Karur Vysya Bank (KVB) has taken to digital technology with the launch of two digital products – KVB-Next and KVB-Dlite – aimed at simplifying retail and corporate loan processing and account opening for customers.

KVB-Next, touted to be the first such facility in the Indian banking sector, will process retail and business loan requests using a tab-based application, which offers in-principle loan sanction to eligible customers within 15 minutes and loan disbursement in two-three days.

“This transformation from the age of the paper to digital is just a beginning in a series of digital initiatives being introduced by the bank,” said PR Seshadri, MD and CEO, Karur Vysya Bank, during the bank’s 102nd founders’ day celebrations.

The digital loan processing solution will cover products such as home loans, personal loans and loans against property in the retail segment, and working capital loans in the corporate segment.

“We are planning to add term loans and business term loans under this digital platform shortly,” said Seshadri.

Terming banking services as highly paper-intensive, Seshadri said using technology, KVB-Next leverages the information obtained from a variety of sources such as GST returns, Income Tax filings, annual reports and CIBIL score (in case of individuals), to generate score card for loan applicants.

Created for retail customers, KVB Dlite is an all-in-one upgraded mobile banking app, which enables an individual to open bank account in a three-step paperless authentication process. Launching the digital products, N Ram, Chairman, The Hindu Publishing Group, said whether it is a newspaper organisation or a bank, the challenge is to choose the interplay between tradition and modernity.

“But KVB has not just avoided this trap but actually married the warmth of tradition with the convenience of technology,” he added.

Ram said the banking sector is playing a very critical role in sustaining the economy, despite weakening rupee and other negative issues.

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