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Indian Overseas Bank (IOB) is celebrating its 89th Foundation Day by introducing new digital solutions to enhance customer experience and financial efficiency. The two key innovations introduced are Aadhaar OTP-Based Account Opening and API Banking for Seamless Transactions.
The Aadhaar OTP-Based Account Opening process is a digital onboarding facility that allows customers to open a savings account effortlessly via the bank’s web portal. This process adheres to RBI guidelines, ensuring a secure and hassle-free experience. With minimal documentation, customers can open an account, subject to transaction limits. Additionally, customers can convert their limited account to a full-fledged savings account by completing full KYC verification through a face-to-face interaction with banking representatives.
The second innovation, API Banking, is designed for corporate customers, enabling seamless transaction processing. This service allows companies to conduct transactions, including RTGS, NEFT, and intra-bank transfers, directly from their ERP or accounting systems in real-time. IOB provides a secure API gateway, enabling corporates to automate, optimize, and enhance financial workflows, eliminating manual intervention and errors.
The benefits of API Banking include faster transaction processing, reduced manual efforts and errors, and enhanced security and efficiency. IOB is also open to innovative use cases by offering bespoke APIs. According to Ajay Kumar Srivastava, MD & CEO, IOB, the focus remains on delivering seamless, secure, and customer-centric banking solutions, aligning with the commitment to digital transformation.
The introduction of these two services marks a significant step towards a more digital, efficient, and inclusive banking ecosystem. IOB’s continued focus on customer-centric digital solutions reinforces its vision of a digitally advanced and customer-friendly banking ecosystem. The innovations commemorate IOB’s Foundation Day milestone, representing a major step towards a more efficient and customer-centric banking system.