Bank of Baroda enables Digital Loans through the account aggregator Framework

Both existing and new Bank customers can apply for a Digital Personal Loan through Bank of Baroda’s Digital Lending Platform.

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.

About Bank of Baroda

The Bank of Baroda, founded on July 20, 1908 by Sir Maharaja Sayajirao Gaekwad III, is one of India’s premier commercial banks.

The Government of India controls 63.97% of the company. The bank serves its 150 million global customers through over 46,000 touchpoints distributed across 17 countries and five continents.

Its cutting-edge digital banking platforms deliver all banking goods and services in an efficient and hassle-free manner.
The freshly introduced bob World mobile app combines saves, investing, borrowing, and shopping experiences into an one app.
The software also assists non-customers by allowing account opening via video KYC. The vision of the bank corresponds to its varied clientele base and instils trust and security.
It is moving well in that direction, and bob World is a testimony of its roadmap towards Digital Transformation.
This article was shared with Prittle Prattle News as a Press Release.
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