Digital Transformation of Education Loans for India’s Leading Public Sector Bank

With a market capitalization of approximately $16 billion, this is one of India’s largest and oldest public sector banks. Boasting a global presence, it operates in over 20 countries and serves nearly 150 million customers worldwide.

The project involved refactoring and enhancing the existing product to automate processes, reduce paperwork, and shorten processing times for faster approvals and disbursements. Additionally, we needed to digitize and scale the system to handle a growing volume of loan applications without escalating costs. Creating a user-friendly platform was also essential to cater to diverse customer needs and encourage a shift from traditional face-to-face interactions to a more seamless digital experience.

The Josh Edge

Leveraging our deep expertise in technology and a customer-first approach, we delivered a comprehensive solution to modernize and enhance the education loan process for our client. Our focus was on creating a flexible and scalable platform to handle the evolving demands of a diverse customer base while maintaining efficiency and compliance. By integrating advanced features and automation, we streamlined the application journey and ensured a seamless experience for all stakeholders. Here’s what we implemented:

Co-Applicant Handling: Enabled seamless management of co-applicants within the loan application process for enhanced flexibility and user convenience.
NESL/Legality Integration: Incorporated NESL compliance and legal frameworks to ensure secure and efficient documentation.
Video KYC: Introduced a video-based KYC system for a streamlined, digital identity verification process.
Vidya Lakshmi Portal Integration: Integrated the Vidya Lakshmi Portal to offer centralized access for education loan applications and approvals.
E-Contract Creation with Multi-Document Merge Capability: Developed functionality to generate e-contracts by merging multiple documents, simplifying the documentation process.
STP for Online Loan/Saving Account Creation and Initial Disbursement: Implemented Straight Through Processing (STP) to enable end-to-end digital loan and savings account creation, culminating in seamless disbursement.

Deliver Real Value
Enhanced Efficiency and Speed: By automating the loan process, we significantly reduced paperwork and processing time, ensuring faster approvals and disbursements for customers.
Reusable APIs and Jobs: Designed and implemented reusable APIs and jobs to streamline operations, enhance functionality, and improve development efficiency.
Service Log Automation: Automated service log fetching to simplify debugging and improve system reliability, reducing manual intervention.
Flexible APIs for QA and UAT: Developed APIs to support QA and UAT teams, enabling flexible test environment setups, dataset creation, and app state or history lookups for comprehensive testing.

Technology

Core Banking Configuration

Innovation & Custom Solutions

Fintech