Goes Live on the Platform as a Financial Information User
MUMBAI, India, Oct. 20, 2022 /PRNewswire/ — Bank of Baroda (Bank), one of India’s main public sector banks, right this moment introduced that it has gone stay on the Account Aggregator (AA) platform as a Financial Information User (FIU) and has enabled digital lending through the platform. In the first part, the Bank has built-in its Digital Personal Loan journey with the AA ecosystem. This will probably be adopted by all different digital lending merchandise provided by the Bank.
Applicants making use of for a Digital Personal Loan from Bank of Baroda can now give their consent to share their monetary information in a hassle-free, digital and fully safe method, resulting in quicker mortgage processing and superior buyer expertise.
Speaking on the event, Shri Joydeep Dutta Roy, Executive Director, Bank of Baroda mentioned, “Account Aggregator provides a unique opportunity for the Bank 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 account aggregator framework shortly, our ability to offer uniquely tailored products to customers will be further greatly enhanced.”
Shri Akhil Handa, Chief Digital Officer, Bank of Baroda mentioned, “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, 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.”
Under the steering of the Ministry of Finance, Government of India, Bank of Baroda has adopted the Account Aggregator framework and the first set of providers launched had been these of a Financial Information Provider (FIP), whereby prospects of the Bank might simply share their banking data with different service suppliers. Increasing consciousness amongst prospects and a various vary of entities becoming a member of the ecosystem will make the system extra sturdy and improve the use instances.
The Account Aggregator framework provides quick access and higher management to people over their banking/monetary information in addition to the energy to decide on to share this data mendacity with totally different monetary entities in an aggregated method, considerably lowering the effort and time when making use of for a mortgage or different providers.
Both current and new Bank prospects can apply for a Digital Personal Loan through Bank of Baroda’s Digital Lending Platform by way of the bob World cellular app, web banking and the Bank of Baroda web site in a very digital and paperless method.
About Bank of Baroda
Founded on twentieth July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the main business banks in India. With 63.97% stake, it’s majorly owned by the Government of India. The Bank serves its world buyer base of over 150 million through over 46,000 touchpoints unfold throughout 17 nations in 5 continents. Through its state-of-the-art digital banking platforms, it offers all banking services in a seamless and hassle-free method. The not too long ago launched bob World cellular app offers prospects with a saving, investing, borrowing, and buying expertise, all underneath one single app. The app additionally serves non-customers by enabling account opening through video KYC. The Bank’s imaginative and prescient matches its numerous clientele base and instills a way of belief and safety. It is transferring properly in that course and bob World is a sworn statement of its roadmap in the direction of Digital Transformation.
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For additional data, please contact:
Bank of Baroda
Phiroza Choksi
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