Bank of India (BoI) has deployed Microsoft SharePoint Solution to automate the loan and application deposit process in its 4,100+ branches and 50 zonal offices.
The automation of 15 different loan application forms have reduced the turn-around time for filling up applications by 50 percent, improved customer satisfaction and increased operational efficiency, said Microsoft in a statement.
“To improve customer satisfaction, we wanted to digitize the application process, automate MIS reporting, and set up a collaborative portal for information sharing within the organization. We have been successful in enhancing customer satisfaction by easing the loan application process, reducing the turn-around time by 50 percent and serving customers of all age groups,” said Pushpinder Singh, general manager – IT, Bank of India.
Bank of India has set this as a benchmark for other banks to increase efficiency and collaboration, especially for customers who prefer online transactions and access their bank accounts over the internet.
The bank has increased customer base. Within a week of launching the online form facility, the bank received over 250 applications. This has opened a new avenue for the bank to increase its customer base by reaching out to people who do not have the time to visit the bank to submit their loan applications.
With the help of SharePoint, Bank of India has set up a portal called StarDesk, which has enabled a collaborative environment for knowledge and information sharing. The bank can now keep all its employees on the same page with respect to important developments and news.
The bank has digitized all its board meeting proceedings with the help of SharePoint. It also uses the technology as a document management platform, which gives the bank more time to focus on its core business processes and avoid repetitive tasks.