SIB Power Drive–Vehicle Loan Origination System (LOS)–Instant &Paperless auto loan journey Qorus-Infosys Finacle Banking Innovation Awards 2025

SIB Power Drive transformed vehicle loan process with a design to be device and platform agnostic, offering a seamless digital experience, allowing customers to apply for vehicle loans directly from dealer points, DSA/DST locations, eliminating branch visits. Developed completely in-house, VLOS enables instant sanctioning through API integrations with credit bureaus, dealers and the core banking system. It eliminates paperwork, reduces turnaround time from days to minutes, and enhances customer and dealer experience with real-time tracking and update. In short, VLOS empowers South Indian Bank to stay ahead in the competitive auto loan space while ensuring capability, compliance and operational efficiency through a future-ready digital framework. CONCEPT AND OBJECTIVES The objective was to create a future ready scalable system that could meet the rising digital expectations of retail customers while reducing cost, manual errors and process delays. Traditional loan processes often involve lengthy approval timelines, exhaustive document collection, excessive documentation, and rigid eligibility criteria, which involves increased manpower and hinder businesses from accessing timely credit. With the rise of tech era in India, the opportunity had to be utilized for quick decision and faster disposal. REASON BEHIND The reason behind the initiative stemmed from the need to remain competitive in a saturated vehicle loan market where instant loans via slick digital interfaces are trending. Acknowledging the need for improved efficiency, Bank’s first completely in-house state of the art vehicle LOS was developed revamping the existing journey. With the new VLOS, customers are now offered the flexibility to start their vehicle loan journey digitally from the dealer points, DSA/DST location, with complete verification, eliminating the need for branch visits to kick-start the process. STATE OF COMPETITION SIB Power Drive has not only matched industry benchmarks but also out-performed peers on several metrics. While the competitor’s may use off-the-shelf LOS products, Power Drive provides the agility, customization and control needed for continuous improvement and faster response to market changes. South Indian Bank has received multiple accolades from reputed industry bodies like ETBFSI, IBA, Infosys Finacle etc., recognizing SIB Power Drive-VLOS’s impact on digital transformation, customer experience and operational efficiency. DEPARTMENTS INVOLVED The execution of SIB Power Drive saw collaboration across multiple departments- Digital &Technology Department, Business Process Group, Credit, Legal, Operations, Marketing and Customer Support. Bank’s IT team had handled the core development and API integrations, however vendors were engaged for OEM integrations and document verification tools. RESULTS SO FAR 1. 100% digital journey with improved TAT & quick decisions enhanced customer satisfaction considerably 2. Improved risk management with Data Validations, Bureau, Bank Statement and ITR analysis 3. Reduction in loan processing time (from 3-4 days to under 30 minutes) has contributed to improving operational efficiency and boosting employee morale. 4. Enhanced brand reputation with social media and market buzz