HDFC Bank ATMs to offer spot loans

HDFC Bank ATMs to offer spot loans

MUMBAI: Automated teller machines (ATMs), which have been slowly taking over the job of the cash teller over the last three decades, are now replacing another bank position — that of a credit officer for small loans. HDFC Bank is extending the functionality of its ATM from providing anytime money to extending anytime loans. 

Recently, the bank had automated its personal loan approvals by deploying an analytics engine that would track the customer's history and the credit score provided by credit information bureaus and, based on these inputs, automatically authorize a loan. These analytics enabled the bank to offer what it describes a '10-second' loan for those who log in to the bank's portal. The automated personal loans have been a huge success with over 12% of the bank's personal loans coming from this route. 

Now the bank plans to extend this capability to ATM screens as well. 

Source:Times Of India.