Our Business Model
Our technology integration has enabled us to reduce the turnaround time, provide customised offerings, enhance operational efficiency, improve risk assessment accuracy and mitigate potential fraud and credit risks. We have implemented various innovative solutions based on artificial intelligence, machine learning, automation and analytics to augment our underwriting processes, collections and customer service. Our digital payment platforms also offer secure and speedy payment options for our customers.
During the past five years, our primary emphasis has been on achieving end-to-end digitisation of our processes while maintaining a symbiotic relationship with elements that still require physical intervention. These physical interventions are meticulously tracked and recorded in a digital format, ensuring seamless integration between our operations’ digital and physical aspects.
Our 30 minutes Jhatpat Story
Expanded Reach
Sales Point & Hub Branches
Website - Digital Business Rules Managed Lead Filteration
Increased Productivity
Jhatpat for all products
Instant Decision
Business Rule Engine based on
Realtime KYC Validation
On-the-spot Banking and ITR Validation
Credit Score
Digital Policy
100% Digital Customer Onboarding
Centralised Underwriting
Digital Policy and Workflows
Business Rule Engine Based Sanction and Deviations
Customer Service
Multiple Digi-channel Support (Whatsapp, Chatbot, Client Portal, App)
DIY Procedure for Customer Convenience
Collection and Operations
Extensive Collection Points (Branch Deposit - HDFC, SCB & SBI as well as Airtel Stores)
Online Channel for Payments (Debit Card, Netbanking, Wallets UPI, UPI)
Real Time Reconcilliation
75%
Customer Service Requests
Handled by the automated Do-It-Yourself (DIY) tech-enabled solutions
We have unlocked four key aspects through our technology implementations and digital solutions
Faster turnaround time through fintech integrations
Reduced process duplication
Increased productivity
Reduced overall cost per file
Our Jhatpat Loan takes under 30 minutes to process, while the disbursement of home loans takes place within 24 hours and non-home loans are disbursed in just 3 days.
24%
Decrease in cost per file in FY 2022-23
19,70,094
sheets of paper
Usage reduction owing to digital initiatives supported by our vision of sustainability
Data Security and Customer Privacy at IIFL Home Finance
The subjects of data security and customer privacy are regarded as paramount considerations, both for ourselves and our stakeholders. As digital solutions continue to expand and integrate into our daily routines, the potential for privacy and security breaches becomes increasingly concerning. To combat this ever-evolving technological landscape, we have established an integrated, technology-enabled organisation that is well-equipped to address these issues and mitigate associated risks. We regularly educate our customers on our organisational policies and procedures to ensure compliance with our data privacy standards. Additionally, our Chief Information Security Officer (CISO) is responsible for overseeing the Information Security programme of the organisation
Our ISO 27001:2013 certification attests to the good practices we employ in managing information security.
ISO 27001:2013 Certified
Regular Review of the Information Security Programme by Board & Top Management
Board Approved IT Policy, Information & Cyber Security Policy and BCM Policy
Implemented Firewall to Secure Data Centre Perimeter and Cloud Services
Implemented Endpoint Security Controls such as Next-Generation Endpoint Antivirus, USB Access and Admin Access on Desktops and Laptops
Regular Security Patching for Servers and Endpoints
Regular Security Awareness through Weekly Mailers, Learning Management System (LMS) and Classroom Training & Periodic Email Phishing Simulation Exercise
Cyber Insurance Cover for Protection Against Financial Loss in case of a Cyber Attack or Data Breach
Periodic Internal & External Audits
IT and Security Audits
Protected Public-facing Web Applications by the Web Application Firewall Controlled Privileged Access via Privileged Identity Management (PIM)
Half-Yearly User Access Review
Implemented Secure VPN for Remote Access
Robust BCM Framework and Periodic BCP Drills
Security Operations Center (SOC) Monitor the Systems and Servers 24/7 for any Security Abnormality
Periodically-tested Robust Security Incident Response
Effective Response Mechanism
Ensuring the security of our customers’ data and privacy is a top priority for our organisation, and we have implemented a robust response process in the event of a potential breach. When a complaint is received, it is forwarded to our incident management team and the concerned department for investigation. In cases of cybersecurity emergencies, our specialised team takes over to manage the situation. We make every effort to address complaints promptly, with the goal of responding within 15 minutes to ensure the earliest resolution possible. Our commitment to data security and customer privacy is unwavering, and we remain dedicated to maintaining the highest standards of protection for our customers.
15
Minutes
Time taken for the
Redressal Policy to address complaints
Achievements of Our Data Security and Customer Privacy Mechanism
0 Complaints
No complaints concerning
breaches of customer privacy from outside parties and regulatory
bodies, received to date
0 of Our Customers
were affected or raised any
concerns regarding their data or personal details breach in FY
2022-23
Data Analytics Driving Efficiency to Business
The strategic use of data analytics has given the Company a significant advantage. By analyzing customer data, we gain valuable insights that allow us to tailor our offerings to better meet their needs. This approach not only enhances customer satisfaction but also enables us to optimize the lifetime value of our loan customers, ultimately contributing to our business’s sustained growth and success.
We utilise Vintage Static Pool Analysis to create Predicted Delinquency (PD) and Loss Given Default (LGD) cohorts across multiple sub-segments of our customer base. This approach has significantly improved our ability to assess credit risk from the collections and recovery perspective, also known as Expected Credit Loss (ECL). By creating more consistent and malleable sub-segments, we can achieve greater accuracy in our credit risk evaluations, which ultimately supports the long-term sustainability of our business.
Customer Success
By harnessing customer feedback and keeping a close eye on market trends, we continuously fine-tune our processes to elevate the overall customer experience. Utilizing Internal Rating Models, we identify potential up-selling and cross-selling opportunities for our top-tier customers. This strategic alignment of our offerings with their specific needs and preferences enables us to optimise our operations and enhance customer satisfaction. Through this approach, we consistently refine our business practices while maximising the long-term value of our customer base.
Our 3C Model for Credit – Character, Capital, Capacity enables us to efficiently scale during market expansion, grow into new market segments and channels
