Instant online loan against FD
Bank of Baroda envisages to outpace the banking industry growth by 1.50 times at a CAGR of 16% over five years by adopting a digital-first lending approach across retail, MSME and agriculture segments, said Executive Director Vikramaditya Singh Khichi.
He underlined the growth potential on 30 Dec 2020, when launching the Bank’s Digital Lending Platform, which enables prospective retail loan seekers to get loans digitally through a paperless process at the convenience of their place and time of choice.
“The primary objective is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization. The bank has attempted to digitize itself internally by building a high-performing, innovative environment, which has allowed banks to reduce time-to-market for their products,” said Singh.
The bank offers pre-approved Micro Personal Loan to existing selected customers to shop anything through offline and online partner channels and pay later in easy EMIs. Customers can also avail of the amount into their Savings bank account and convert it to EMIs from 3 to 18 months through m-Connect+ (Bank’s mobile banking app) in 60 seconds.
Further, the Digital Lending Platform provides ‘In-Principle approval’ for Home Loan, Car loan and Personal Loan in 30 minutes without human intervention.
The digital loan process is done from the various sources of the loan applicant’s financial profile and the applicant will get ‘In-Principle approval’ in four simple steps. The prospective applicants can avail the facility through multiple channels – website, mobile banking, internet banking and social media as well.
The Bank will offer ‘Online Loan against Fixed Deposits’ through Digital Lending Platform, which enables the Fixed Deposit customers to avail loan against their Online FD instantly through mobile banking and net banking facility.
With launch of the Digital lending Platform, the Bank believes that personal loan disbursements will be completely digitized first followed by MSME and Agriculture disbursements. As such the Bank envisages that the digital share of disbursement in retail lending will grow to 74% over 5 years.
Bank of Baroda Chief General Manager Dr. Ramjass Yadav elaborated, “We endeavour to accelerate our digital journey and continue to invest and innovate to transform Bank into a completely digitised organisation. Digital lending platform will help the Bank to double the non-corporate book by 2025.”
“Our aim is to reposition existing operating models with a ‘Digital First’ model and to achieve this, we will rapidly launch new products to serve our increasingly digital customer base,” added Akhil Handa, Head- Fintech, Mobility and Digital Lending Dept of the Bank.
Bank of Baroda was established on 20 July 1908 as a State-owned banking and financial services organisation, headquartered in Vadodara (earlier known as Baroda) in Gujarat. Today, it is India’s leading public sector bank with a strong domestic presence supported by self-service channels. The Bank’s distribution network includes 8,200+ branches, 10,000+ ATMs, 1,200+ self-service e-lobbies and 20,000 Business Correspondents. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 20 countries. #banking #digital #retail #MSMEs #financial #technology /fiinews.com
