Bank of Baroda (BoB) has gone online as a Financial Information User (FIU) on the Account Aggregator (AA) platform, enabling digital lending loans through the platform. BoB has connected its digital personal loan experience with the AA ecosystem in the first phase. All other digital lending products will follow suit. Applicants can now give their permission to share their financial information in a simple, digital, and completely secure manner.
Joydeep Dutta Roy, Executive Director, BoB, said, “AA provides a unique opportunity to deliver more personalised 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 AA framework shortly, our ability to offer uniquely tailored products to customers will be further greatly enhanced.”
Akhil Handa, Chief Digital Officer, BoB, said, “AA ecosystem has the potential to be the next big disruptor in providing credit and investment options to millions of Indians. The AA framework has many benefits, right 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.”
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