Mumbai: Yes Bank , India’s fourth largest private sector bank is all set to digitize its retail loan business using technology and eliminate paper usage. This will improve process automation and reduce overall cost to the bank.Traditionally, availing a loan has being a lengthy process involving loan application, credit bureau’s scrutiny and verification of other documents and then loan disbursement to applicant. Besides, it also plans to improve customer experience by leveraging AI backed chatbot The bot will enable a digitized workflow for retail loans, allowing the customers to get instant conditional approval using their mobile device and popular messenger app. This transparent sales monitoring process makes it easier for the frontline workforce to plan their day-to-day activities. In a world where physical and virtual environments are rapidly converging, we constantly strive to make processes simpler for all our customers and digitizing our retail loans is a definitive step in that direction,” said Pralay Mondal, Senior Group President – Retail and Business Banking, Yes Bank.

Source: Economic Times July 11, 2017 14:03 UTC