Karur Vysya Bank's ?KVB - Next?
“KVB - Next”
Karur Vysya Bank moves from the age of Paper to Digital on its Founders’ Day
First in the Indian banking industry to launch digital processing and in-principle sanction of retail and business loans in 15 minutes
Chennai: Karur Vysya Bank, a leading private sector bank of India moved from the age of Paper to Digital on its Founders’ Day, 04th September, 2018. The project has been christened “KVB - Next”. As a first such facility in the Indian banking sector, KVB launched tab based digital processing of retail and business loans by which eligible customers can be assured of an in-principle sanctions within 15 minutes.
Karur Vysya Bank, a leading private-sector bank in India and headquartered in Karur, Tamil Nadu, was set up in 1916 by Shri. M A Venkatarama Chettiar and Shri. Athi Krishna Chettiar. Backed by a tradition of 102 years, the bank has been adapting itself to meet the challenges of the changing scenario in the banking industry.
Karur Vysya Bank recognized the fact that in a fast changing world, there is an opportunity for Banks to deliver financial services at the door steps of customers. In a bid to take advantage of the rapidly evolving digital structure (UIDAI, NPCI etc.,) and the digital maturity of both retail and commercial customers, after about a year of innovative work, the bank launched KVB - Next.
In a first of its kind in the banking industry, a series of digital products for Retail and Business customers are being launched. The digital versions of Home Loans, Personal Loans, Loans against property and Working Capital Loans for businesses will enable customers to receive quick decisions a through a tab based application.
Customers can have their applications processed through the digital mode in less than 15 minutes. For eligible customers, disbursements are processed within 2-3 days and sometimes on the same day as well. The simplified, automated, paperless and user friendly process will enhance customer experience.
The process can be completed within the comforting confines of the homes / offices of the customers. For business customers, there is a self-service web portal to complete the loan application process. For Retail customers, KVB’s sales team will be available any time to help complete the application process.
The Bank also launched “KVB -Dlite” an all-in-one upgraded mobile banking app that can be downloaded from Google Playstore or Apple I Store. New to Bank customers can open their savings account with KVB through a simple, three step process. As a first step, they have to enter their mobile number and e-mail id. On validation through an OTP, they then have to provide their PAN and Aadhaar Number. In step 3, they have to provide certain additional information and the account is opened. Customers of the bank can make use of the app to carry out a host of financial and non-financial transactions.
To enable this journey, KVB has collaborated with multiple third party vendors and fintechs to bring the best of the digital and financial world to their customers.
Commenting on the occasion, Shri. P R Seshadri, Managing Director and Chief Executive Office of the bank said, “KVB has been reinventing itself to improve the quality of products and services. The bank has been trying to make these products more convenient and more accessible for the benefit of the customers. The digitalization process is backed by the 100 + years of the KVB tradition that puts the customer first.This transformation from the age of the paper to digital is just a beginning in a series of digital initiatives being introduced by the Bank. Work is continuing at the KVB Digital Centre of Excellence to unveil more such products in the course of the coming days.”
Karur Vysya Bank’s High standards of customer service has been the strong selling point which continues to provide