In celebration of its 89th Foundation Day, Indian Overseas Bank (IOB) has introduced two major digital innovations aimed at improving customer experience and financial efficiency. These innovations—Aadhaar OTP-Based Account Opening and API Banking—are designed to make banking simpler, more secure, and accessible to a wider audience.
Aadhaar OTP-Based Account Opening for Easy Onboarding
In line with its commitment to simplifying banking, IOB has launched an Aadhaar OTP-based account opening service. This new feature allows customers to easily open a savings account directly through the bank’s web portal. Following RBI guidelines for Aadhaar OTP-based eKYC, the process is secure, quick, and requires minimal documentation.
Customers can open their accounts in a hassle-free manner, subject to transaction limits set by regulatory norms. For those with limited accounts, IOB also offers the option to convert these into full savings accounts. By completing KYC verification through face-to-face interaction with a bank representative, customers gain access to unrestricted transactions and a complete range of banking services.
API Banking to Streamline Corporate Transactions
Recognizing the increasing need for automation in corporate banking, IOB has also launched API Banking. This service enables businesses to perform transactions, including RTGS, NEFT, and intra-bank transfers, directly from their own ERP or accounting systems in real-time.
API Banking provides a secure API gateway, allowing corporate customers to automate and streamline their financial workflows. With Straight-Through Processing (STP), transactions initiated within corporate systems are directly integrated into the bank’s Core Banking System (CBS), eliminating the need for manual data entry. This innovation ensures:
- Faster transaction processing
- Reduced manual effort and errors
- Enhanced security and efficiency
Additionally, IOB plans to offer custom APIs for businesses to further optimize their processes.
A Commitment to Digital Transformation
Shri. Ajay Kumar Srivastava, Managing Director & CEO of IOB, spoke on the occasion, emphasizing the bank’s commitment to digital transformation. He said, “As we celebrate another milestone in IOB’s journey, our focus remains steadfast on delivering seamless, secure, and customer-centric banking solutions. The introduction of Aadhaar OTP-based account opening and API Banking aligns with our vision to make banking more efficient for both individuals and businesses.”
He also highlighted IOB’s dedication to leveraging technology to ensure financial inclusion and empower customers with innovative banking solutions, reinforcing the bank’s vision of a digitally advanced and customer-friendly banking ecosystem.
Looking Ahead
By continually introducing customer-focused digital solutions, IOB is reinforcing its mission to make banking more efficient, accessible, and secure. These new initiatives are a significant step in IOB’s ongoing efforts to create a more digital, inclusive, and customer-centric banking experience as the bank celebrates its 89th Foundation Day.
