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+ (Bank’s mobile banking app) in 60 seconds, the bank said in a statement.Vikramaditya Singh Khichi, executive director, Bank of Baroda, said, “The primary objective is to provide exceptional customer experience, personalised customer journeys and scale the lending business through digitization.
“”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.
“The 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.”