BoB goes live on Account Aggregator platform

In the first phase, the public sector bank has integrated its digital personal loan product with the AA ecosystem. This will be followed by all other digital lending products offered by the Bank, per a BoB statement.

“Applicants applying for a digital personal loan from BoB can now give their consent to share their financial data in a hassle-free, digital and completely secure manner, leading to faster loan processing” the statement said.

Joydeep Dutta Roy, Executive Director, BoB, said, “Account Aggregator provides a unique opportunity for the Bank to deliver more personalised and engaging customer experience.

“As we evolve in this journey, we believe that with the other BFSI entities regulated by IRDA, SEBI and PFRDA also joining the account aggregator framework shortly, our ability to offer uniquely tailored products to customers will be further greatly enhanced.”

Akhil Handa, Chief Digital Officer, BoB, said, the Account Aggregator ecosystem has the potential to be the next big disruptor in providing credit and investment options to millions of Indians.

”The Account Aggregator framework has many benefits, right from giving customers greater control over their financial information and enhanced customer experience to fraud prevention and better monitoring capability.