Union Bank of India to create “Digital Bank within Bank”

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The Union Bank of India (UBI) has said it will create a “Digital Bank within Bank” as part of its future ready digital transformation project.

Under the project, the public sector bank is planning to launch a super app, as per the bank’s regulatory filing.

Further, a host of digital products — pre-approved personal Loan (PAPL), union cash (pensioner loan), Shishu Mudra loan, MSME loan auto-renewal, agri loan (KCC) auto-renewal, CRM, Soft POS, branch token and mobile app-based deposit module — will be launched.

According to the bank, the USP of these digital products are — end-to-end straight through processing (STP), mobile first, customer centricity, enhanced operational efficiency, reduced turn-around time (TAT), minimal clicks with no branch visits.

“The main thrust through these digital initiatives is to empower customers with smarter ways of doing banking across all segments. It will also enable the setting up of strong digital ecosystem in line with the EASE (Enhanced Access and Service Excellence) reform agenda,” as per the filing.

Source : https://www.thehindubusinessline.com/money-and-banking/union-bank-of-india-to-create-digital-bank-within-bank/article65293982.ece

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