BOB Financial Solutions Limited (formerly known as Bobcards Limited) has announced its flagship project ‘Nirmaan’ to offer pre-approved Credit Cards to credit worthy retail customer base of its parent company, Bank of Baroda. BOB Financial has entered into a tri-partite agreement with Bank of Baroda and TransUnion CIBIL whereby TransUnion CIBIL will implement the credit policy and proprietary credit score based on TransUnion CIBIL CreditVision variables to identify pre-approved customers for Bank of Baroda 5X range of credit cards.
Speaking about this initiative, Manoj Piplani – MD & CEO of BOB Financial Solutions Limited said, “Under Project “Nirmaan”, we are committed to provide financial flexibility to Bank of Baroda customers by enabling quick and convenient access to credit in the form of pre-approved credit cards. Bank of Baroda has more than 7.8 crore customers and we are focussed on increasing the credit card penetration to drive exponential growth. Availability of credit information from TransUnion CIBIL is helping us make real time decisions for customers who have a good credit history”.
Credit information data and solutions have significantly enhanced efficiency of the credit market by helping lenders drive highly efficient paper-less and real-time loans, by instituting ‘best-in-class’ technology infrastructure to handle multiple data sources, and investing in innovative products & solutions helping lenders reduce loan application approval time and ensure digital access to loans in real-time.
Explaining further, Satish Pillai – MD & CEO, TransUnion CIBIL said, “With the availability of credit information solutions, credit institutions are becoming more prudent about customer experience and are able to improve customer delight and loyalty. BFSL has tapped the advantage of CreditVision® algorithms and we are confident that it will significantly help them drive credit card penetration and business growth”. CreditVision® is a transformational way of looking at the past credit behaviour of a consumer. CreditVision® algorithms predict risk and expand credit opportunities by intensively studying the trended data that unlocks the patterns in payment, exposure and spend behaviour.
