Mumbai, 28 February 2023: Bank of Maharashtra (BoM) announces a strategic partnership with Experian India to provide a comprehensive suite of services such as credit risk, advanced analytics, and fraud prevention.
With the rise of digital sourcing, lending, and servicing, BoM, a premier public sector bank is adopting nextgen systems and processes to create a secure banking ecosystem. With this partnership, Experian is collaborating with BoM to provide innovative solutions throughout the customer lifecycle, enabling BoM to onboard New to Credit (NTC) and New to Bank customers (NTB) and service existing customers efficiently.
Through these innovative solutions driven on the back of technology, the Bank of Maharashtra will gain a better understanding of customers’ needs, analyze their risk behavior, and efficiently manage the credit portfolio. BoM will avail the services for retail and non-retail clients, including SMEs (Small and Medium Enterprises), MSMEs (Micro, Small, and Medium Enterprises), and corporates. These solutions will also enable the bank’s front-line staff to provide best-in-class services to their customers.
Shri A S Rajeev, MD & CEO, Bank of Maharashtra commented on the partnership: “This will foster a credit ecosystem which shall help the Bank in establishing a more healthy loan book. This will also help our field functionaries in quality business acquisition with more prudence.”
Shri Asheesh Pandey, Executive Director, Bank of Maharashtra opined: “Business acquisition through Technology driven analytics will facilitate a better understanding of customer needs and improve the business viability of the Bank. This collaboration shall help us boost our loan book with quality assets and become more vigilant about the evolving scenario. This will support our motto of ‘Ease of doing business’.”
Saikrishnan Srinivasan, Managing Director, Experian Credit Information Company of India, said: “The evolution of digital lending has created a dynamic and customer-centric environment. Bank of Maharashtra is investing in cutting-edge technology to strengthen its customer base and improve the efficiency of its operations. We are confident that Experian’s innovative solutions coupled with analytics support will assist the Bank in building and enhancing its competitive edge in the industry.”
The mission of both the organisations is to unleash the power of data and become a one-stop solution for the entire customer lifecycle. Credit and Risk Management solutions have aided banks in understanding and assessing the creditworthiness of their customers, resulting in lower default risk, increased profitability, and improved credit access.