• Banking / Finance

Union Bank of India conducts Digital Conclave at Mumbai

• nationalherald
• April 6, 2022

by Prashant Kapadia/NHN

Mumbai, April 06, 2022:  Union Bank of India today, conducted its maiden Digital Conclave at Yashwantrao Chavan Centre, Mumbai to mark its foray into creating a Digital Bank within Bank.

During the Conclave, Shri Rajkiran Rai G, MD & CEO, unveiled ‘Union SAMBHAV – World of Opportunities’, a Future Digital ready transformation project along with its upcoming Super App named UNION^NXT – Do it Yourself.  The main thrust through these digital initiatives is to empower Customers with Smarter Ways of doing Banking across all segments, predominantly Do it Yourself (DIY).

With Customer experience as the primary objective (Design Thinking), Five Customer-Centric Digital Lending (end to end STP) journeys viz, Pre-approved Personal Loan (PAPL), Union Cash (Pensioner loan), Shishu Mudra Loan, MSME Loan-Auto-renewal, KCC loan-Auto-renewal were unveiled during the Digital Conclave including the new data-driven vibrant products & services on Bank’s Mobile Banking. The event also witnessed the rolling out of digital applications viz. SoftPos & CRM Application.

Speaking on the occasion, Shri Rajkiran Rai G, MD & CEO, Union Bank of India, remarked that “With this project ‘Shambhav – World of Opportunities’ and Super App ‘UNION^NXT’, 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.”

The USP of these Digital Journeys are Mobile First, Customer Centricity, enhanced operational efficiency, reduced TAT, minimal clicks, no Branch visits, etc.

The event also witnessed the showcasing of the Bank’s upcoming digital projects, which are in different stages of development for its final implementation. These include digital enablement of Insurance, Mutual Fund, Warehouse financing, GST Cash-flow based lending, Tarun & Kishore Mudra loans, Co-lending & Pool buy-out, Housing loan and Education loan.

Union Bank of India’s Digital conclave is expected to be a major boost for the Bank in its quest to capture the growing digital business and to build a strong digital ecosystem. It is worth mentioning that only a year ago, Union Bank of India had launched “Digitization Vertical’’ with an intention to create smooth and hassle-free digital journey and superior customer experience.