The move follows the government’s directive to lenders to strengthen data-driven, integrated and inclusive banking,
in the next one year, public sector banks Will also roll out digital-only products and services designed for minimal data entry, automated verification and underwriting for retail customers and micro, small and medium enterprises.
A senior bank executive confirmed the development and said that these metrics will be part of the banks’ reform agenda, Enhanced Access and Service Excellence (EASE 5.0).
“The bank will expand its portfolio of end-to-end digital banking services and offer digital banking solutions for value chain financing,” the executive said on condition of anonymity. Data-driven decision making.
Another bank official aware of the development said lenders will look to develop a single approach to legal proceedings related to loan recovery, which includes integration of loan information from internal and external data sources.
Banks will also focus on expediting fraud detection and reduction by using data analytics, including fraud tracking, engagement with employee compliance.