LIC Housing Finance launches ‘Project RED’

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Aiming to accomplish 95% of work through the digital mode, mortgage loan specialist LIC Housing Finance Ltd has launched Project RED (Reimagining Excellence through Digital transformation). The organization intends to implement it in the following 21 months. The lender has connected with Boston Consulting Group (BCG) as its consultant for this venture and, will set up a significant level Project Implementation Group which will approve and monitor limit building plans of each constituent in the company. LIC Housing Finance said that its business had returned to pre-COVID-19 levels in September, and it anticipates that the energy should proceed to continue with the beginning of the festive season.

According to the housing finance company’s statement, Project RED aims to make a value incentive over the whole range of stakeholders that incorporates employees, investors or shareholders, business partners, existing and likely clients of LICHFL. The company said that the initiative is required to bring ground-breaking transformational changes by naturally linking LICHFL’s work culture, strengthening the process overall verticals, developing client engagement, and embracing the best-in-class innovation and technology to build capacity.

Siddhartha Mohanty, MD, and CEO, LICHFL stated that September was the best compared with other September and expects this energy will proceed till November because of the festive season and that the company is investing resources into this venture with a long term objective that would produce more stakeholder value, extend geographies consequently adding to the economic growth of the nation. The organization expects twofold digit development in the current financial year. On Project RED, he stated that, presently, 40% of work occurs through digitally advanced mode and the company aims to build it to 95%.”

This task will bring about cost enhancement. The moneylender, in consultation with BCG, will set up an elevated level project implementation and execution group which will support and monitor capacity building plans of each constituent in the company. It additionally proposes to guarantee a uniform way to deal with overseeing and managing the whole array of operations of the organization through the collaboration of functional departments. The ultimate goal is to sort out and automate each feature of client interaction to improve client experience.

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