Bank of Baroda unveils digital lending platform for retail customers

Bank of Baroda (BoB) has unveiled a digital lending platform to enable prospective retail clients to get loans digitally through a paperless process.

Pre-approved micro personal loan is offered to existing selected customers to shop anything through offline / online partner channels and pay later in easy EMIs. Customers can also avail the amount into their Savings bank account and convert it to EMIs from 3 to 18 months through m-Connect+ (Bankโ€™s mobile banking app) in 60 seconds, the bank said in a statement.Vikramaditya Singh Khichi, executive director, Bank of Baroda, said, โ€œThe primary objective is to provide exceptional customer experience, personalised customer journeys and scale the lending business through digitization.

โ€œโ€The bank has attempted to digitise itself internally by building a high-performing, innovative environment, which has allowed bank to reduce time-to-market for their products.

โ€œThe bank envisages outpacing the banking industry growth by 1.5 times at CAGR of 16% over the next five years by adopting digital-first lending approach.โ€

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