People can now apply, track, and process loans online without having to visit the Bank of Bhutan in person. The BoB launched its new digital lending platform, BoBloan, today. The BoBloan is available on the bank’s website, mBoB app, and as a chatbot.
The BoBloan is expected to enhance loan accessibility and speed up the loan sanctioning process without clients’ requirement to visit the bank repeatedly.
Furthermore, the online system is expected to reduce workload for the bank employees.
“It is a very interactive platform. Also, customers can track the status of their loan applications online. And then information will be passed on to the loan origination system, which is the service system at the back end of the Bank of Bhutan. And our employee does not have to again recapture the whole information. So, it will save a lot of time,” said Prem Moktan, the director of the credit and operations department.
Unlike the old digital loan system where customers could only initiate loan applications and get approvals, the BoBloan allows customers to complete the entire process online and interact with the bank employees on the platform.
Further, the new system can evaluate applications, resulting in faster approval and payment compared to the old method.
“The present upgraded advanced version of the digital landing platform is built based on artificial intelligence, AI platform, where it is very interactive. Customers can interact with AI through the digital lending platform only.”
The director added that the BoBloan contains multiple layers of authentication and validation for security. He added that the platform is connected to the Bhutan National Digital Identity, which will also oversee security aspects.
As of today, more than 80 per cent of the BoB’s customer services are available online.
Kinzang Lhadon
Edited by Sonam Pem
