LIC Housing Finance unveils Project RED for digital transformation

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October 9, 2020 4:15 AM

The lender said its business was back to pre-Covid levels in September, and it expects the momentum to continue with the onset of the festive season.

The company expects double-digit growth in the current financial year.The company expects double-digit growth in the current financial year.

Aiming to do 95% of work through the digital mode, mortgage lender LIC Housing Finance has launched Project RED (re-imagining excellence through digital transformation). The company plans to implement it in the next 21 months. The lender has engaged Boston Consulting Group (BCG) as its consultant for this project. The lender said its business was back to pre-Covid levels in September, and it expects the momentum to continue with the onset of the festive season.

Siddhartha Mohanty, MD and CEO, said, “September was the best compared to any other September. I believe this momentum will continue till November due to festive season.”

The company expects double-digit growth in the current financial year. On Project RED, he said, “Currently, 40% of work happens through digital mode and the company aims to increase it to 95%.” This project will result in cost optimisation, he added. The lender, in consultation with BCG, will be setting up a high-level project implementation group which will approve and monitor capacity building plans of every constituent in the company. It also proposes to ensure a uniform approach to managing and regulating the entire gamut of operations of the company through collaboration of all functional departments.

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