Overview

Axis Finance Limited (AFL) is a Non-Banking Financial Company (NBFC) which provides Wholesale and Retail lending solutions to corporate and retail customers respectively across geographies
and businesses. The company is a wholly owned direct subsidiary
of Axis Bank.

EbixCash Financial Technologies is a part of EbixCash, a global Fintech solution provider. It offers a suite of products and technology solutions for Banking & Finance, Telecom and Insurance Industries which support clients in 60+ countries. EbixCash Financial Technologies has delivery & support centres in India at Mumbai, Pune, and Chennai.

The EbixCash Lending Solution Stack is made for retail and corporate/ MSME originations, loan management, dealer funding and debt collections. It improves efficiency, accuracy, compliance, and visibility in the loan approval and management process.

Implementation

The project’s vanilla implementation took 6 months and went live in April 2019). The AFL Requirements based Customization took around 12 months.

The project contained 10 modules with:

• Multiple teams from different geographical locations working in parallel.
• Hosting of Application in intranet and Internet for both Web and Mobility
• Testing of over 50+ interfaces performed only at the client location
• Multi portfolio support –LoanAgainst property, Micro Mortgage, Home, Personal Loan, Overdraft, and Consumer Durable.
• Adoption of the dynamic business process flow for Each portfolio as per business/market need.

The entire project was developed with a common framework for all external interfaces. The project was split in 2 phases- Vanilla and Customization. This helped use the vanilla system in production within 6 months from the date of the project kick-off. Customization was delivered at a later stage as per the business requirements. Module-wise implementation teams were made to improve efficiency when integrating the systems. The teams held weekly meetings with Axis’ IT team for reviews, status and risks and audit.

Benefits

The solution provides a seamless process flow which spans from:

• Submitting Application to Disbursement followed by Loan servicing and Loan collection for Delinquency cases.
• Mobility Application for Loan Origination, Customer service, and Collection Module.
• TTY (time to say YES for Sanction) for Consumer durable loans in 5 Minutes for Straight through customers
• Availability of application on both the intranet and internet

The Lending Suite solution with its modules provides support for multiple portfolios, configurable workflow, automatic routing, three level loan hierarchy, online KYC, Bank, Employment, Credit score, Fraud, ASN verification, registration, and checks.

It also offers e-signing on agreement, multiple loan and amortization support and provides a 360-degree view of the customer

Conclusion

With the solution, EbixCash expects to provide the following value propositions: higher return on investment, scalable solutions, reduced TAT and time to market, and optimized user teams delivering higher throughput and importantly, predictable costs.

Key Facts

• Bank/FI: Axis Finance Limited
• HQ: Mumbai, India
• Vendor: EbixCash Financial Technologies
• Vendor HQ: Mumbai, India
• Solution Implemented: Lending Suite
• Timeline: Vanilla Implementation: 6 months (Live April 2019), AFL Requirements-based customization: 12 months