation in the real estate sector with technological innovations.
Ahmed used technology to bring in significant benefits to the entire business, both by increasing operational efficiency and opening new fronts for business. For example, with digital transformation initiative, the sourcing process was made seamless, loan approvals brought down from 8-10 days to 48-72 hours and manpower was reduced through automation to improve productivity. Besides, it helped in improving the overall customer experience and in expanding the services to the smaller towns through launch of a Smart City Loan, especially catering to the customers of these cities.
The cost per file processing has been brought down around 15 per cent with the help of these digital initiatives. Ahmed, responsible for carrying out the digital drive, was also instrumental for the launch of mobile apps that brought field employees across all the departments including sales as well as technical verification and collection teams among others onto a mobile platform to execute their day-to-day activities.
“This (app) completely eliminated physical branch visits and resulted in huge improvement in productivity, efficiency, TAT, customer satisfaction and cost reduction,”Ahmed shares. Under him, the company launched e-homeloan, India’s first complete end-to-end digital home loan solution where in the loans were disbursed digitally, eApplication (website, chatbot, FB app), eKYC (Irish & OPT), eSign, eBankstatement, eDcouments (digitlocker) - all of which were integrated workflow with LOS.
From integrated legacy loan management to digital PO and invoice, everything was automated. The process has resulted in significant cost reduction, better team coordination and has been a big push to the vision of making almost all organisational processes digital.
The company has been working with a few start-ups on initiatives like online banking statements, e-KYC and ChatBot to reduce implementation time.
On the changing role of CIOs in real estate sector, Ahmed says that earlier IT played a support role for the business but today, it is a strategic partner in running it. The role of CIOs is also evolving rapidly and has fundamentally shifted from where it started. It is now more business focussed and more demanding. Today, more and more organisations are taking CIOs to the boardrooms for strategic decisions.
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