Midsized private sector lender Yes Bank today said it is targeting to serve 2.5 lakh retail borrowers through digital interventions this fiscal which should reduce processing times.
"Artificial Intelligence (AI) powered bots (are) expected to reach about 2.5 lakh customers by this fiscal," a statement from the bank said.
It added that the bank is targeting to reduce the loan application to disbursement time to 30 minutes from the present 7-10 days over the next six months.
Traditionally, availing a loan entailed a loan applicant filling in an application form, undergoing credit bureau and other checks to getting the loan disbursed.
"The entire process from application to disbursement of a loan can take around 7-10 days," it said.
Globally, automation is making deep inroads into various sectors, impacting jobs everywhere.
The Indian IT sector is among those hit.
The Yes Bank management has a guidance of adding 5,000 new employees by the end of the fiscal.
Stating that customer-facing sales teams will also save man hours through real time call reporting, the bank said the technology backed front end reporting tool will be extended to more than 20,000 employees.
With the help of chat bots, a customer can get instant conditional approval through mobile device and customised solutions on products, pricing and eligibility, it said.
On the back end, the technology will make it possible for the bank host pre-filled loan agreements and act as a place holder for enabling e-signatures in the near term.
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