India’s 3rd largest lender, Bank of Baroda will completely digitize its lending operations including home, agriculture, Micro, Small and Medium Enterprises(MSME), personal and auto loans. The bank has recently completed its merger with Vijaya Bank and Dena Bank.
About Bank of Baroda Digital Lending:
. The validation and disbursal of fresh loans will happen via this digital platform while past loans will also be digitised to cut costs and improve profitability.
• The bank is planning to digitise a large proportion of its retail and MSME processes in the next six months.
• The bank has set up a new vertical, digital lending department at the corporate office, which will have substantial overlap with various credit verticals including Retail, MSME, Agri & service verticals like Analytics centre, Risk Management, Marketing.
• To set up this digital lending department the bank has reached out to the Big Four and some white shoe consultants like McKinsey and Boston consulting Group.