Bank of Baroda has launched a digital lending platform, which enables prospective retail loan seekers to get loans digitally through a paperless process at the convenience of their place and time of choice. Pre-approved micro personal loans are offered to existing selected customers to shop anything through offline/online partner channels and pay later in easy EMIs. Customers can also avail of the amount into their savings bank account and convert it into EMIs from 3 to 18 months through m-Connect+, the bank`s mobile banking app in 60 seconds. The primary objective of the initiative is to provide exceptional customer experience, personalized customer journeys and scaling the lending business through digitization, said Vikramaditya Singh Khichi, Executive Director of the bank. He added that the bank has attempted to digitize itself internally by building a high-performing, innovative environment, which has allowed banks to reduce time-to-market for their products. It now envisages to outpace the banking industry growth by 1.50 times at a CAGR of 16% over the next 5 years by adopting digital-first lending approach across retail, MSME and agriculture segments, he said.
