BREAKING THE STEREOTYPE of public sector banks that usually have a very clunky digital presence, Bank of Baroda (BoB) has cast a wide net in the digital ecosystem. This Mumbai-based bank has over 18 fintech collaborations and provides over 100 digital interfaces to give borrowers a smooth banking experience. And the stats bear it out.
The bank sanctioned loans worth 37,000 crore in FY22 through its digital lending platform. And now, the platform is used to source 84 per cent of its retail loan volume.
BoB claims that digital lending has helped it achieve a lead-to conversion ratio of 29 per cent for retail loans, while it has now set its eyes on disbursing ₹75,000 crore through the digital lending platform in FY23. "We have a disproportionate share in digital. We have a natural market share of 6 per cent.
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