BoM signs partnership with Experian India to foster credit ecosystem
2 min read 28 Feb 2023, 05:24 PM ISTIn order to improve the credit portfolio ecosystem for its customers, the public sector lender Bank of Maharashtra (BoM) has announced a strategic collaboration with Experian India to offer a full array of services, including credit risk, advanced analytics, and fraud prevention.
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In order to improve the credit portfolio ecosystem for its customers, the public sector lender Bank of Maharashtra (BoM) has announced a strategic collaboration with Experian India to offer a full array of services, including credit risk, advanced analytics, and fraud prevention. The innovative solutions of Experian which is a leading global information services company will be employed by the Bank of Maharashtra to improve portfolio management, customer service, and acquisition.
BoM said with this partnership, Experian is collaborating with it to provide innovative solutions throughout the customer lifecycle, enabling it to on-board New to Credit (NTC) and New to Bank customers (NTB) and service existing customers efficiently. Bank of Maharashtra said through these innovative solutions driven on back of technology, it will gain a better understanding of customers’ needs, analyse their risk behaviour, and efficiently manage the credit portfolio.
Bank of Maharashtra said it will avail the services for retail and non-retail clients, including SMEs (Small and Medium Enterprises), MSMEs (Micro, Small, and Medium Enterprises), and corporates and these solutions will also enable the bank’s front-line staff to provide best-in class services to their customers.
Shri A S Rajeev, MD & CEO, Bank of Maharashtra commented on the partnership: “This will foster a credit ecosystem which shall help the Bank in establishing a more healthy loan book. This will also help our field functionaries in quality business acquisition with more prudence."
Shri Asheesh Pandey, Executive Director, Bank of Maharashtra said “Business acquisition through Technology driven analytics will facilitate better understanding of customer needs and improve the business viability of the Bank. This collaboration shall help us boost our loan book with quality assets and become more vigilant about the evolving scenario. This will support our motto of ‘Ease of doing business’."
Saikrishnan Srinivasan, Managing Director, Experian Credit Information Company of India, said: “The evolution of digital lending has created a dynamic and customer-centric environment. Bank of Maharashtra is investing in cutting-edge technology to strengthen their customer base and improve the efficiency of their operations. We are confident that Experian’s innovative solutions coupled with analytics support will assist the Bank in building and enhancing their competitive edge in the industry."
A leading public sector bank in the nation with its headquarters in Pune and a branch network of 2133 locations all across the nation is the Bank of Maharashtra (BoM). BoM has topped the list of PSBs in terms of business growth, or Y-o-Y growth in deposits and loans, for FY-21 and FY-22. BoM continued to perform admirably in FY-23 and surpassed other PSBs in H1-FY23 in terms of loan growth.
