BoB introduces digital lending platform, enhancing services where clients have access to credit at their fingertips
The Bank of Bhutan (BoB) introduced its new digital lending platform, BoBloan, on May 28. This innovative platform aims to enhance customer access to loans and streamline loan management, marking a significant technological advancement in the banking industry.With BoBloan, BoB sets a new standard in the banking industry’s digital transformation, providing customers with a more streamlined, convenient, and transparent lending process.
The platform offers numerous benefits, including enhanced convenience and speed, accessibility, and transparency. It streamlines the application process, allowing customers to complete it online, saving them time and effort. Automated systems can quickly evaluate applications, leading to faster approval and disbursement of funds compared to traditional lending methods. The entire process can be managed online, eliminating the need for physical branch visits and associated costs.
Customers can apply for loans at any time, without being restricted to banking hours. BoBloan is particularly beneficial for customers in remote or underserved areas where traditional banking infrastructure may be lacking. Customers can track the status of their applications and loan repayments in real-time through online dashboards and receive notifications and alerts.
BoBloan features intuitive and user-friendly interfaces, making it easy for customers to navigate the borrowing process and access the service anytime, anywhere, via web, mobile, and tablet interfaces. The platform integrates automated workflows and significantly improves turnaround time (TAT), enhancing productivity by handling high volumes with scalability.
Director of the Credit and Operations Department, Prem Moktan stated that BoBloan employs advanced encryption and security protocols to protect customers’ personal and financial information. “The platform streamlines the loan application process by creating a paperless trail, allowing customers to upload documents only once. This ensures a simplified process, secure storage, faster validation, and real-time feedback,” he shared.
“The platform is primarily based on online loan applications, offering easier and faster services to our valued customers compared to paper-based methods. It also reduces the workload for both bank employees and customers. Additionally, customers can access the service 24/7 via the bank’s website or the mBoB app,” said Prem Moktan.
The upgraded platform incorporates artificial intelligence (AI), enabling customers to interact with it digitally. This reduces work errors and makes the banking process more effective for customers. BoBloan is expected to be very convenient, enhancing loan accessibility and security without the need for repeated bank visits.
BoBloan represents not just a leap in technology but also the bank’s unwavering dedication to enhancing the lending experience for its clients.
The platform is available on the bank’s website and the mBoB app. With these significant benefits, bank officials claim that BoBloan is tailored to meet customers’ needs effectively.
By Sonam Zangmo & Dechen Tshomo, Thimphu
