Bank of Baroda enables Digital Loans. Goes Live on the Platform as a Financial Information User
Bank of Baroda (Bank), one of India’s largest public sector banks, stated todaythat it has gone live on the Account Aggregator (AA) platform as a Financial Information User (FIU) and has enabled digital lending through the platform.
The Bank has integrated its Digital Personal Loan journey in the first phase with the AA ecosystem. This will be followed by all other digital lending products the Bank offers.
Applicants applying for a Digital Personal Loan from the Bank of Baroda can now consent to share their financial data hassle-free, digital, and completely secure, leading to faster loan processing and superior customer experience.
“Account Aggregator provides a unique opportunity for the Bank to deliver a more personalized and engaging customer experience. As we evolve in this journey, we believe that with the other BFSI entities regulated by IRDA, SEBI, and PFRDA also joining the account aggregator framework shortly, our ability to offer uniquely tailored products to customers will be further greatly enhanced.”Shri Joydeep Dutta Roy, Executive Director, Bank of Baroda, said,
“Technology has changed the face of banking in India, and the Account Aggregator ecosystem has the potential to be the next big disruptor in providing credit and investment options to millions of Indians. The Account Aggregator framework has many benefits, from giving customers greater control over their financial information and enhanced customer experience to fraud prevention and better monitoring capability. We believe that the bank’s ability to introduce innovative financial products and services for customers is greatly enhanced via this very significant digital ecosystem enabler.”Shri Akhil Handa, Chief Digital Officer, Bank of Baroda, said,
Under the supervision of the Ministry of Finance, the Government of India, the Bank of Baroda has adopted the Account Aggregator framework, and the first set of services launched were those of a Financial Information Provider (FIP), wherein customers of the Bank could easily share their banking information with other service providers.
Increasing awareness amongst customers and diverse entities joining the ecosystem will make the system more robust and increase the use cases.
The Account Aggregator framework gives easy access and greater control to individuals over their banking/financial data, as well as the power to share this information lying with different financial entities in an aggregated manner, significantly reducing the time and effort when applying for a loan or other services.
Both existing and new Bank customers can apply for a Digital Personal Loan through Bank of Baroda’s Digital Lending Platform via the bob World mobile app, net banking, and the Bank of Baroda website in a completely digital and paperless manner.
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