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NO MORE QUEUE UP!! BANKS’ ATM TO PROVIDE PERSONAL LOAN

Do not leave the ATM hurriedly after you have finished withdrawing your money, as the screen might pop up an instant Personal Loan for you. Now, banks will per-approve small value personal loan for its customers using ATM as a medium of disbursal.

Significantly, banks are using ATM machines as a touch point to attract all kinds of customers throughout the day — to soar up their financial products.

Banks are using big data analysis, capturing facts such as the customer’s work profile, income, personal details, payment capacities to decide on your credit worthiness. By calculating Personal Loan Eligibility the bank will decide on the amount of personal loan that you are eligible for, you have to swipe your debit card at an ATM where you will get the offer. If you are interested, all you have to do is ‘Agree’ to the legal terms and conditions and type your mobile number for verification and get the amount added to your account in seconds.

“We can push credit and insurance products from the back-end and this is possible at ATMs through a multi-vendor software which is ATM hardware-agnostic,” said Mrutyunjay Mahapatra, chief information officer, State Bank of India.

According to Mahapatra, with the help of a multi-vendor software which works across all hardware, its entire ATM network comes under the control of the bank. Hence, customers walking in can be detected instantly and content can be pushed, depending on the results thrown by the data analytics and an automated personal loan eligibility calculator will keep on working to calculate you personal loan amount.

“We get around 300 to 400 hits on an ATM on an average every day and it is a potential customer base. We are trying to use those screens to be able to interact with the customers and offer them products which will be able to meet their unique requirements,” said Mahapatra.

The proposition is similar to that of a per-approved personal loan that can be availed only through the branch, but the difference lies in the fact that here the loan can be availed through the ATM itself. There is no need for you to come to the bank branch directly or talk to any phone banking executive for Personal Loan. To be noted, this facility is available only for the bank’s own customers, other customers will go through the formal application process for Personal Loan.

“For people who are not our customers we have a ‘Call Back’ option, where he can give us his contact details and we will call him back to help him through the application procedure,” said Amit Sethi, chief information officer, Axis Bank.

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