HDFC and IvyCam have jointly unveiled the Finnovation program today. Some of the key focus areas for which solutions are sought are Property Assessment for Mortgage Loans and Customer Servicing.
Finnovation is a corporate engagement program that seeks to identify innovative startups with solutions that address key business problems and add strategic value to HDFC’s core lending business.
The shortlisted startups will pitch to the senior management of HDFC for an opportunity to develop a proof of concept, enter into a strategic alliance and/ or receive investment. Further, this will help the startups work together with the industry experts and the HDFC units. Basis the pilot, this will create avenues for future probable business deals. Thus, providing direct access to key decision-makers will help in gaining and building domain expertise.
Renu Sud Karnad, Managing Director – HDFC Ltd said, “We have always believed in technology’s integral role in transforming our business functions to ensure frictionless service for our customers and other stakeholders. Today, over 89% of new home loan applications of HDFC are received through digital channels. The pandemic has demonstrated that it is imperative that companies have to keep technology at the heart of their growth strategies. It’s our firm belief that Finnovation will play a pivotal role in bringing future-ready solutions to our lending ecosystem and accentuate efficiency, customer service and cost advantages.
Anju Gupta, Co-founder, and President, IvyCamp said, “We have been working closely with the HDFC Group companies in the past and now we are very happy to announce the launch of Finnovation. We believe such startup-corporate engagements are core to the innovation process that allows founders to engage with organizations and customers to validate and scale their solutions, while at the same time adding value to the core business of organizations and complementing their core competencies. We leverage our Alumni networks to find and evaluate high-potential entrepreneurs and solutions for such programs.”
