With the aiming to do 95% of work by the digital mode, mortgage lender LIC Housing Finance has launched Project RED (Re-imagining Excellence through Digital Transformation).
The lender has engaged Boston Consulting Group (BCG) as its consultant for this project, and the company plans to implement it in the next 21 months. The company expects double-digit growth in the current financial year.
Siddhartha Mohanty, MD, and CEO said that “September was the best compared to any other September. I believe this momentum will continue till November due to the festive season.”
On Project RED, Siddhartha Mohanty also said that “Currently, 40% of work happens through digital mode and the company aims to increase it to 95%, and this project will result in cost optimization”
The lender, in consultation with BCG, will be setting up a high-level project implementation group that 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 spectrum of operations of the company by the collaboration of all functional departments.