LIC Housing Finance, India, goes live with Amlock™ Online Customer Screening Solution

LIC Housing Finance Limited (LICHFL), one of India’s largest housing finance companies, has successfully gone live with Azentio’s Amlock™ Online Customer Screening Solution.

The enterprise-level, digital solution is embedded in LICHFL’s customer onboarding platform. It provides features to effectively manage customer onboarding by screening prospective customers against negative lists including OFAC Specially Designated Nationals (SDN), UN Consolidated and internal negative lists.

The project started in May 2021 and the milestone of online prospective customer screening go-live was achieved on January 19, 2022. Meticulous planning, close project monitoring and governance mechanisms, early detection and resolution of defects, timely mitigation of risks and extensive user training sessions, led to the successful implementation.

Key Features and Benefits
Screening of prospective customers as the first step of customer acquisition is embedded in LICHFL’s Customer Onboarding Platform. The solution ensures that appropriate alert notifications are provided during the screening process and the cases then progress within the workflow for necessary investigation by LICHFL officials.

With the Amlock™ Compliance & Screening Solution, LICHFL can expect key benefits such as managing risks and increasing efficiency, with several other benefits and including:

  • An end-to-end integrated prospective Customer Screening Solution
  • Embedded in the core Customer Onboarding Platform
  • Screening against OFAC SDN, UN Consolidated, organization’s internal lists
  • Integrated workflow for investigation
  • MIS reports.

Established in 1989, LICHFL is a leading Indian housing finance company, and amongst the pioneers to ensure access to finance for home ownership. Its principal objective is to provide long term finance to individuals for purchase or construction of residential property in the country. It also provides assistance through loans to professionals for acquisition or construction of business property, and funds real estate developers engaged in residential projects.

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