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Baroda Tabit – Bank of Baroda rolls out Current Account opening and Pre- Approved Personal loan through Tablet

Re-design the traditional account opening process flow to an online digitized journey to minimize data entry for better efficiency while maintaining compliance requirements.

Bank of Baroda, recently launched of ‘Baroda Tabit’ wherein current account opening and a pre-approved personal loan can be done through a tablet. This has been bought for digitizing the retail liability and retail asset products through a tablet.

Bank of Baroda has digitalized its current account customer on-boarding process through tablets for instant account opening. This will provide superior banking experience and ease of onboarding customers over traditional channels. This facility is available for sole proprietorship and individual current account holders and further will be extended to Partnership and Limited Companies which is a unique offering in the industry. On the launch, Murali Ramaswami, Executive Director, Bank of Baroda said, “We strongly believes in the power of Digital innovation and working toward offering an enhanced digital experience to customers. The products not only aims at fulfilling the increasing expectation of the customers but also provide ease in the processes.”

Features of the product:

  • Re-design the traditional account opening process flow to an online digitized journey to minimize data entry for better efficiency while maintaining compliance requirements.
  • Tablets facility for instant account opening.
  • UI design optimization for enhanced user experience and ease of data capture for users.
  • Pre-filling of data for existing customers.
  • Integration of services into the journey through API’s and Fintech partners.

The facilities of the pre-approved personal loan under the digital product ‘Baroda Tabit’ is available to existing saving bank account holders of the bank and loan limit is decided based on various parameters that include balance, transactions, credit worthiness etc. This will enable the customers to enjoy hassle-free credit offtake instantly as the product provides a mobility solution.

Other facilities offered include:

  • No need to submit any more documents for processing
  • Instant credit of loan amount in SB account.
  • Experiencing privileged customer facilities in terms of time and place with the latest technology.
  • Hassle-free straight-through processes digitally.
  • On-line approval notification, SMS/ email-based communication, record-keeping facilities etc.

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Source: Financial Express