Bombay (Maharashtra) [India] December 30 (ANI / BusinessWire India): Bank of Baroda, the country’s third largest public sector bank, launched the digital lending platform, which enables potential retail loan seekers to obtain loans digitally through a process paperless at the convenience of their place and time of choice.
Pre-approved personal micro-loan is offered to existing selected clients to purchase anything through partner offline / online channels and pay later in easy EMIs. Customers can also use the amount in their savings bank account and convert it to a 3-18 month IME via m-Connect + (the Bank’s mobile banking app) in 60 seconds.
“The main objective is to provide an exceptional customer experience, personalized customer journeys and to evolve the lending business through digitalization. The bank has attempted to digitize internally by creating an innovative and efficient environment, which has enabled banks to reduce time-to-market. for their products. The Bank plans to exceed banking sector growth 1.50 times at a CAGR of 16% over the next five years by adopting a digital-first lending approach in the retail, MSMEs and lending segments. ‘agriculture,’ said Vikramaditya Singh Khichi, executive director.
Additionally, the digital lending platform provides “in-principle approval” for home loan, car loan, and personal loan within 30 minutes without human intervention. The digital loan process is carried out from the various sources of the loan applicant’s financial profile and the applicant will get “approval in principle” in four easy steps. Potential applicants can take advantage of the facility through multiple channels – website, mobile banking, online banking, and social media.
The bank will offer ‘online lending against fixed deposits’ through a digital lending platform, which allows fixed deposit customers to instantly receive loans to their online FD via mobile banking and net banking.
With the launch of the digital lending platform, the Bank estimates that personal loan disbursements will first be fully digitized, followed by disbursements from MSMEs and agriculture. As such, the bank predicts that the numerical share of disbursements in retail loans will increase to 74% over five years.
“We are striving to accelerate our digital journey and continue to invest and innovate to transform banks into a fully digital organization. The digital lending platform will help the Bank to double the non-commercial portfolio by 2025, ”said Dr Ramjass Yadav, Chief Executive Officer, Bank of Baroda.
“Our goal is to reposition existing operating models with a ‘Digital First’ model and to achieve this we will quickly launch new products to serve our increasingly digital customer base,” said Akhil Handa, Head-Fintech, Mobility and Digital Lending Dept Bank. by Baroda.
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