Bank of Baroda has recently introduced ‘Baroda Tabit,’ a revolutionary initiative enabling current account opening and pre-approved personal loans through the convenience of a tablet. This move is a strategic leap towards digitizing retail liability and retail asset products, providing customers with a seamless and efficient banking experience.
The bank has successfully digitized the current account onboarding process, allowing for instant account opening via tablets. This innovation is geared towards delivering a superior banking experience, offering more convenience compared to traditional channels. Initially available for sole proprietorship and individual current account holders, this service will soon be extended to include Partnership and Limited Companies, making it a distinctive and pioneering offering in the industry.
Expressing enthusiasm for the launch, Murali Ramaswami, Executive Director at Bank of Baroda, emphasized the institution’s commitment to digital innovation. He stated, “We strongly believe in the power of digital innovation and are actively working towards providing an enhanced digital experience for our customers. These new products not only aim to meet the growing expectations of our customers but also streamline and simplify the overall banking processes.”
Tablets facility for instant account opening.
Tablets now offer a streamlined process for instant account opening, featuring an optimized user interface design to enhance user experience and facilitate seamless data capture. For existing customers, the system incorporates pre-filled data, simplifying the account setup process.
Moreover, the integration of services within the journey through APIs and Fintech partners ensures a comprehensive and efficient experience for users. As part of the digital product ‘Baroda Tabit,’ the pre-approved personal loan facility is specifically designed for existing savings bank account holders. The loan limit is determined by a set of parameters, including account balance, transaction history, and creditworthiness. This innovative approach allows customers to access hassle-free credit instantly, presenting a mobility solution within the product. This strategic implementation not only improves accessibility but also aligns with the evolving needs of customers in the digital era.
Additional features provided encompass:
1. Document-Free Processing: Eliminating the need for additional document submissions streamlines the overall process.
2. Immediate Loan Crediting: Experience the convenience of the loan amount being instantly credited to your Savings Bank account.
3. Exclusive Customer Privileges: Enjoy privileged customer services that transcend time and location, enhanced by cutting-edge technology.
4. Seamless Digital Processes: Navigate through hassle-free, straight-through digital processes, ensuring a smooth and efficient experience.
5. Real-time Approval Notifications: Stay informed with online approval notifications, coupled with SMS and email-based communications.
6. Comprehensive Record-Keeping: Benefit from robust record-keeping facilities, ensuring organized and easily accessible financial documentation.
As a bonus, stay updated with live Share Market updates, Stock Market Quotes, and the latest India News and business news by downloading the Financial Express App for the most recent finance news.
Bank of Baroda Unveils ‘Baroda Tabit’ for Digital Banking Transformation
Bank Of Baroda | Public Bank | BFSI | BSE: 532134 | NSE: BANKBARODA
Date: 03 Dec 2019
In a strategic move towards digital innovation, the Bank of Baroda proudly introduces ‘Baroda Tabit‘ – a groundbreaking initiative aimed at digitizing retail liability and asset products through tablets. This launch is a testament to the bank’s ongoing commitment to pioneering digital solutions, with ‘Current Account Opening’ and ‘Pre-Approved Personal Loan’ being pivotal components of its digital transformation journey.
The pre-approved personal loan features within the ‘Baroda Tabit‘ digital product are exclusively available to existing savings account holders of the bank. Loan limits are meticulously determined, considering various parameters such as account balance, transaction history, and creditworthiness.
Bank of Baroda, a prominent player in the financial sector, offers a diverse range of services. These include personal banking, corporate banking, international banking, SME banking, rural banking, NRI services, and treasury services. As the financial landscape continues to evolve, the Bank of Baroda remains at the forefront, leveraging innovative technologies to enhance customer experiences and streamline financial processes.