During the Conclave, Shri Rajkiran Rai G, MD & CEO, unveiled 'Union SAMBHAV – World of Opportunities,' a Future Digital ready transformation project, as well as its upcoming Super App "UNIONNXT" – Do it Yourself. The primary goal of these digital initiatives is to provide customers with Smarter Ways to Do Banking across all segments, with a focus on Do It Yourself (DIY).
During the Digital Conclave, five Customer-Centric Digital Lending (end to end STP) journeys were unveiled, namely, Pre-approved Personal Loan (PAPL), Union Cash (Pensioner loan), Shishu Mudra Loan, MSME Loan-Auto-renewal, and KCC loan-Auto-renewal, as well as new data-driven vibrant products and services on Bank's Mobile Banking. The event also saw the launch of digital applications such as Soft Pos and CRM Application.
Shri Rajkiran Rai G, MD & CEO of Union Bank of India, stated on the occasion, "With this project 'Shambhav – World of Opportunities' and Super App 'UNIONNXT,' I am confident that Union Bank of India will deliver real-world value to its customers through an accelerated Digital Transformation, both as a business ideology and enterprise imperative."
Mobile First, Customer Centricity, enhanced operational efficiency, reduced TAT, minimal clicks, no Branch visits, and so on are the USPs of these Digital Journeys.
The event also saw the presentation of the Bank's upcoming digital projects, which are in various stages of development before being implemented. These include insurance, mutual funds, warehouse financing, GST Cash-flow based lending, Tarun & Kishore Mudra loans, co-lending & pool buy-out, housing loans, and education loans.
The Union Bank of India's Digital Conclave is expected to provide a significant boost to the bank's efforts to capture growing digital business and build a strong digital ecosystem. It is worth noting that Union Bank of India only a year ago launched the "Digitization Vertical", intending to create a smooth and hassle-free digital journey and superior customer experience.
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