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LIC Housing Finance unveils Project RED for digital transformation

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The firm expects double-digit development within the present monetary 12 months.

Aiming to do 95% of labor by way of the digital mode, mortgage lender LIC Housing Finance has launched Project RED (re-imagining excellence by way of digital transformation). The firm plans to implement it within the subsequent 21 months. The lender has engaged Boston Consulting Group (BCG) as its marketing consultant for this undertaking. The lender mentioned its enterprise was again to pre-Covid ranges in September, and it expects the momentum to proceed with the onset of the festive season.

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

The firm expects double-digit development within the present monetary 12 months. On Project RED, he mentioned, “Currently, 40% of work happens through digital mode and the company aims to increase it to 95%.” This undertaking will end in value optimisation, he added. The lender, in session with BCG, might be establishing a high-level undertaking implementation group which is able to approve and monitor capability constructing plans of each constituent within the firm. It additionally proposes to make sure a uniform strategy to managing and regulating the complete gamut of operations of the corporate by way of collaboration of all purposeful departments.

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